# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-25-205195
**Filing Date:** 2025-8
**Character Count:** 142438
**Document Hash:** 963def4a6f1432cd3bafeb156426ab3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205195.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205195

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251255739

**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 Arkansas Municipal Bond Fund (Series ID: S000002529)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006976 | A            | MFARX           |
| C000006977 | B            | MBARX           |
| C000169766 | I            | MARLX           |
| C000194242 | R6           | MPRAX           |

## Nport-Ex

MAR-Q1

![](img958ddc8b1.gif)

**Quarterly Report**

June 30, 2025

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

![](imgcb5a2ae02.gif)

------

**Portfolio of Investments**

6/30/25 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 99.0%  | Municipal Bonds – 99.0%  | Municipal Bonds – 99.0%  |
| Airport Revenue – 0.8% | Airport Revenue – 0.8% | Airport Revenue – 0.8% |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.125%, 6/30/2060 <br>| $840000 | &nbsp;&nbsp;&nbsp; $824498 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044  | 95000 | &nbsp;&nbsp;&nbsp; 95145 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 80000 | &nbsp;&nbsp;&nbsp; 80002 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 125000 | &nbsp;&nbsp;&nbsp; 124183 |
|  |  | &nbsp;&nbsp;&nbsp; $1123828 |
| General Obligations - General Purpose – 2.8% | General Obligations - General Purpose – 2.8% | General Obligations - General Purpose – 2.8% |
| Arkansas Higher Education, General Obligation, 4%, 6/01/2029  | $2000000 | &nbsp;&nbsp;&nbsp; $2000387 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 375000 | &nbsp;&nbsp;&nbsp; 343355 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 550000 | &nbsp;&nbsp;&nbsp; 563645 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 65135 | &nbsp;&nbsp;&nbsp; 68705 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 63265 | &nbsp;&nbsp;&nbsp; 68239 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 59992 | &nbsp;&nbsp;&nbsp; 58530 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 111025 | &nbsp;&nbsp;&nbsp; 106900 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 46282 | &nbsp;&nbsp;&nbsp; 44095 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 62925 | &nbsp;&nbsp;&nbsp; 55920 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 216442 | &nbsp;&nbsp;&nbsp; 184931 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 77204 | &nbsp;&nbsp;&nbsp; 53374 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 120000 | &nbsp;&nbsp;&nbsp; 125697 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 115000 | &nbsp;&nbsp;&nbsp; 119372 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 115000 | &nbsp;&nbsp;&nbsp; 117385 |
|  |  | &nbsp;&nbsp;&nbsp; $3910535 |
| General Obligations - Schools – 10.7% | General Obligations - Schools – 10.7% | General Obligations - Schools – 10.7% |
| Benton County, AR, Bentonville School District No. 6 Construction Refunding, "B", 4%, 6/01/2047  | $1000000 | &nbsp;&nbsp;&nbsp; $878854 |
| Benton County, AR, Bentonville School District No. 6 Construction, "G", 2.25%, 6/01/2046  | 1000000 | &nbsp;&nbsp;&nbsp; 600357 |
| Crittenden County, AR, Community College District, 4.6%, 2/01/2035  | 285000 | &nbsp;&nbsp;&nbsp; 272168 |
| Crittenden County, AR, Community College District, 4.7%, 2/01/2040  | 625000 | &nbsp;&nbsp;&nbsp; 576058 |
| Crittenden County, AR, Earle Special School District Refunding and Construction, 4%, 2/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 868911 |
| Fort Smith, AR, School District No. 100 Construction, "B", 2.75%, 2/01/2045  | 1370000 | &nbsp;&nbsp;&nbsp; 933772 |
| Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2041  | 1100000 | &nbsp;&nbsp;&nbsp; 1005931 |
| Greene County, AR, Tech School District No. T-1, Construction Refunding, 3.75%, 4/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 892387 |
| Jefferson County, AR, Pine Bluff School District No. 3 Construction, "B", 4.125%, 2/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 890336 |
| Jefferson County, AR, Pine Bluff School District No. 3 Construction, "B", 4.25%, 2/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 894687 |
| Little Rock, AR, School District & Construction, 3%, 2/01/2030  | 1030000 | &nbsp;&nbsp;&nbsp; 993624 |
| Little Rock, AR, School District & Construction (Intercept Program), "B", 4.125%, 2/01/2052  | 2000000 | &nbsp;&nbsp;&nbsp; 1761793 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | 755000 | &nbsp;&nbsp;&nbsp; 538689 |
| North Little Rock, AR, School District No. 1, 2%, 2/01/2027  | 2000000 | &nbsp;&nbsp;&nbsp; 1951781 |
| North Little Rock, AR, School District No. 1, 2%, 2/01/2038  | 865000 | &nbsp;&nbsp;&nbsp; 619523 |
| Union County, AR, El Dorado School District No. 15 Refunding & Construction, "A", 5%, 2/01/2044  | 1250000 | &nbsp;&nbsp;&nbsp; 1261931 |
|  |  | &nbsp;&nbsp;&nbsp; $14940802 |
| Healthcare Revenue - Hospitals – 11.9% | Healthcare Revenue - Hospitals – 11.9% | Healthcare Revenue - Hospitals – 11.9% |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), 5%, 12/01/2047  | $1000000 | &nbsp;&nbsp;&nbsp; $987583 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Health), "A", 5%, 12/01/2029  | 1000000 | &nbsp;&nbsp;&nbsp; 1007155 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2034  | 740000 | &nbsp;&nbsp;&nbsp; 764014 |
| Arkansas Development Finance Authority, Health Care Rev. (Baptist Memorial Health Care Corp.), "B-1", 5%, 9/01/2044  | 2000000 | &nbsp;&nbsp;&nbsp; 1950933 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4.25%, 7/01/2041  | 750000 | &nbsp;&nbsp;&nbsp; 618668 |
| Arkansas Development Finance Authority, Healthcare Facilities Rev. (Carti Surgery Center Project), "B", 4%, 7/01/2052  | 1250000 | &nbsp;&nbsp;&nbsp; 835093 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 5%, 2/01/2038  | 1900000 | &nbsp;&nbsp;&nbsp; 1901861 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), 4%, 2/01/2042  | 990000 | &nbsp;&nbsp;&nbsp; 839787 |
| Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), "A", 5%, 2/01/2033  | 1645000 | &nbsp;&nbsp;&nbsp; 1645067 |
| Batesville, AK, Public Facilities Board, Hospital Rev. (White River Health System, Inc.), 5%, 6/01/2027  | 500000 | &nbsp;&nbsp;&nbsp; 501851 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 30000 | &nbsp;&nbsp;&nbsp; 25104 |
| Conway, AR, Hospital Rev. (Conway Regional Medical Center), "A", 4%, 8/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 886381 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | $20000 | &nbsp;&nbsp;&nbsp; $17379 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 810000 | &nbsp;&nbsp;&nbsp; 697715 |
| Montgomery County, MD, Rev. (Trinity Health Credit Group), "MD", 5%, 12/01/2045  | 300000 | &nbsp;&nbsp;&nbsp; 294689 |
| Pulaski County, AR, Hospital Rev. (Arkansas Children's Hospital), 4.25%, 3/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 900360 |
| Springdale, AR, Public Facilities Board Hospital Rev. (Children's Northwest Project), 5%, 3/01/2040  | 2820000 | &nbsp;&nbsp;&nbsp; 2829166 |
|  |  | &nbsp;&nbsp;&nbsp; $16702806 |
| Industrial Revenue - Other – 0.3% | Industrial Revenue - Other – 0.3% | Industrial Revenue - Other – 0.3% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", <br> 2.875%, 1/01/2041 (n)<br>| $170000 | &nbsp;&nbsp;&nbsp; $124031 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 4%, 1/01/2050 (n) | 390000 | &nbsp;&nbsp;&nbsp; 298302 |
|  |  | &nbsp;&nbsp;&nbsp; $422333 |
| Miscellaneous Revenue - Other – 5.0% | Miscellaneous Revenue - Other – 5.0% | Miscellaneous Revenue - Other – 5.0% |
| Arkansas Development Finance Authority Rev. (Donaghey Plaza Project), 5%, 6/01/2034  | $2605000 | &nbsp;&nbsp;&nbsp; $2609589 |
| Bryant, AR, Capital Improvement Rev., 4.2%, 2/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 885742 |
| Fayetteville, AR, Hotel, Motel and Restaurant Rev., BAM, 5%, 11/01/2034  | 2000000 | &nbsp;&nbsp;&nbsp; 2003421 |
| Jonesboro, AR, Capital Improvement Rev., AGM, 5.2%, 8/01/2055 (w) | 500000 | &nbsp;&nbsp;&nbsp; 501894 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 375000 | &nbsp;&nbsp;&nbsp; 366463 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5%, 12/31/2057 <br>| 560000 | &nbsp;&nbsp;&nbsp; 545898 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 60000 | &nbsp;&nbsp;&nbsp; 60494 |
|  |  | &nbsp;&nbsp;&nbsp; $6973501 |
| Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | $423505 | &nbsp;&nbsp;&nbsp; $410090 |
| Sales & Excise Tax Revenue – 20.6% | Sales & Excise Tax Revenue – 20.6% | Sales & Excise Tax Revenue – 20.6% |
| Alma, AR, Sales & Use Tax, AGM, 4.125%, 3/01/2039  | $1000000 | &nbsp;&nbsp;&nbsp; $985675 |
| Batesville, AK, Sales & Use Tax Rev., "B", BAM, 4%, 2/01/2047  | 2250000 | &nbsp;&nbsp;&nbsp; 2071667 |
| Batesville, AK, Sales & Use Tax Rev., "B", BAM, 4%, 2/01/2049  | 750000 | &nbsp;&nbsp;&nbsp; 704839 |
| Bentonville, AR, Sales & Use Tax, 4.125%, 11/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 990990 |
| Bentonville, AR, Sales & Use Tax, 4.125%, 11/01/2040  | 750000 | &nbsp;&nbsp;&nbsp; 740055 |
| Centerton, AR, Sales and Use Tax Improvement, AGM, 4%, 11/01/2044  | 1500000 | &nbsp;&nbsp;&nbsp; 1357839 |
| Centerton, AR, Sales and Use Tax Improvement, AGM, 4.125%, 11/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 937461 |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding (McCormick Place Expansion Project), Capital Appreciation, <br> "B-1", AGM, 0%, 6/15/2044 <br>| 1585000 | &nbsp;&nbsp;&nbsp; 605680 |
| Conway, AR, Sales & Use Tax Rev., Capital Improvement, 4.5%, 5/01/2035  | 1150000 | &nbsp;&nbsp;&nbsp; 1150318 |
| Forrest City, AR, Sales & Use Tax, 3%, 11/01/2032  | 350000 | &nbsp;&nbsp;&nbsp; 330543 |
| Forrest City, AR, Sales & Use Tax, 3%, 11/01/2033  | 370000 | &nbsp;&nbsp;&nbsp; 344692 |
| Forrest City, AR, Sales & Use Tax, 3%, 11/01/2034  | 380000 | &nbsp;&nbsp;&nbsp; 350717 |
| Forrest City, AR, Sales & Use Tax, 3%, 11/01/2036  | 400000 | &nbsp;&nbsp;&nbsp; 358376 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042  | 110000 | &nbsp;&nbsp;&nbsp; 97369 |
| Hope, AR, Sales & Use Tax, BAM, 4.5%, 6/01/2046  | 300000 | &nbsp;&nbsp;&nbsp; 283573 |
| Madison County, AR, Sales & Use Tax, 4.375%, 12/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 974083 |
| Madison County, AR, Sales & Use Tax, 4.625%, 12/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 489493 |
| Magnolia, AR, Sales & Use Tax Improvement, "B", BAM, 4.375%, 4/01/2050  | 650000 | &nbsp;&nbsp;&nbsp; 600626 |
| Massachusetts Bay Transportation Authority, Sales Tax Rev., "A-1", 5.25%, 7/01/2029  | 1000000 | &nbsp;&nbsp;&nbsp; 1100560 |
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2031  | 335000 | &nbsp;&nbsp;&nbsp; 324452 |
| Mountain View, AK, Sales and Use Tax Rev., BAM, 3%, 11/01/2035  | 425000 | &nbsp;&nbsp;&nbsp; 385173 |
| Osceola, AR, Sales & Use Tax Rev. Improvement, BAM, 4%, 6/01/2044  | 1300000 | &nbsp;&nbsp;&nbsp; 1167391 |
| Phillips County, AR, Sales & Use Tax, BAM, 3.75%, 9/01/2038  | 1170000 | &nbsp;&nbsp;&nbsp; 1096075 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 2000 | &nbsp;&nbsp;&nbsp; 1737 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 36000 | &nbsp;&nbsp;&nbsp; 34506 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 122000 | &nbsp;&nbsp;&nbsp; 112163 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 2898000 | &nbsp;&nbsp;&nbsp; 2724492 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 235000 | &nbsp;&nbsp;&nbsp; 220506 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 120000 | &nbsp;&nbsp;&nbsp; 112599 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | $62000 | &nbsp;&nbsp;&nbsp; $56499 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 12000 | &nbsp;&nbsp;&nbsp; 10241 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 593000 | &nbsp;&nbsp;&nbsp; 462666 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 568000 | &nbsp;&nbsp;&nbsp; 403741 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 270000 | &nbsp;&nbsp;&nbsp; 85495 |
| Rogers, AR, Sales & Use Tax Rev., 4%, 11/01/2033  | 1495000 | &nbsp;&nbsp;&nbsp; 1500448 |
| Rogers, AR, Sales & Use Tax Rev., "B", 5%, 11/01/2036  | 2000000 | &nbsp;&nbsp;&nbsp; 2039938 |
| Searcy, AR, Sales & Use Tax, 4%, 11/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 904344 |
| Searcy, AR, Sales & Use Tax, 4.125%, 11/01/2044  | 500000 | &nbsp;&nbsp;&nbsp; 451638 |
| Springdale, AR, Sales & Use Tax Refunding & Improvement, Taxable, "B", BAM, 4.125%, 8/01/2050  | 2000000 | &nbsp;&nbsp;&nbsp; 1766327 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 280000 | &nbsp;&nbsp;&nbsp; 270900 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 200000 | &nbsp;&nbsp;&nbsp; 193500 |
|  |  | &nbsp;&nbsp;&nbsp; $28799387 |
| Secondary Schools – 0.7% | Secondary Schools – 0.7% | Secondary Schools – 0.7% |
| Arkansas Development Finance Authority, Charter School Capital Improvement Rev. (LISA Academy Project), 4.5%, 7/01/2039  | $750000 | &nbsp;&nbsp;&nbsp; $690187 |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2039 (n) | 250000 | &nbsp;&nbsp;&nbsp; 241603 |
|  |  | &nbsp;&nbsp;&nbsp; $931790 |
| Single Family Housing - State – 5.3% | Single Family Housing - State – 5.3% | Single Family Housing - State – 5.3% |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "A", GNMA, 5.75%, 4/01/2055  | $750000 | &nbsp;&nbsp;&nbsp; $810556 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), <br> "A", GNMA, 4.6%, 7/01/2045 <br>| 1310000 | &nbsp;&nbsp;&nbsp; 1271346 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), <br> "A", GNMA, 4.6%, 7/01/2049 <br>| 810000 | &nbsp;&nbsp;&nbsp; 770807 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), <br> "A", GNMA, 4.65%, 1/01/2054 <br>| 990000 | &nbsp;&nbsp;&nbsp; 953633 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), <br> "A", GNMA, 5%, 7/01/2054 <br>| 975000 | &nbsp;&nbsp;&nbsp; 1018762 |
| Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), <br> "C", GNMA, 5%, 1/01/2055 <br>| 1480000 | &nbsp;&nbsp;&nbsp; 1556306 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 4.45%, 9/01/2043 <br>| 825000 | &nbsp;&nbsp;&nbsp; 815557 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 4.5%, 9/01/2046 <br>| 275000 | &nbsp;&nbsp;&nbsp; 261745 |
|  |  | &nbsp;&nbsp;&nbsp; $7458712 |
| State & Local Agencies – 0.6% | State & Local Agencies – 0.6% | State & Local Agencies – 0.6% |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044  | $2360000 | &nbsp;&nbsp;&nbsp; $922925 |
| Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | $5000 | &nbsp;&nbsp;&nbsp; $4739 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 185000 | &nbsp;&nbsp;&nbsp; 138460 |
|  |  | &nbsp;&nbsp;&nbsp; $143199 |
| Tax - Other – 3.2% | Tax - Other – 3.2% | Tax - Other – 3.2% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | $95000 | &nbsp;&nbsp;&nbsp; $93521 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 260000 | &nbsp;&nbsp;&nbsp; 268885 |
| Little Rock, AR, Hotel & Restaurant Gross Receipts Tax Rev., 5%, 7/01/2034  | 3000000 | &nbsp;&nbsp;&nbsp; 3008144 |
| Searcy, AR, Hotel & Restaurant Gross Receipts Tax, BAM, 4.25%, 4/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 461900 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051  | 890000 | &nbsp;&nbsp;&nbsp; 621150 |
|  |  | &nbsp;&nbsp;&nbsp; $4453600 |
| Tax Assessment – 0.0% | Tax Assessment – 0.0% | Tax Assessment – 0.0% |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029  | $15000 | &nbsp;&nbsp;&nbsp; $14825 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 12000 | &nbsp;&nbsp;&nbsp; 12055 |
|  |  | &nbsp;&nbsp;&nbsp; $26880 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Tobacco – 2.6% | Tobacco – 2.6% | Tobacco – 2.6% |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, <br> 0%, 7/01/2027 <br>| $2470000 | &nbsp;&nbsp;&nbsp; $2307027 |
| Arkansas Development Finance Authority, Tobacco Settlement Rev. (Cancer Research Center Project), Capital Appreciation, AAC, <br> 0%, 7/01/2028 <br>| 500000 | &nbsp;&nbsp;&nbsp; 450560 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020A-2, "1", 4%, 6/01/2048  | 185000 | &nbsp;&nbsp;&nbsp; 153279 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055  | 475000 | &nbsp;&nbsp;&nbsp; 404950 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 330000 | &nbsp;&nbsp;&nbsp; 300279 |
|  |  | &nbsp;&nbsp;&nbsp; $3616095 |
| Toll Roads – 0.9% | Toll Roads – 0.9% | Toll Roads – 0.9% |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), <br> "A", AGM, 4%, 10/01/2052 <br>| $1000000 | &nbsp;&nbsp;&nbsp; $852444 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | 500000 | &nbsp;&nbsp;&nbsp; 384794 |
|  |  | &nbsp;&nbsp;&nbsp; $1237238 |
| Universities - Colleges – 12.8% | Universities - Colleges – 12.8% | Universities - Colleges – 12.8% |
| Arkansas State University, Housing System Rev. (Jonesboro Campus), 4.5%, 3/01/2031  | $2500000 | &nbsp;&nbsp;&nbsp; $2502386 |
| Arkansas Technology University Student Fee Rev., "A", BAM, 5%, 12/01/2042  | 500000 | &nbsp;&nbsp;&nbsp; 502440 |
| Arkansas Technology University Student Fee Rev., "A", BAM, 4.5%, 12/01/2047  | 500000 | &nbsp;&nbsp;&nbsp; 472096 |
| Arkansas Technology University Student Fee Rev., "A", BAM, 4.5%, 12/01/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 920937 |
| Board of Trustees of the University of Arkansas, Student Fee Rev. (Community College at Morrilton), 5%, 5/01/2051  | 1000000 | &nbsp;&nbsp;&nbsp; 1009651 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (Fayetteville Campus), "A", 5%, 11/01/2043  | 1500000 | &nbsp;&nbsp;&nbsp; 1517282 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (Fayetteville Campus), "A", 5%, 11/01/2047  | 2000000 | &nbsp;&nbsp;&nbsp; 2034814 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Campus), "A", 5%, 12/01/2045  | 1705000 | &nbsp;&nbsp;&nbsp; 1742135 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), "A", 5%, 4/01/2040  | 500000 | &nbsp;&nbsp;&nbsp; 525450 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), "A", 5%, 4/01/2047  | 2000000 | &nbsp;&nbsp;&nbsp; 2036987 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAMS Northwest Arkansas), "A", 5%, 4/01/2052  | 500000 | &nbsp;&nbsp;&nbsp; 505678 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 5%, 12/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 1016473 |
| Board of Trustees of the University of Arkansas, Various Facilities Rev. (UAPB Campus), 4%, 12/01/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 863250 |
| Connecticut Health & Educational Facilities Authority Rev. (Connecticut College), "M", 3%, 7/01/2047  | 1120000 | &nbsp;&nbsp;&nbsp; 801729 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 620000 | &nbsp;&nbsp;&nbsp; 487973 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (University of Sacred Heart), 4.375%, 10/01/2031 <br>| 60000 | &nbsp;&nbsp;&nbsp; 57853 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (University of Sacred Heart), 5%, 10/01/2042 <br>| 65000 | &nbsp;&nbsp;&nbsp; 58230 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 340000 | &nbsp;&nbsp;&nbsp; 340681 |
| University of Central Arkansas Student Fee Rev., "A", AGM, 4%, 11/01/2048  | 550000 | &nbsp;&nbsp;&nbsp; 473720 |
|  |  | &nbsp;&nbsp;&nbsp; $17869765 |
| Utilities - Municipal Owned – 0.7% | Utilities - Municipal Owned – 0.7% | Utilities - Municipal Owned – 0.7% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | $100000 | &nbsp;&nbsp;&nbsp; $54625 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 100000 | &nbsp;&nbsp;&nbsp; 54625 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 145000 | &nbsp;&nbsp;&nbsp; 79206 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | 60000 | &nbsp;&nbsp;&nbsp; 32775 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | 25000 | &nbsp;&nbsp;&nbsp; 13656 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 210000 | &nbsp;&nbsp;&nbsp; 114712 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 15000 | &nbsp;&nbsp;&nbsp; 14741 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 110000 | &nbsp;&nbsp;&nbsp; 60088 |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033  | 625000 | &nbsp;&nbsp;&nbsp; 530460 |
|  |  | &nbsp;&nbsp;&nbsp; $954888 |
| Utilities - Other – 3.9% | Utilities - Other – 3.9% | Utilities - Other – 3.9% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| $815000 | &nbsp;&nbsp;&nbsp; $854056 |
| Osceola, AR, Utility & Improvement Refunding Rev., "A", BAM, 4.25%, 8/01/2053  | 1500000 | &nbsp;&nbsp;&nbsp; 1380718 |
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 755000 | &nbsp;&nbsp;&nbsp; 791942 |
| Southeast Alabama Energy, Cooperative District Energy Supply Rev., "A-1", 5.5%, 11/01/2053 (Put Date 1/01/2031)  | 1005000 | &nbsp;&nbsp;&nbsp; 1084676 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, 5/01/2053 (Put Date 5/01/2028)  | 725000 | &nbsp;&nbsp;&nbsp; 747541 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Utilities - Other – continued | Utilities - Other – continued | Utilities - Other – continued |
| West Memphis, AR, Public Utility System Rev., BAM, 4.25%, 12/01/2049  | $700000 | &nbsp;&nbsp;&nbsp; $633033 |
|  |  | &nbsp;&nbsp;&nbsp; $5491966 |
| Water & Sewer Utility Revenue – 15.8% | Water & Sewer Utility Revenue – 15.8% | Water & Sewer Utility Revenue – 15.8% |
| Arkansas Development Finance Authority Rev. (Revolving Loan Fund), 5%, 6/01/2050  | $1310000 | &nbsp;&nbsp;&nbsp; $1354291 |
| Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4.125%, 10/01/2049  | 750000 | &nbsp;&nbsp;&nbsp; 667828 |
| Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4%, 10/01/2052  | 500000 | &nbsp;&nbsp;&nbsp; 426222 |
| Benton County, AR, Washington Regional Public Water Authority Rev., BAM, 4.25%, 10/01/2054  | 750000 | &nbsp;&nbsp;&nbsp; 667486 |
| Conway County, AR, Regional Water Distribution District Rev. Improvement, "B", BAM, 4%, 5/01/2044  | 645000 | &nbsp;&nbsp;&nbsp; 566804 |
| Conway County, AR, Regional Water Distribution District Rev. Improvement, "B", BAM, 4.25%, 5/01/2049  | 1620000 | &nbsp;&nbsp;&nbsp; 1407724 |
| Conway County, AR, Regional Water Distribution District Rev. Improvement, "B", BAM, 4.375%, 5/01/2054  | 1885000 | &nbsp;&nbsp;&nbsp; 1649295 |
| Conway, AR, Wastewater Improvement Rev., "A", 4%, 10/01/2039  | 525000 | &nbsp;&nbsp;&nbsp; 491299 |
| Fort Smith, AR, Water and Sewer and Construction Rev., 5%, 10/01/2035  | 1000000 | &nbsp;&nbsp;&nbsp; 1028566 |
| Greenbrier, AR, Water & Sewer Refunding and Improvement Rev., BAM, 4.25%, 12/01/2049  | 500000 | &nbsp;&nbsp;&nbsp; 429194 |
| Greenbrier, AR, Water & Sewer Refunding and Improvement Rev., BAM, 4.25%, 12/01/2054  | 345000 | &nbsp;&nbsp;&nbsp; 293583 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 500000 | &nbsp;&nbsp;&nbsp; 495814 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 200000 | &nbsp;&nbsp;&nbsp; 197568 |
| Hot Springs, AR, Construction Wastewater Rev., "B", BAM, 2.75%, 12/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 659515 |
| Hot Springs, AR, Construction Wastewater Rev., "B", BAM, 2.75%, 12/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 633826 |
| Hot Springs, AR, Wastewater Rev., "C", BAM, 4.5%, 12/01/2052  | 2000000 | &nbsp;&nbsp;&nbsp; 1858710 |
| Hot Springs, AR, Waterworks & Construction Refunding Rev., BAM, 4.25%, 10/01/2047  | 1500000 | &nbsp;&nbsp;&nbsp; 1402675 |
| Hot Springs, AR, Waterworks Rev., BAM, 3.75%, 10/01/2043  | 1750000 | &nbsp;&nbsp;&nbsp; 1575622 |
| Malvern, AR, Water and Sewer Refunding and Construction Rev., BAM, 3.7%, 8/01/2043  | 750000 | &nbsp;&nbsp;&nbsp; 623630 |
| Springdale, AR, Water & Sewer Rev., 4.125%, 9/01/2045  | 1000000 | &nbsp;&nbsp;&nbsp; 937906 |
| Springdale, AR, Water & Sewer Rev., 4.125%, 9/01/2046  | 2000000 | &nbsp;&nbsp;&nbsp; 1851637 |
| Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2040  | 550000 | &nbsp;&nbsp;&nbsp; 527155 |
| Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4%, 9/01/2043  | 685000 | &nbsp;&nbsp;&nbsp; 639200 |
| Texarkana, AR, Public Facilities Board, Waterworks & Sewer Facilities Rev., AGM, 4.125%, 9/01/2049  | 2000000 | &nbsp;&nbsp;&nbsp; 1784489 |
|  |  | &nbsp;&nbsp;&nbsp; $22170039 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$138560379** |
| Bonds – 0.1%  | Bonds – 0.1%  | Bonds – 0.1%  |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)  | $274832 | &nbsp;&nbsp;&nbsp; $91821 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043  | $248197 | &nbsp;&nbsp;&nbsp; $152641 |
| Mutual Funds (h) – 0.2%  | Mutual Funds (h) – 0.2%  | Mutual Funds (h) – 0.2%  |
| Money Market Funds – 0.2% | Money Market Funds – 0.2% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v)  | 239584 | &nbsp;&nbsp;&nbsp; $239608 |
| Other Assets, Less Liabilities – 0.6% |  | &nbsp;&nbsp;&nbsp; 841465 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$139885914** |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments
 in affiliated issuers and in unaffiliated issuers were $239,608 and $138,804,841, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $1,586,620, representing 1.1% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

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

------

*Portfolio of Investments (unaudited) – continued*

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |

---

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

------

**Supplemental Information**

6/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(1) Investment Valuations**

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

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are

generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at

issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

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

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $138713020 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $138713020 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91821 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91821 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 239608 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 239608 |
| Total | &nbsp;&nbsp;&nbsp; $239608 | &nbsp;&nbsp;&nbsp; $138804841 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $139044449 |

---

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

------

*Supplemental Information (unaudited) – continued*

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

**(2) Investments in Affiliated Issuers**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $3518065 | &nbsp;&nbsp; $8773504 | &nbsp;&nbsp; $12051610 | &nbsp;&nbsp; $(313)<br>| &nbsp;&nbsp; $(38)<br>| &nbsp;&nbsp; $239608<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $25075 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

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

---

| | |
|:---|:---|
| Arkansas  | 81.6% |
| Puerto Rico  | 4.0% |
| Alabama  | 2.0% |
| Illinois  | 1.6% |
| Texas  | 1.5% |
| New York  | 1.3% |
| Massachusetts  | 1.2% |
| Maryland  | 1.0% |
| California | 0.8% |
| Washington DC | 0.8% |
| North Carolina  | 0.7% |
| Connecticut | 0.6% |
| Guam | 0.6% |
| Tennessee  | 0.5% |
| Ohio  | 0.4% |
| Pennsylvania | 0.4% |
| Virginia | 0.4% |
| Wisconsin | 0.3% |
| New Hampshire | 0.3% |
| Michigan | 0.2% |
| Iowa  | 0.1% |
| U.S. Virgin Islands (o) | 0.0% |
| Colorado (o) | 0.0% |

---

(o) Less than 0.1%.

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

- **b. EDGAR series identifier (if any):** S000002529

- **c. LEI of Series:** IBCRCKLUQF4H2CCTDD70

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $140999743.85

**Total Liabilities:** $1059362.45

**Net Assets:** $139940381.40

**Delayed Delivery Securities:** $500000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -202.31764060 | **1-Year:** -4645.76437560 | **5-Year:** -18879.21258890 | **10-Year:** -47932.83693580 | **30-Year:** -21686.38100500

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

- **3-Month:** -14.98241290 | **1-Year:** -502.97066150 | **5-Year:** -1854.85368360 | **10-Year:** -3715.88333110 | **30-Year:** -1853.84177430

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006976 | -0.73%               | -0.95%               | 0.75%                |
| Class ID C000006977 | -0.79%               | -0.90%               | 0.57%                |
| Class ID C000194242 | -0.72%               | -0.83%               | 0.77%                |
| Class ID C000169766 | -0.73%               | -0.84%               | 0.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-46353.79               | $-1433739.28                               |
| Month 2  | $-75366.92               | $-1609405.71                               |
| Month 3  | $-35122.64               | $594671.13                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Texarkana Public Facilities Board                                                                         | Texarkana Public Facilities Board, Series 2025                                                            | CUSIP: 881765DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1784488.80   | 1.28%             | 2049-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $193500.00    | 0.14%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $350717.31    | 0.25%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $17378.63     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Wastewater Revenue                                                                 | City of Hot Springs AR Wastewater Revenue                                                                 | CUSIP: 441178DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $659515.20    | 0.47%             | 2047-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RBZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1950932.60   | 1.39%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Waterworks Revenue                                                                 | City of Hot Springs                                                                                       | CUSIP: 441182NZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1402675.35   | 1.00%             | 2047-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108KXB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2609588.71   | 1.86%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pine Bluff School District No. 3                                                                          | Pine Bluff School District No. 3, Series B                                                                | CUSIP: 722460UD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894687.20    | 0.64%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                               | Connecticut State Health & Educational Facilities Authority                                               | CUSIP: 20775DSQ6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $801728.82    | 0.57%             | 2047-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024 A                                                     | CUSIP: 041083WH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1018761.90   | 0.73%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Phillips AR Sales & Use Tax Revenue                                                             | County of Phillips                                                                                        | CUSIP: 718420DP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1096075.07   | 0.78%             | 2038-09-01      | Fixed         | 3.75%                 | 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        |      2000 | PA      | $1737.41      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024 C                                                     | CUSIP: 041083YA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1556305.84   | 1.11%             | 2055-01-01      | 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: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    593000 | PA      | $462666.43    | 0.33%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Little Rock AR                                                                                    | City of Little Rock                                                                                       | CUSIP: 537374CU2<br>LEI: 549300ANVM1COXBSWS09 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3008143.80   | 2.15%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     12000 | PA      | $12054.99     | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Batesville AR Sales & Use Tax                                                                     | City of Batesville, Series 2024B                                                                          | CUSIP: 070669BK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $704838.98    | 0.50%             | 2049-02-01      | Fixed         | 4.00%                 | 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        |    234760 | NS      | $234783.46    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $261745.19    | 0.19%             | 2046-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greene County Technical School District No. T-1                                                           | Greene County Technical School District No. T-1                                                           | CUSIP: 394351PQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892386.70    | 0.64%             | 2042-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    890000 | PA      | $621149.69    | 0.44%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    170000 | PA      | $124030.81    | 0.09%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| City of Rogers AR Sales & Use Tax Revenue                                                                 | City of Rogers                                                                                            | CUSIP: 775080GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1500447.93   | 1.07%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $54625.00     | 0.04%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hope AR Sales & Use Tax Revenue                                                                   | City of Hope, Series 2025                                                                                 | CUSIP: 439397AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $283573.14    | 0.20%             | 2046-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Waterworks Revenue                                                                 | City of Hot Springs AR Waterworks Revenue                                                                 | CUSIP: 441182LN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1575622.30   | 1.13%             | 2043-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Magnolia AR Sales & Use Tax Revenue                                                               | City of Magnolia, Series 2025B                                                                            | CUSIP: 559560CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $600625.81    | 0.43%             | 2050-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Mountain View AR Sales & Use Tax                                                                  | City of Mountain View AR Sales & Use Tax                                                                  | CUSIP: 624309CK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $324451.99    | 0.23%             | 2031-11-01      | Fixed         | 3.00%                 | 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        |    560000 | PA      | $545898.30    | 0.39%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Water & Sewer Revenue                                                               | City of Fort Smith AR Water & Sewer Revenue                                                               | CUSIP: 348815PN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028566.40   | 0.74%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024 A                                                     | CUSIP: 041083WG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $953633.34    | 0.68%             | 2054-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     65135 | PA      | $68704.96     | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    620000 | PA      | $487972.74    | 0.35%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bentonville School District No. 6                                                                         | Bentonville School District No. 6                                                                         | CUSIP: 0834196V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $600357.30    | 0.43%             | 2046-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4739.05      | 0.00%             | 2039-12-01      | Fixed         | 3.00%                 | 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        |     12000 | PA      | $10240.84     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bentonville School District No. 6                                                                         | Bentonville School District No. 6                                                                         | CUSIP: 083419V65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878854.10    | 0.63%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Dorado Special School District No. 15                                                                  | El Dorado Special School District No. 15, Series A                                                        | CUSIP: 283029PP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1261930.75   | 0.90%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $343355.03    | 0.25%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61336PEV9<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    300000 | PA      | $294688.98    | 0.21%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bentonville AR Sales & Use Tax Revenue                                                            | City of Bentonville, Series 2025                                                                          | CUSIP: 083422EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $740054.93    | 0.53%             | 2040-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RBS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $764014.48    | 0.55%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Osceola AR Sales & Use Tax                                                                        | City of Osceola, Series 2024                                                                              | CUSIP: 687896BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1167391.03   | 0.83%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Centerton AR Sales & Use Tax Revenue                                                              | City of Centerton, Series 2024                                                                            | CUSIP: 152014DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1357839.45   | 0.97%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Conway AR Wasterwater Department                                                                  | City of Conway AR Wasterwater Department                                                                  | CUSIP: 212610EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $491298.62    | 0.35%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    550000 | PA      | $563645.39    | 0.40%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Springdale AR Sales & Use Tax Revenue                                                             | City of Springdale                                                                                        | CUSIP: 850269GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1766327.20   | 1.26%             | 2050-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14825.07     | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14741.12     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                                                   | Energy Southeast A Cooperative District                                                                   | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1084675.70   | 0.78%             | 2053-11-01      | Variable      | 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: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     36000 | PA      | $34506.33     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of Jonesboro AR                                                                                      | City of Jonesboro, Series 2025                                                                            | CUSIP: 480253AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501894.15    | 0.36%             | 2055-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $344692.26    | 0.25%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Batesville Public Facilities Board                                                                        | Batesville Public Facilities Board                                                                        | CUSIP: 070668AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501851.10    | 0.36%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Malvern AR                                                                                        | City of Malvern                                                                                           | CUSIP: 561408EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $623629.88    | 0.45%             | 2043-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073DU2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036987.60   | 1.46%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conway County Regional Water Distribution District                                                        | Conway County Regional Water Distribution District, Series 2024B                                          | CUSIP: 212638FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $566803.94    | 0.41%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987582.70    | 0.71%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073EE7<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $863249.80    | 0.62%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024 A                                                     | CUSIP: 041083WF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $770806.61    | 0.55%             | 2049-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $815556.89    | 0.58%             | 2043-09-01      | Fixed         | 4.45%                 | 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        |    423505 | PA      | $410089.83    | 0.29%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District, Series B                                                                     | CUSIP: 5374283U6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1761792.60   | 1.26%             | 2052-02-01      | Fixed         | 4.12%                 | 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        |    330000 | PA      | $300279.54    | 0.21%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                                            | University of Central Arkansas                                                                            | CUSIP: 914115N30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $473720.17    | 0.34%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Searcy AR Sales & Use Tax Revenue                                                                 | City of Searcy, Series 2024                                                                               | CUSIP: 812265AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $451637.90    | 0.32%             | 2044-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914072W58<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517281.65   | 1.08%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073BA8<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1742134.90   | 1.24%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109HBA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2307026.68   | 1.65%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $13656.25     | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State University Mid-South                                                                       | Arkansas State University Mid-South                                                                       | CUSIP: 22674UFD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $272168.33    | 0.19%             | 2035-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $538688.80    | 0.38%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    115000 | PA      | $117384.58    | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Arkansas                                                                                         | State of Arkansas                                                                                         | CUSIP: 041042ZQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000387.40   | 1.43%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Technical University                                                                             | Arkansas Technical University                                                                             | CUSIP: 041189F63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920937.20    | 0.66%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    185000 | PA      | $138459.96    | 0.10%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Conway County Regional Water Distribution District                                                        | Conway County Regional Water Distribution District, Series 2024B                                          | CUSIP: 212638FH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1649295.08   | 1.18%             | 2054-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Centerton AR Sales & Use Tax Revenue                                                              | City of Centerton, Series 2024                                                                            | CUSIP: 152014DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937460.50    | 0.67%             | 2049-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Batesville AR Sales & Use Tax                                                                     | City of Batesville, Series 2024B                                                                          | CUSIP: 070669BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2071666.58   | 1.48%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2025                                                       | CUSIP: 04108KW79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1354291.49   | 0.97%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $852443.70    | 0.61%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bryant AR                                                                                         | City of Bryant                                                                                            | CUSIP: 117633DF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885741.90    | 0.63%             | 2050-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Earle Special School District                                                                             | Earle Special School District                                                                             | CUSIP: 270182LL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $868911.30    | 0.62%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $330542.66    | 0.24%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Searcy AR Hotel & Restaurant Gross Receipts Tax Revenue                                           | City of Searcy, Series 2025                                                                               | CUSIP: 812235AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461900.40    | 0.33%             | 2045-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Benton Washington Regional Public Water Authority                                                         | Benton Washington Regional Public Water Authority, Series 2024                                            | CUSIP: 083389GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $667828.05    | 0.48%             | 2049-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109KGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $690186.90    | 0.49%             | 2039-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    120000 | PA      | $125697.19    | 0.09%             | 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        |    185000 | PA      | $153279.36    | 0.11%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $54625.00     | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073DV0<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505678.35    | 0.36%             | 2052-04-01      | 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        |    111025 | PA      | $106899.62    | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95144.90     | 0.07%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    280000 | PA      | $270900.00    | 0.19%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Greene County Technical School District No. T-1                                                           | Greene County Technical School District No. T-1                                                           | CUSIP: 394351PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1005930.75   | 0.72%             | 2041-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| North Little Rock School District No. 1                                                                   | North Little Rock School District No. 1                                                                   | CUSIP: 660631YL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $619522.69    | 0.44%             | 2038-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Benton Washington Regional Public Water Authority                                                         | Benton Washington Regional Public Water Authority                                                         | CUSIP: 083389FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426221.85    | 0.30%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108VBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $835093.13    | 0.60%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Conway County Regional Water Distribution District                                                        | Conway County Regional Water Distribution District, Series 2024B                                          | CUSIP: 212638FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1407724.27   | 1.01%             | 2049-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073FB2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034814.00   | 1.45%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alma AR Sales & Use Tax Revenue                                                                   | City of Alma, Series 2023                                                                                 | CUSIP: 020072EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985674.50    | 0.70%             | 2039-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109FBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $839786.81    | 0.60%             | 2042-02-01      | Fixed         | 4.00%                 | 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        |    475000 | PA      | $404950.14    | 0.29%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAM2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   2360000 | PA      | $922925.44    | 0.66%             | 2044-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Wastewater Revenue                                                                 | City of Hot Springs AR Wastewater Revenue                                                                 | CUSIP: 441178DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $633825.70    | 0.45%             | 2050-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    390000 | PA      | $298302.03    | 0.21%             | 2050-01-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2023                                                    | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $824498.05    | 0.59%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Technical University                                                                             | Arkansas Technical University                                                                             | CUSIP: 041189F55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472095.80    | 0.34%             | 2047-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Madison AR Sales & Use Tax                                                                      | County of Madison, Series 2023                                                                            | CUSIP: 55677NAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974083.10    | 0.70%             | 2043-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Arkansas State University                                                                                 | Arkansas State University                                                                                 | CUSIP: 0411862N6<br>LEI: 549300NLMOECZYP7HI72 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502385.75   | 1.79%             | 2031-03-01      | Fixed         | 4.50%                 | 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        |     62000 | PA      | $56498.83     | 0.04%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    200000 | PA      | $197567.80    | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073DR9<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525449.95    | 0.38%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State University Mid-South                                                                       | Arkansas State University Mid-South                                                                       | CUSIP: 22674UFE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $576058.44    | 0.41%             | 2040-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $57852.92     | 0.04%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $124182.56    | 0.09%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2025A                                                      | CUSIP: 041083ZB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1271345.70   | 0.91%             | 2045-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| North Little Rock School District No. 1                                                                   | North Little Rock School District No. 1                                                                   | CUSIP: 660631XZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1951780.80   | 1.39%             | 2027-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Wastewater Revenue                                                                 | City of Hot Springs                                                                                       | CUSIP: 441178DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1858710.00   | 1.33%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $358375.72    | 0.26%             | 2036-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville AR Hotel & Restaurant Tax Revenue                                                    | City of Fayetteville                                                                                      | CUSIP: 312665AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003421.00   | 1.43%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conway Health Facilities Board                                                                            | Conway Health Facilities Board                                                                            | CUSIP: 212584DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886381.00    | 0.63%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Springdale AR Water & Sewer Revenue                                                               | City of Springdale, Series 2025                                                                           | CUSIP: 850309BT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1851637.00   | 1.32%             | 2046-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108VBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $618668.55    | 0.44%             | 2041-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Searcy AR Sales & Use Tax Revenue                                                                 | City of Searcy, Series 2024                                                                               | CUSIP: 812265AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904344.30    | 0.65%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $530459.69    | 0.38%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Bentonville AR Sales & Use Tax Revenue                                                            | City of Bentonville, Series 2023                                                                          | CUSIP: 083422DZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990990.50    | 0.71%             | 2038-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Springdale AR Water & Sewer Revenue                                                               | City of Springdale, Series 2025                                                                           | CUSIP: 850309BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937906.00    | 0.67%             | 2045-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Benton Washington Regional Public Water Authority                                                         | Benton Washington Regional Public Water Authority, Series 2024                                            | CUSIP: 083389GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $667485.90    | 0.48%             | 2054-10-01      | Fixed         | 4.25%                 | 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        |    568000 | PA      | $403741.10    | 0.29%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109HBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450559.60    | 0.32%             | 2028-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    210000 | PA      | $114712.50    | 0.08%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $58229.81     | 0.04%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pulaski AR                                                                                      | County of Pulaski                                                                                         | CUSIP: 745392KK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900360.20    | 0.64%             | 2048-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    145000 | PA      | $79206.25     | 0.06%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     46282 | PA      | $44095.31     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    725000 | PA      | $747541.19    | 0.53%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texarkana Public Facilities Board                                                                         | Texarkana Public Facilities Board, Series 2023                                                            | CUSIP: 881765CG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $527154.65    | 0.38%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $384794.10    | 0.27%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texarkana Public Facilities Board                                                                         | Texarkana Public Facilities Board, Series 2023                                                            | CUSIP: 881765CH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $639200.08    | 0.46%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greenbrier AR Water & Sewer Revenue                                                               | City of Greenbrier, Series 2024                                                                           | CUSIP: 393656DD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $429193.55    | 0.31%             | 2049-12-01      | Fixed         | 4.25%                 | 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        |    270000 | PA      | $85494.88     | 0.06%             | 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        |     62925 | PA      | $55920.11     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    235000 | PA      | $220506.12    | 0.16%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                                              | Massachusetts Bay Transportation Authority Sales Tax Revenue                                              | CUSIP: 575579QA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100560.50   | 0.79%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    500000 | PA      | $495813.70    | 0.35%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUV4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241603.33    | 0.17%             | 2039-06-01      | Fixed         | 5.00%                 | Yes           |                  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        |    755000 | PA      | $791941.77    | 0.57%             | 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        |   2898000 | PA      | $2724491.81   | 1.95%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80002.31     | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109FBW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1901861.24   | 1.36%             | 2038-02-01      | 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        |    260000 | PA      | $268884.56    | 0.19%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    110000 | PA      | $97369.34     | 0.07%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                                         | Red River Education Finance Corp.                                                                         | CUSIP: 756870BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340681.43    | 0.24%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    437861 | PA      | $146289.20    | 0.10%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Springdale Public Facilities Board                                                                        | Springdale Public Facilities Board                                                                        | CUSIP: 85025WAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2829165.56   | 2.02%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109FAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1645067.28   | 1.18%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     77204 | PA      | $53373.47     | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $697714.72    | 0.50%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Osceola AR Electric Water & Sewer Revenue                                                         | City of Osceola, Series 2023A                                                                             | CUSIP: 688016AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1380718.20   | 0.99%             | 2053-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    110000 | PA      | $60087.50     | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Conway AR Sales & Use Tax Revenue                                                                 | City of Conway                                                                                            | CUSIP: 212595DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150317.98   | 0.82%             | 2035-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pine Bluff School District No. 3                                                                          | Pine Bluff School District No. 3, Series B                                                                | CUSIP: 722460TZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890336.40    | 0.64%             | 2049-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Mountain View AR Sales & Use Tax                                                                  | City of Mountain View AR Sales & Use Tax                                                                  | CUSIP: 624309CP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $385172.70    | 0.28%             | 2035-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073ED9<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016473.30   | 0.73%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024A                                                           | CUSIP: 01030RJD5<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    750000 | PA      | $810556.05    | 0.58%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas, Series 2024                                                                       | CUSIP: 914073MC2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009650.60   | 0.72%             | 2051-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greenbrier AR Water & Sewer Revenue                                                               | City of Greenbrier, Series 2024                                                                           | CUSIP: 393656DE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $293583.30    | 0.21%             | 2054-12-01      | Fixed         | 4.25%                 | 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        |     95000 | PA      | $93521.08     | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    115000 | PA      | $119371.59    | 0.09%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $32775.00     | 0.02%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     30000 | PA      | $25103.81     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                                  | Metropolitan Pier & Exposition Authority                                                                  | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $605680.01    | 0.43%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007155.40   | 0.72%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    120000 | PA      | $112598.87    | 0.08%             | 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        |     60000 | PA      | $60494.36     | 0.04%             | 2026-10-01      | 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        |    122000 | PA      | $112162.80    | 0.08%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fort Smith School District No. 100                                                                        | Fort Smith School District No. 100                                                                        | CUSIP: 348764RD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $933771.86    | 0.67%             | 2045-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| City of Rogers AR Sales & Use Tax Revenue                                                                 | City of Rogers                                                                                            | CUSIP: 775080GD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039937.60   | 1.46%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     59992 | PA      | $58529.93     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Madison AR Sales & Use Tax                                                                      | County of Madison, Series 2023                                                                            | CUSIP: 55677NAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489492.90    | 0.35%             | 2048-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| City of West Memphis AR Public Utility System Revenue                                                     | City of West Memphis, Series 2024                                                                         | CUSIP: 954345GH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $633033.17    | 0.45%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    815000 | PA      | $854056.10    | 0.61%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Arkansas Technical University                                                                             | Arkansas Technical University                                                                             | CUSIP: 041189F48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502439.65    | 0.36%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 537428V50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $993623.70    | 0.71%             | 2030-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    216442 | PA      | $184931.44    | 0.13%             | 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        |    375000 | PA      | $366462.49    | 0.26%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    248197 | PA      | $152641.11    | 0.11%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     63265 | PA      | $68239.21     | 0.05%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer