# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-25-007823
**Filing Date:** 2025-11
**Character Count:** 112672
**Document Hash:** a3303e14e035b1ba695e3db5d6a5c891
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007823.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007823

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251530029

**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 South Carolina Municipal Bond Fund (Series ID: S000002525)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006967 | A            | MFSCX           |
| C000006968 | B            | MBSCX           |
| C000169762 | I            | MTSCX           |
| C000194234 | R6           | MPOCX           |

## 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 South Carolina Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002525

- **c. LEI of Series:** 08HGTHG281BFQRFCD148

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $221015259.33

**Total Liabilities:** $1754957.43

**Net Assets:** $219260301.90

**Delayed Delivery Securities:** $977020.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -249.04300630 | **1-Year:** -6180.92567840 | **5-Year:** -31485.39814300 | **10-Year:** -87594.93941770 | **30-Year:** -37839.17171980

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

- **3-Month:** -37.51961470 | **1-Year:** -929.47722110 | **5-Year:** -3426.50051630 | **10-Year:** -8133.21439730 | **30-Year:** -5293.07316050

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194234 | -0.94%               | 0.79%                | 3.45%                |
| Class ID C000006968 | -1.07%               | 0.80%                | 3.24%                |
| Class ID C000006967 | -0.92%               | 0.77%                | 3.40%                |
| Class ID C000169762 | -0.95%               | 0.79%                | 3.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-197915.79              | $-2623188.83                               |
| Month 2  | $-93845.67               | $1247566.79                                |
| Month 3  | $-4409.47                | $6416080.38                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2023A                                                                            | CUSIP: 198504N57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2463024.78   | 1.12%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    270000 | PA      | $243000.00    | 0.11%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2025 B                               | CUSIP: 83712D8S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013223.60   | 0.46%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2025A                                | CUSIP: 83712EHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036400.70   | 0.47%             | 2043-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $27565.40     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC Water & Sewer Revenue                                                             | City of Myrtle Beach, Series 2023 C                                                                       | CUSIP: 628577MY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $341188.61    | 0.16%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    285000 | PA      | $285610.27    | 0.13%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 4/SC                                                               | Spartanburg County School District No. 4                                                                  | CUSIP: 847031CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3148558.80   | 1.44%             | 2052-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill                                                                                         | CUSIP: 772249RJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $591719.64    | 0.27%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712D2X3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2869668.62   | 1.31%             | 2054-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach, Series 2024 A                                                                       | CUSIP: 628571FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466572.40    | 0.21%             | 2044-06-01      | 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: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      4000 | PA      | $3606.29      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DZQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $218283.04    | 0.10%             | 2043-07-01      | 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: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    725000 | PA      | $593047.90    | 0.27%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024B                                | CUSIP: 83712D6K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2166972.80   | 0.99%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     17000 | PA      | $17212.21     | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2023 B                               | CUSIP: 83712D4A1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2027580.28   | 0.92%             | 2054-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    340000 | PA      | $317381.06    | 0.14%             | 2040-10-01      | 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        |   5651494 | NS      | $5652058.95   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $395440.24    | 0.18%             | 2046-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024A                                | CUSIP: 83712D5F9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $2097064.20   | 0.96%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    260000 | PA      | $188321.54    | 0.09%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025C                                          | CUSIP: 837036GP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013491.30   | 0.46%             | 2055-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lancaster County Public Facilities Corp.                                                                  | Lancaster County Public Facilities Corp., Series 2023                                                     | CUSIP: 514116AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552042.05   | 0.71%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia                                                                                          | CUSIP: 198504K50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036999.80   | 0.47%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024B                                | CUSIP: 83712D6H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1876438.44   | 0.86%             | 2049-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    330000 | PA      | $226050.00    | 0.10%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville County Metropolitan Sewer Subdistrict                                                          | Greenville County Metropolitan Sewer Subdistrict, Series 2024                                             | CUSIP: 592549AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $460810.85    | 0.21%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC                                                                                     | County of Berkeley                                                                                        | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $869018.30    | 0.40%             | 2049-11-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Charleston Public Facilities Corp.                                                                        | Charleston Public Facilities Corp., Series 2023                                                           | CUSIP: 160396DE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $822208.05    | 0.37%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charleston SC Waterworks & Sewer System Revenue                                                   | City of Charleston, Series 2024 A                                                                         | CUSIP: 160429E77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109337.00   | 0.96%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goose Creek SC                                                                                    | City of Goose Creek, Series 2025                                                                          | CUSIP: 38259TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985495.70    | 0.45%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                    | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                                               | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2182837.40   | 1.00%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035J7Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1276813.93   | 0.58%             | 2055-07-01      | Variable      | 8.77%                 | 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        |    795000 | PA      | $800525.65    | 0.37%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                                           | Lexington County Health Services District, Inc.                                                           | CUSIP: 529050ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013082.20   | 0.46%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024A                                          | CUSIP: 83704MEG7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954489.50    | 0.44%             | 2054-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703EMR3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016341.80   | 0.92%             | 2046-12-01      | 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: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     14000 | PA      | $12385.11     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Island Public Service District/SC                                                                   | South Island Public Service District                                                                      | CUSIP: 838466DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4941725.00   | 2.25%             | 2052-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series M TEMS BDS 2023 A FN                 | CUSIP: 83712LAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039599.60   | 0.93%             | 2045-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 7                                                                  | Spartanburg County School District No. 7                                                                  | CUSIP: 847082LK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032579.60   | 0.93%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070EB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $468813.02    | 0.21%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FJN3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004718.70   | 1.37%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of West Columbia SC                                                                                  | City of West Columbia, Series 2025                                                                        | CUSIP: 952258JS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027134.10   | 0.47%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                                                      | Public Authority for Colorado Energy                                                                      | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    110000 | PA      | $115101.09    | 0.05%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Charleston Housing Authority/SC                                                                           | Charleston Housing Authority, Series 2025                                                                 | CUSIP: 160340AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042548.00   | 0.48%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anderson County Detention Facilities Corp.                                                                | Anderson County Detention Facilities Corp., Series 2025 A                                                 | CUSIP: 033700AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1441761.85   | 0.66%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Charleston SC Waterworks & Sewer System Revenue                                                   | City of Charleston, Series 2022                                                                           | CUSIP: 160429B70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3135445.20   | 1.43%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill, Series 2024 A                                                                          | CUSIP: 772249SD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $897186.40    | 0.41%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $441739.93    | 0.20%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 4/SC                                                               | Spartanburg County School District No. 4                                                                  | CUSIP: 847031CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066021.80   | 0.94%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inman Campobello Water District                                                                           | Inman Campobello Water District, Series 2023                                                              | CUSIP: 457561AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032758.70   | 0.47%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    785000 | PA      | $800306.17    | 0.37%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017                                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130257.91    | 0.06%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14989.84     | 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        |     25000 | PA      | $24961.97     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025                                           | CUSIP: 83704JAW3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039786.80   | 0.93%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712D2W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $976462.75    | 0.45%             | 2053-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| County of Lancaster SC                                                                                    | County of Lancaster                                                                                       | CUSIP: 514084ML3<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    725000 | PA      | $630463.34    | 0.29%             | 2039-03-01      | 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: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     49000 | PA      | $47869.46     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Florence County School District No. 3                                                                     | Florence County School District No. 3, Series 2025                                                        | CUSIP: 34015QAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $990136.35    | 0.45%             | 2044-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2016                                           | CUSIP: 83703FMJ8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    295000 | PA      | $297152.26    | 0.14%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1198386.99   | 0.55%             | 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        |    648905 | PA      | $641489.78    | 0.29%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University, Series 2024 A                                                                         | CUSIP: 185633EB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554543.90   | 0.71%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $460120.15    | 0.21%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC Water & Sewer Revenue                                                             | City of Myrtle Beach, Series 2023 C                                                                       | CUSIP: 628577NA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1490817.60   | 0.68%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aiken County Consolidated School District SC                                                              | Aiken County Consolidated School District                                                                 | CUSIP: 008775AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1208519.34   | 0.55%             | 2041-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031YQ0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017365.60   | 0.92%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill Public Facilities Corp.                                                                         | Fort Mill Public Facilities Corp., Series 2024 A                                                          | CUSIP: 34802AAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $330301.48    | 0.15%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151YZ6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2082830.04   | 0.95%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025                                           | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017843.20   | 0.92%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| College of Charleston                                                                                     | College of Charleston, Series 2025A                                                                       | CUSIP: 194208JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1908957.20   | 0.87%             | 2050-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series M TEMS 2024                                                 | CUSIP: 65821GAA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    988505 | PA      | $1012172.23   | 0.46%             | 2040-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach, Series 2024 A                                                                       | CUSIP: 628571FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $752050.81    | 0.34%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1491830.92   | 0.68%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2016                                           | CUSIP: 83703FMK5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1207560.99   | 0.55%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2023A                                                                            | CUSIP: 198504N40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1138878.51   | 0.52%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024                                           | CUSIP: 837032CT6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1579018.50   | 0.72%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    165000 | PA      | $172689.66    | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $191609.67    | 0.09%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greenville Public Facilities Corp.                                                                        | Greenville Public Facilities Corp., Series 2024                                                           | CUSIP: 396549CF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954086.20    | 0.44%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KR9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961055.70    | 0.44%             | 2036-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia                                                                                          | CUSIP: 198504K68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527761.10    | 0.24%             | 2052-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83704CAE8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $929320.70    | 0.42%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $146779.36    | 0.07%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2023                                           | CUSIP: 83703FMF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1911650.00   | 0.87%             | 2048-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of North Charleston SC                                                                               | City of North Charleston                                                                                  | CUSIP: 65857PAC5<br>LEI: 549300Y9QXZ4L5X8SP87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014267.20   | 0.92%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Housing Authority/SC                                                                           | Charleston Housing Authority, Series 2024                                                                 | CUSIP: 160340AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2536619.25   | 1.16%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia Facilities Corp.                                                                                 | Columbia Facilities Corp., Series 2025 A                                                                  | CUSIP: 198436BH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2087530.00   | 0.95%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2024A                                           | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    855000 | PA      | $901197.70    | 0.41%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    190000 | PA      | $201660.19    | 0.09%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fort Mill Public Facilities Corp.                                                                         | Fort Mill Public Facilities Corp., Series 2024 A                                                          | CUSIP: 34802AAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $303148.66    | 0.14%             | 2044-08-01      | Fixed         | 4.00%                 | 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        |    280000 | PA      | $235058.32    | 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        |    200000 | PA      | $137000.00    | 0.06%             | 2029-07-01      | 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        |    170651 | PA      | $166430.72    | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $328000.00    | 0.15%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill SC Combined Utility System Revenue                                                      | CUSIP: 772249QC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001230.70   | 0.46%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123KG2<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3033042.00   | 1.38%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DZS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $205624.85    | 0.09%             | 2049-01-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    120000 | PA      | $142510.49    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Corp. ForGreer                                                                                            | Corp. ForGreer, Series 2025                                                                               | CUSIP: 397479BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053827.00   | 0.94%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2023 B                               | CUSIP: 83712D3Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1305191.78   | 0.60%             | 2053-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2024                                                    | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012372.70   | 0.46%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    920000 | PA      | $945913.55    | 0.43%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    770000 | PA      | $587705.58    | 0.27%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    685000 | PA      | $739267.34    | 0.34%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $396662.34    | 0.18%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1485990.01   | 0.68%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104PG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $847921.68    | 0.39%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024 A                                         | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054752.60   | 0.48%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Greenville Public Facilities Corp.                                                                        | Greenville Public Facilities Corp., Series 2024                                                           | CUSIP: 396549CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061795.20   | 0.48%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Greenwood SC                                                                                    | County of Greenwood                                                                                       | CUSIP: 397090GN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1983479.07   | 0.90%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                                                     | County of Florence, Series 2024                                                                           | CUSIP: 34015TAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $435693.67    | 0.20%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University                                                                                        | CUSIP: 185630A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2250376.20   | 1.03%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FKV3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1828336.00   | 0.83%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123HH4<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3099356.40   | 1.41%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Housing Trust Public Facility Corp.                                                           | San Antonio Housing Trust Public Facility Corp., Series BDS 2024A                                         | CUSIP: 79626WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $84039.43     | 0.04%             | 2043-04-01      | Fixed         | 4.45%                 | 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        |     71000 | PA      | $65917.20     | 0.03%             | 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        |    300000 | PA      | $300009.66    | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025A                                          | CUSIP: 83703EMY8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064379.50   | 0.49%             | 2044-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Laurens County Public Facilities Authority                                                                | Laurens County Public Facilities Authority, Series 2024                                                   | CUSIP: 519079AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036829.10   | 0.47%             | 2049-09-01      | 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: 745272GF5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     55000 | PA      | $54150.98     | 0.02%             | 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        |    120000 | PA      | $120001.48    | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill Public Facilities Corp.                                                                         | Fort Mill Public Facilities Corp., Series 2024 A                                                          | CUSIP: 34802AAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1043147.88   | 0.48%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2733644.10   | 1.25%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District, Series 2024A                                                          | CUSIP: 160070EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2056999.60   | 0.94%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach, Series 2024 A                                                                       | CUSIP: 628571FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478653.30    | 0.22%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                                                     | County of Florence, Series 2024                                                                           | CUSIP: 34015TAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $866519.20    | 0.40%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DY75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1976849.39   | 0.90%             | 2042-07-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUW2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $223703.53    | 0.10%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  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        |    695000 | PA      | $521955.22    | 0.24%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Corp. ForGreer                                                                                            | Corp. ForGreer, Series 2024A                                                                              | CUSIP: 397479AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921464.50    | 0.42%             | 2049-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Scago Public Facilities Corp. for Georgetown County                                                       | Scago Public Facilities Corp. for Georgetown County, Series 2024                                          | CUSIP: 80586ABK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957306.60    | 0.44%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1313709.25   | 0.60%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    270000 | PA      | $184950.00    | 0.08%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $138234.86    | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | 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        |     70000 | PA      | $65012.30     | 0.03%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123HN1<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1700823.20   | 0.78%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orangeburg County Facilities Corp.                                                                        | Orangeburg County Facilities Corp.                                                                        | CUSIP: 685357AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893842.50    | 0.41%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2025 B                               | CUSIP: 83712D8T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018808.00   | 0.46%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University, Series 2025A                                                                          | CUSIP: 185630E97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526000.45    | 0.24%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     69565 | PA      | $66017.21     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                                                     | County of Florence, Series 2024                                                                           | CUSIP: 34015TAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905360.60    | 0.41%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1111805.15   | 0.51%             | 2053-05-01      | Variable      | 5.00%                 | 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        |    765000 | PA      | $609991.65    | 0.28%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Aiken SC                                                                                          | City of Aiken, Series 2024 A                                                                              | CUSIP: 008860FS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027510.90   | 0.47%             | 2053-08-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    327000 | PA      | $111087.20    | 0.05%             | 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        |     94583 | PA      | $84695.90     | 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        |    299000 | PA      | $286077.22    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    410000 | PA      | $410421.36    | 0.19%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1155444.91   | 0.53%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                                           | Allegheny County Hospital Development Authority                                                           | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    255000 | PA      | $230041.11    | 0.10%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    285000 | PA      | $262259.79    | 0.12%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2025                                                                             | CUSIP: 198504S78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077824.60   | 0.95%             | 2050-02-01      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3599000 | PA      | $3473293.77   | 1.58%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524617.70   | 0.70%             | 2048-07-01      | 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        |     75000 | PA      | $75023.36     | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group                                                                                     | Patriots Energy Group                                                                                     | CUSIP: 70338JCA0<br>LEI: 549300NJ5PDRH6328F32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504563.05    | 0.23%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $389942.21    | 0.18%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Greenville-Spartanburg Airport District                                                                   | Greenville-Spartanburg Airport District, Series 2024A                                                     | CUSIP: 396613DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2096244.40   | 0.96%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     95000 | PA      | $95923.87     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KL2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $633757.43    | 0.29%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FLL4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065228.00   | 0.94%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    190000 | PA      | $176484.71    | 0.08%             | 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        |    390000 | PA      | $389282.87    | 0.18%             | 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        |    439731 | PA      | $149024.78    | 0.07%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024 A                                         | CUSIP: 837032CD1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1426155.12   | 0.65%             | 2050-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070EC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1280859.25   | 0.58%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC Water & Sewer Revenue                                                             | City of Myrtle Beach, Series 2023 C                                                                       | CUSIP: 628577MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1407745.98   | 0.64%             | 2045-03-01      | 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        |    116044 | PA      | $82880.61     | 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        |   1290000 | PA      | $1171428.49   | 0.53%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                                              | University of South Carolina                                                                              | CUSIP: 913367FN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1963591.48   | 0.90%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    140000 | PA      | $95900.00     | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Horry SC Airport Revenue                                                                        | County of Horry                                                                                           | CUSIP: 44066MEW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2024325.24   | 0.92%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                                                   | County of Dorchester, Series 2023                                                                         | CUSIP: 258149AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960272.90    | 0.44%             | 2051-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $132657.00    | 0.06%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031YY3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1217665.25   | 0.56%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville County SC Road Fee Revenue                                                                     | Greenville County                                                                                         | CUSIP: 396061AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964501.20    | 0.44%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024                                           | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052086.40   | 0.94%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151T33<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2185527.40   | 1.00%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024A                                | CUSIP: 83712D5E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $880138.07    | 0.40%             | 2054-01-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 8371514X4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2077214.60   | 0.95%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KU2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $647975.40    | 0.30%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Horry SC                                                                                        | County of Horry                                                                                           | CUSIP: 440671AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1958237.00   | 0.89%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                                                      | County of Broward, Series 2021                                                                            | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $663576.27    | 0.30%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $142791.10    | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1262791.52   | 0.58%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $183462.90    | 0.08%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $42624.52     | 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        |   2485000 | PA      | $1012260.53   | 0.46%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Beaufort-Jasper Water & Sewer Authority                                                                   | Beaufort-Jasper Water & Sewer Authority, Series 2025A                                                     | CUSIP: 074358HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3664091.20   | 1.67%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scago Public Facilities Corp. for Georgetown County                                                       | Scago Public Facilities Corp. for Georgetown County, Series 2024                                          | CUSIP: 80586ABJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964167.70    | 0.44%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    163000 | PA      | $155955.14    | 0.07%             | 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        |    100000 | PA      | $100775.61    | 0.05%             | 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        |    158000 | PA      | $148482.11    | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    315000 | PA      | $319851.19    | 0.15%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                                   | Port Authority of New York & New Jersey                                                                   | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1653691.13   | 0.75%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     90173 | PA      | $89159.58     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024                                           | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000980.50   | 0.46%             | 2027-12-15      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $76166.36     | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024A                                          | CUSIP: 83704MEL6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894665.50    | 0.41%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aiken SC                                                                                          | City of Aiken, Series 2024 A                                                                              | CUSIP: 008860FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903743.80    | 0.41%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1274960.08   | 0.58%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    349365 | PA      | $301544.16    | 0.14%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FJV5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497196.95    | 0.23%             | 2037-11-01      | Fixed         | 5.00%                 | 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        |    575000 | PA      | $574996.78    | 0.26%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KM0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $207037.68    | 0.09%             | 2048-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    373062 | PA      | $246687.12    | 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        |    330093 | PA      | $365796.22    | 0.17%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill, Series 2024 A                                                                          | CUSIP: 772249SE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021807.10   | 0.47%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer