# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-25-205194
**Filing Date:** 2025-8
**Character Count:** 163144
**Document Hash:** 9b29e024760f92d85cb452be0e458dcb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205194.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205194

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251255738

**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 Maryland Municipal Bond Fund (Series ID: S000002533)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006985 | A            | MFSMX           |
| C000006986 | B            | MBMDX           |
| C000169769 | I            | MMDIX           |
| C000194249 | R6           | MPMDX           |

## Nport-Ex

MMD-Q1

![](imgc0527b2a1.gif)

**Quarterly Report**

June 30, 2025

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

![](imge49421ae2.gif)

------

**Portfolio of Investments**

6/30/25 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 96.2%  | Municipal Bonds – 96.2%  | Municipal Bonds – 96.2%  |
| Airport Revenue – 3.1% | Airport Revenue – 3.1% | Airport Revenue – 3.1% |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | $70000 | &nbsp;&nbsp;&nbsp; $61887 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 65000 | &nbsp;&nbsp;&nbsp; 55842 |
| Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington International Thurgood <br> Marshall Airport), "A", AGM, 5.25%, 8/01/2049 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1016786 |
| Maryland Department of Transportation, Special Transportation Project Rev. (Baltimore/Washington International Thurgood <br> Marshall Airport), "A", AGM, 5.25%, 8/01/2054 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1012989 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2025  | 1525000 | &nbsp;&nbsp;&nbsp; 1531645 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.125%, 6/30/2060 <br>| 655000 | &nbsp;&nbsp;&nbsp; 642912 |
|  |  | &nbsp;&nbsp;&nbsp; $4322061 |
| General Obligations - General Purpose – 10.8% | General Obligations - General Purpose – 10.8% | General Obligations - General Purpose – 10.8% |
| Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 10/01/2045  | $1315000 | &nbsp;&nbsp;&nbsp; $1367269 |
| Anne Arundel County, MD, General Obligation, Consolidated Water & Sewer, 5%, 10/01/2053  | 1500000 | &nbsp;&nbsp;&nbsp; 1549449 |
| Baltimore County, MD, Metropolitan District (80th Issue), 4%, 3/01/2045  | 1500000 | &nbsp;&nbsp;&nbsp; 1393753 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 225000 | &nbsp;&nbsp;&nbsp; 206013 |
| Cheverly, MD, Public Improvement, 4.5%, 11/01/2047  | 490000 | &nbsp;&nbsp;&nbsp; 494146 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 45031 | &nbsp;&nbsp;&nbsp; 47499 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 121739 | &nbsp;&nbsp;&nbsp; 131311 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 41476 | &nbsp;&nbsp;&nbsp; 40465 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 75390 | &nbsp;&nbsp;&nbsp; 72589 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 31997 | &nbsp;&nbsp;&nbsp; 30485 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 43504 | &nbsp;&nbsp;&nbsp; 38661 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 150243 | &nbsp;&nbsp;&nbsp; 128370 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 53375 | &nbsp;&nbsp;&nbsp; 36900 |
| Howard County, MD, Metropolitan District Project, "B", 3%, 8/15/2051  | 1155000 | &nbsp;&nbsp;&nbsp; 807212 |
| Howard County, MD, Metropolitan District Project, "C", 4%, 2/15/2048  | 1500000 | &nbsp;&nbsp;&nbsp; 1362182 |
| Hyattsville, MD, General Obligation, 5%, 1/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 964247 |
| Maryland Community Development Administration, Local Government Infrastructure, "A-2", 4%, 6/01/2036  | 1210000 | &nbsp;&nbsp;&nbsp; 1207564 |
| Maryland State & Local Facilities Loan, General Obligation Refunding, "A", 5%, 8/01/2025  | 2055000 | &nbsp;&nbsp;&nbsp; 2058379 |
| Montgomery County, MD, General Obligation, Consolidated Public Improvement, "A", 5%, 8/01/2035  | 1000000 | &nbsp;&nbsp;&nbsp; 1106955 |
| Prince George's County, MD, General Obligation, Public Improvement, "A", 5%, 8/01/2045  | 1500000 | &nbsp;&nbsp;&nbsp; 1574052 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 160000 | &nbsp;&nbsp;&nbsp; 167596 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040  | 205000 | &nbsp;&nbsp;&nbsp; 184582 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041  | 95000 | &nbsp;&nbsp;&nbsp; 84160 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 130000 | &nbsp;&nbsp;&nbsp; 115110 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 50000 | &nbsp;&nbsp;&nbsp; 43614 |
|  |  | &nbsp;&nbsp;&nbsp; $15212563 |
| General Obligations - Schools – 0.4% | General Obligations - Schools – 0.4% | General Obligations - Schools – 0.4% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | $325000 | &nbsp;&nbsp;&nbsp; $256634 |
| Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048  | 405000 | &nbsp;&nbsp;&nbsp; 372695 |
|  |  | &nbsp;&nbsp;&nbsp; $629329 |
| Healthcare Revenue - Hospitals – 17.1% | Healthcare Revenue - Hospitals – 17.1% | Healthcare Revenue - Hospitals – 17.1% |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | $10000 | &nbsp;&nbsp;&nbsp; $8689 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 540000 | &nbsp;&nbsp;&nbsp; 465143 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036  | 750000 | &nbsp;&nbsp;&nbsp; 772134 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), "A", 5%, 7/01/2034  | 750000 | &nbsp;&nbsp;&nbsp; 760644 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Health System), 4%, 7/01/2045  | 1000000 | &nbsp;&nbsp;&nbsp; 866297 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), "A", 4%, 7/01/2039  | 1145000 | &nbsp;&nbsp;&nbsp; 1062950 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), "A", 4%, 7/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 904039 |
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 4%, 7/01/2042  | 1475000 | &nbsp;&nbsp;&nbsp; 1340109 |
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5.25%, 7/01/2054  | 750000 | &nbsp;&nbsp;&nbsp; 767870 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), "A", AGM, 5.25%, 8/15/2038  | 1155000 | &nbsp;&nbsp;&nbsp; 1269640 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), 5%, 8/15/2029  | $900000 | &nbsp;&nbsp;&nbsp; $900770 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), 5%, 8/15/2033  | 1030000 | &nbsp;&nbsp;&nbsp; 1030518 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), "A", 5%, 8/15/2041  | 505000 | &nbsp;&nbsp;&nbsp; 500462 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), "A", 5%, 5/15/2042  | 750000 | &nbsp;&nbsp;&nbsp; 750820 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), "A", 5%, 7/01/2032  | 600000 | &nbsp;&nbsp;&nbsp; 607834 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Health), 5.25%, 7/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 1007064 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Health), AGM, 5%, 7/01/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 993821 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), "A", 5%, 7/01/2033  | 1205000 | &nbsp;&nbsp;&nbsp; 1267275 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), "A", 5%, 7/01/2035  | 500000 | &nbsp;&nbsp;&nbsp; 519157 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Trinity Health Credit Group), "MD", 5%, 12/01/2046  | 1000000 | &nbsp;&nbsp;&nbsp; 1001209 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), "B", 5%, 7/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 1025517 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), "D", 4%, 7/01/2048  | 1250000 | &nbsp;&nbsp;&nbsp; 1100336 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland), "A", 5.25%, 7/01/2052  | 750000 | &nbsp;&nbsp;&nbsp; 762636 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Pittsburgh Medical Center), "B", 4%, 4/15/2045  | 995000 | &nbsp;&nbsp;&nbsp; 870107 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Pittsburgh Medical Center), "B", AGM, <br> 4%, 4/15/2045 <br>| 915000 | &nbsp;&nbsp;&nbsp; 810474 |
| Montgomery County, MD, Rev. (Trinity Health Credit Group), "MD", 4%, 12/01/2044  | 415000 | &nbsp;&nbsp;&nbsp; 366149 |
| Montgomery County, MD, Rev. (Trinity Health Credit Group), "MD", 5%, 12/01/2045  | 1240000 | &nbsp;&nbsp;&nbsp; 1218048 |
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 590000 | &nbsp;&nbsp;&nbsp; 516882 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043  | 630000 | &nbsp;&nbsp;&nbsp; 573000 |
|  |  | &nbsp;&nbsp;&nbsp; $24039594 |
| Healthcare Revenue - Long Term Care – 2.3% | Healthcare Revenue - Long Term Care – 2.3% | Healthcare Revenue - Long Term Care – 2.3% |
| Baltimore County, MD, Rev. (Oak Crest Village, Inc.), 4%, 1/01/2045  | $1000000 | &nbsp;&nbsp;&nbsp; $860344 |
| Baltimore County, MD, Rev. (Riderwood Village, Inc.), 4%, 1/01/2038  | 450000 | &nbsp;&nbsp;&nbsp; 429743 |
| Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036  | 500000 | &nbsp;&nbsp;&nbsp; 482371 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), "A", 5%, 1/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 500758 |
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), "B", 5%, 11/01/2042  | 350000 | &nbsp;&nbsp;&nbsp; 323602 |
| Washington County, MD, County Commissioners Rev. (Diakon Lutheran Social Ministries Project), "B", 5%, 1/01/2032  | 575000 | &nbsp;&nbsp;&nbsp; 616345 |
|  |  | &nbsp;&nbsp;&nbsp; $3213163 |
| Healthcare Revenue - Other – 0.2% | Healthcare Revenue - Other – 0.2% | Healthcare Revenue - Other – 0.2% |
| Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029  | $260000 | &nbsp;&nbsp;&nbsp; $260124 |
| Miscellaneous Revenue - Other – 1.8% | Miscellaneous Revenue - Other – 1.8% | Miscellaneous Revenue - Other – 1.8% |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025  | $20000 | &nbsp;&nbsp;&nbsp; $20016 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034  | 85000 | &nbsp;&nbsp;&nbsp; 85529 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042  | 70000 | &nbsp;&nbsp;&nbsp; 66455 |
| Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 4%, 7/01/2039  | 1100000 | &nbsp;&nbsp;&nbsp; 1009138 |
| Montgomery County, MD, Transportation Fund Lease Authority Rev., "A", 5%, 11/01/2036  | 415000 | &nbsp;&nbsp;&nbsp; 416134 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 240000 | &nbsp;&nbsp;&nbsp; 234536 |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), <br> 5%, 7/01/2028 <br>| 250000 | &nbsp;&nbsp;&nbsp; 250021 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5%, 12/31/2057 <br>| 490000 | &nbsp;&nbsp;&nbsp; 477661 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 40000 | &nbsp;&nbsp;&nbsp; 40330 |
|  |  | &nbsp;&nbsp;&nbsp; $2599820 |
| Multi-Family Housing Revenue – 9.4% | Multi-Family Housing Revenue – 9.4% | Multi-Family Housing Revenue – 9.4% |
| Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), "A", 5%, 6/01/2044  | $500000 | &nbsp;&nbsp;&nbsp; $498810 |
| Howard County, MD, Housing Commission Rev. (Orchard Meadows Apartments), 5%, 12/01/2043  | 500000 | &nbsp;&nbsp;&nbsp; 501030 |
| Howard County, MD, Housing Commission Rev. (Woodfield Oxford Square Apartments), 5%, 12/01/2037  | 750000 | &nbsp;&nbsp;&nbsp; 759606 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "A", FHA, <br> 4%, 7/01/2048 <br>| 500000 | &nbsp;&nbsp;&nbsp; 442814 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "B", <br> 3.65%, 7/01/2049 <br>| 505000 | &nbsp;&nbsp;&nbsp; 438597 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "D", <br> 3.35%, 7/01/2049 <br>| 1765000 | &nbsp;&nbsp;&nbsp; 1360238 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued |
| Maryland Community Development Administration, Multi-Family Development Rev. (Hopkins Village Apartments), "D", <br> 4.8%, 7/01/2042 <br>| $1000000 | &nbsp;&nbsp;&nbsp; $994715 |
| Maryland Community Development Administration, Multi-Family Development Rev. (Villages at Marley Station), "D-1", FNMA, <br> 4.35%, 2/01/2044 <br>| 1250000 | &nbsp;&nbsp;&nbsp; 1186531 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "A", 4.85%, 7/01/2053  | 500000 | &nbsp;&nbsp;&nbsp; 488853 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "A-1", FHA, <br> 3.05%, 7/01/2044 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 773579 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "C", <br> 5.125%, 7/01/2037 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1019151 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "C", 3.1%, 7/01/2036  | 1065000 | &nbsp;&nbsp;&nbsp; 938024 |
| Montgomery County, MD, Housing Opportunities Commission, Multiple Purpose Rev., "C", 5.5%, 1/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 1052496 |
| Montgomery County, MD, Housing Opportunities Commission, Multiple Purpose Rev., "C", 5.125%, 1/01/2053  | 500000 | &nbsp;&nbsp;&nbsp; 506710 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 276543 | &nbsp;&nbsp;&nbsp; 267783 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, <br> 2.45%, 11/01/2045 <br>| 765000 | &nbsp;&nbsp;&nbsp; 496699 |
| Virginia Housing Development Authority, Rental Housing, "F", HUD Section 8, 5.15%, 11/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 500826 |
| Wisconsin Housing & Economic Development Authority, Multi-Family Housing, Taxable (Flats at Bishop Woods Project), "E", <br> 4.75%, 6/01/2043 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 994720 |
|  |  | &nbsp;&nbsp;&nbsp; $13221182 |
| Parking – 1.0% | Parking – 1.0% | Parking – 1.0% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AAC, 5%, 7/01/2034  | $1385000 | &nbsp;&nbsp;&nbsp; $1395922 |
| Port Revenue – 1.1% | Port Revenue – 1.1% | Port Revenue – 1.1% |
| Maryland Economic Development Corp. Rev. (Terminal Project), "A", 5%, 6/01/2044  | $500000 | &nbsp;&nbsp;&nbsp; $484443 |
| Maryland Economic Development Corp. Rev. (Terminal Project), "A", 5%, 6/01/2049  | 250000 | &nbsp;&nbsp;&nbsp; 234879 |
| Maryland Economic Development Corp. Rev. (Transportation Facilities Project), "A", 5%, 6/01/2031  | 650000 | &nbsp;&nbsp;&nbsp; 671197 |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044  | 190000 | &nbsp;&nbsp;&nbsp; 133692 |
|  |  | &nbsp;&nbsp;&nbsp; $1524211 |
| Sales & Excise Tax Revenue – 2.1% | Sales & Excise Tax Revenue – 2.1% | Sales & Excise Tax Revenue – 2.1% |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042  | $75000 | &nbsp;&nbsp;&nbsp; $66388 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 21000 | &nbsp;&nbsp;&nbsp; 20129 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 81000 | &nbsp;&nbsp;&nbsp; 74469 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 1817000 | &nbsp;&nbsp;&nbsp; 1708213 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 160000 | &nbsp;&nbsp;&nbsp; 150132 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 75000 | &nbsp;&nbsp;&nbsp; 70374 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 267000 | &nbsp;&nbsp;&nbsp; 243309 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 6000 | &nbsp;&nbsp;&nbsp; 5120 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 338000 | &nbsp;&nbsp;&nbsp; 263712 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 332000 | &nbsp;&nbsp;&nbsp; 235990 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 151000 | &nbsp;&nbsp;&nbsp; 47814 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 120000 | &nbsp;&nbsp;&nbsp; 116100 |
|  |  | &nbsp;&nbsp;&nbsp; $3001750 |
| Secondary Schools – 0.2% | Secondary Schools – 0.2% | Secondary Schools – 0.2% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group), "A", 5%, 6/01/2039 (n) | $250000 | &nbsp;&nbsp;&nbsp; $241603 |
| Single Family Housing - Local – 1.4% | Single Family Housing - Local – 1.4% | Single Family Housing - Local – 1.4% |
| Montgomery County, MD, Housing Opportunities Commission (Single Family Mortgage Rev.), "A", FHA, 5.75%, 7/01/2054  | $950000 | &nbsp;&nbsp;&nbsp; $1021154 |
| Montgomery County, MD, Housing Opportunities Commission (Single Family Mortgage Rev.), "C", VRDN, 1.8%, 1/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 1000000 |
|  |  | &nbsp;&nbsp;&nbsp; $2021154 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Single Family Housing - State – 7.3% | Single Family Housing - State – 7.3% | Single Family Housing - State – 7.3% |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "B", <br> 2.1%, 9/01/2041 <br>| $1500000 | &nbsp;&nbsp;&nbsp; $1008167 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 4.45%, 9/01/2043 <br>| 500000 | &nbsp;&nbsp;&nbsp; 494277 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 5.5%, 9/01/2053 <br>| 905000 | &nbsp;&nbsp;&nbsp; 967024 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", <br> 2.1%, 3/01/2033 <br>| 250000 | &nbsp;&nbsp;&nbsp; 212181 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", <br> 3%, 9/01/2051 <br>| 745000 | &nbsp;&nbsp;&nbsp; 733323 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "D", <br> 5.05%, 3/01/2047 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 979948 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "D", <br> 6%, 3/01/2053 <br>| 855000 | &nbsp;&nbsp;&nbsp; 910258 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "E", <br> GNMA, 5.1%, 3/01/2048 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1004340 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "E", <br> GNMA, 6.25%, 3/01/2054 <br>| 940000 | &nbsp;&nbsp;&nbsp; 1019207 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "E", <br> GNMA, 6.25%, 9/01/2055 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1113702 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", <br> 3%, 9/01/2039 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 835949 |
| Maryland Community Development Administration, Department of Housing & Community Development Rev., "D", FHA, <br> 3.1%, 4/01/2026 <br>| 975000 | &nbsp;&nbsp;&nbsp; 975386 |
|  |  | &nbsp;&nbsp;&nbsp; $10253762 |
| State & Local Agencies – 15.2% | State & Local Agencies – 15.2% | State & Local Agencies – 15.2% |
| Baltimore County, MD, Rev. Certificates of Participation, (Equipment Acquisition Program), 5%, 3/01/2026  | $1000000 | &nbsp;&nbsp;&nbsp; $1014507 |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 855870 |
| Maryland Economic Development Corp., Lease Rev. (Reservoir Square Project), 5%, 7/01/2056  | 2000000 | &nbsp;&nbsp;&nbsp; 1968964 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, <br> 5%, 5/01/2041 (Prerefunded 5/01/2026) <br>| 500000 | &nbsp;&nbsp;&nbsp; 509058 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, "A", 5%, 5/01/2035  | 1725000 | &nbsp;&nbsp;&nbsp; 1795777 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, "A", 5%, 5/01/2038  | 500000 | &nbsp;&nbsp;&nbsp; 515247 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction & Revitalization Program, Capital Appreciation, <br> "C", 0%, 5/01/2054 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 435293 |
| Maryland Stadium Authority, Built to Learn Rev., 4%, 6/01/2046  | 1405000 | &nbsp;&nbsp;&nbsp; 1251709 |
| Maryland Stadium Authority, Built to Learn Rev., 5%, 6/01/2046  | 1500000 | &nbsp;&nbsp;&nbsp; 1537402 |
| Maryland Stadium Authority, Built to Learn Rev., 5.25%, 6/01/2051 (u) | 1500000 | &nbsp;&nbsp;&nbsp; 1558559 |
| Maryland Stadium Authority, Built to Learn Rev., "A", 4%, 6/01/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 1009451 |
| Maryland Stadium Authority, Built to Learn Rev., "A", 4%, 6/01/2041  | 1500000 | &nbsp;&nbsp;&nbsp; 1419760 |
| Maryland Stadium Authority, Sport Entertainment Facilities Rev. (Hagerstown Project), "A", 5.25%, 6/15/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 1036568 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 75000 | &nbsp;&nbsp;&nbsp; 87788 |
| Prince George's County, MD, COP (Suitland Public Infrastructure), 3%, 10/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 862199 |
| Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 1039774 |
| Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2048  | 1500000 | &nbsp;&nbsp;&nbsp; 1505819 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev. (Green Bonds - Climate Bond Certified), "A", <br> 5%, 7/15/2040 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1584851 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., "A", 5.25%, 7/15/2059 (u) | 1315000 | &nbsp;&nbsp;&nbsp; 1351142 |
|  |  | &nbsp;&nbsp;&nbsp; $21339738 |
| Student Loan Revenue – 0.3% | Student Loan Revenue – 0.3% | Student Loan Revenue – 0.3% |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | $115000 | &nbsp;&nbsp;&nbsp; $86070 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 385000 | &nbsp;&nbsp;&nbsp; 379655 |
|  |  | &nbsp;&nbsp;&nbsp; $465725 |
| Tax - Other – 2.4% | Tax - Other – 2.4% | Tax - Other – 2.4% |
| Anne Arundel County, MD, Special Taxing District Refunding Bonds (Villages at Two Rivers Project), AGM, 4.25%, 7/01/2044  | $1000000 | &nbsp;&nbsp;&nbsp; $930422 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 90000 | &nbsp;&nbsp;&nbsp; 88599 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 225000 | &nbsp;&nbsp;&nbsp; 232689 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Tax - Other – continued | Tax - Other – continued | Tax - Other – continued |
| Maryland Economic Development Corp., Recreational Facilities Rev. (Southfields Sports Park Complex), 5%, 10/01/2050  | $500000 | &nbsp;&nbsp;&nbsp; $494892 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045  | 850000 | &nbsp;&nbsp;&nbsp; 759279 |
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), "A", BAM, 4.125%, 2/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 452144 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051  | 600000 | &nbsp;&nbsp;&nbsp; 418753 |
|  |  | &nbsp;&nbsp;&nbsp; $3376778 |
| Tax Assessment – 3.2% | Tax Assessment – 3.2% | Tax Assessment – 3.2% |
| Baltimore, MD, Special Obligation (East Baltimore Research Park Project), "A", 5%, 9/01/2038  | $500000 | &nbsp;&nbsp;&nbsp; $500493 |
| Baltimore, MD, Special Obligation Rev. (Harbor Point Project), "B", 3.875%, 6/01/2046 (n) | 300000 | &nbsp;&nbsp;&nbsp; 247969 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 500000 | &nbsp;&nbsp;&nbsp; 502291 |
| Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), "B", 4.625%, 7/01/2043 (n) | 250000 | &nbsp;&nbsp;&nbsp; 230990 |
| Frederick County, MD, Limited Obligation (Oakdale-Lake Linganore Project), 3.75%, 7/01/2039  | 500000 | &nbsp;&nbsp;&nbsp; 441351 |
| Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), "A", 5%, 7/01/2026  | 810000 | &nbsp;&nbsp;&nbsp; 825835 |
| Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), "B", 4%, 7/01/2040  | 155000 | &nbsp;&nbsp;&nbsp; 142160 |
| Frederick County, MD, Special Tax Limited Obligation Refunding (Jefferson Technology Park Project), "A", 5%, 7/01/2043 (n) | 250000 | &nbsp;&nbsp;&nbsp; 240389 |
| Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 5%, 2/15/2044  | 750000 | &nbsp;&nbsp;&nbsp; 764095 |
| Howard County, MD, Special Obligation (Downtown Columbia Project), "A", 4.5%, 2/15/2047 (n) | 300000 | &nbsp;&nbsp;&nbsp; 265863 |
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n) | 500000 | &nbsp;&nbsp;&nbsp; 402068 |
|  |  | &nbsp;&nbsp;&nbsp; $4563504 |
| Tobacco – 0.6% | Tobacco – 0.6% | Tobacco – 0.6% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020A-2, "1", 4%, 6/01/2048  | $410000 | &nbsp;&nbsp;&nbsp; $339700 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055  | 320000 | &nbsp;&nbsp;&nbsp; 272809 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 245000 | &nbsp;&nbsp;&nbsp; 222935 |
|  |  | &nbsp;&nbsp;&nbsp; $835444 |
| Toll Roads – 1.0% | Toll Roads – 1.0% | Toll Roads – 1.0% |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), <br> "A", AGM, 4%, 10/01/2052 <br>| $500000 | &nbsp;&nbsp;&nbsp; $426222 |
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035  | 915000 | &nbsp;&nbsp;&nbsp; 950421 |
|  |  | &nbsp;&nbsp;&nbsp; $1376643 |
| Transportation - Special Tax – 3.1% | Transportation - Special Tax – 3.1% | Transportation - Special Tax – 3.1% |
| Maryland Department of Transportation, Consolidated Transportation Refunding Rev., 5%, 7/01/2043  | $1000000 | &nbsp;&nbsp;&nbsp; $1048422 |
| Maryland Department of Transportation, Consolidated Transportation, "A", 3%, 10/01/2033  | 500000 | &nbsp;&nbsp;&nbsp; 475350 |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045  | 1000000 | &nbsp;&nbsp;&nbsp; 860076 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037  | 440000 | &nbsp;&nbsp;&nbsp; 445859 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038  | 440000 | &nbsp;&nbsp;&nbsp; 444351 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2043  | 1140000 | &nbsp;&nbsp;&nbsp; 1143105 |
|  |  | &nbsp;&nbsp;&nbsp; $4417163 |
| Universities - Colleges – 3.7% | Universities - Colleges – 3.7% | Universities - Colleges – 3.7% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), "A", 5%, 7/01/2044  | $500000 | &nbsp;&nbsp;&nbsp; $461181 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 971576 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), "A", 5%, 10/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 991562 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 5%, 6/01/2033  | 450000 | &nbsp;&nbsp;&nbsp; 453357 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 5.5%, 6/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 1011862 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), "A", 4%, 6/01/2046  | 750000 | &nbsp;&nbsp;&nbsp; 628059 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), "A", 4%, 6/01/2051  | 250000 | &nbsp;&nbsp;&nbsp; 202117 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 420000 | &nbsp;&nbsp;&nbsp; 330562 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 <br>| 65000 | &nbsp;&nbsp;&nbsp; 65067 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 110000 | &nbsp;&nbsp;&nbsp; 97627 |
|  |  | &nbsp;&nbsp;&nbsp; $5212970 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Universities - Dormitories – 2.9% | Universities - Dormitories – 2.9% | Universities - Dormitories – 2.9% |
| Maryland Economic Development Corp., Senior Student Housing Rev. (Morgan State University Harper-Tubman Project), "A", <br> AGM, 5.75%, 7/01/2064 <br>| $1000000 | &nbsp;&nbsp;&nbsp; $1049578 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park - Leonardtown <br> Project), AGM, 5.25%, 7/01/2064 <br>| 750000 | &nbsp;&nbsp;&nbsp; 750408 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, <br> 5%, 6/01/2035 <br>| 750000 | &nbsp;&nbsp;&nbsp; 756292 |
| Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 970958 |
| Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027  | 215000 | &nbsp;&nbsp;&nbsp; 215125 |
| Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030  | 300000 | &nbsp;&nbsp;&nbsp; 300097 |
|  |  | &nbsp;&nbsp;&nbsp; $4042458 |
| Utilities - Municipal Owned – 0.6% | Utilities - Municipal Owned – 0.6% | Utilities - Municipal Owned – 0.6% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | $100000 | &nbsp;&nbsp;&nbsp; $54625 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 160000 | &nbsp;&nbsp;&nbsp; 87400 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 250000 | &nbsp;&nbsp;&nbsp; 136563 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | 15000 | &nbsp;&nbsp;&nbsp; 8194 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 125000 | &nbsp;&nbsp;&nbsp; 68281 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 10000 | &nbsp;&nbsp;&nbsp; 9827 |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033  | 555000 | &nbsp;&nbsp;&nbsp; 471048 |
|  |  | &nbsp;&nbsp;&nbsp; $835938 |
| Utilities - Other – 2.8% | Utilities - Other – 2.8% | Utilities - Other – 2.8% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| $720000 | &nbsp;&nbsp;&nbsp; $754504 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, 1/01/2056 (Put Date <br> 8/01/2033) <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1072011 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 400000 | &nbsp;&nbsp;&nbsp; 429431 |
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 665000 | &nbsp;&nbsp;&nbsp; 697538 |
| Southeast Alabama Energy Authority, Cooperative District Energy Supply Rev., "A", 5%, 11/01/2035  | 485000 | &nbsp;&nbsp;&nbsp; 501074 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 410000 | &nbsp;&nbsp;&nbsp; 430321 |
|  |  | &nbsp;&nbsp;&nbsp; $3884879 |
| Water & Sewer Utility Revenue – 2.2% | Water & Sewer Utility Revenue – 2.2% | Water & Sewer Utility Revenue – 2.2% |
| Baltimore, MD, Project Rev. (Water Projects), "A", 4%, 7/01/2038  | $550000 | &nbsp;&nbsp;&nbsp; $537102 |
| Baltimore, MD, Project Rev. (Water Projects), "A", 4%, 7/01/2049  | 1545000 | &nbsp;&nbsp;&nbsp; 1362552 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 105000 | &nbsp;&nbsp;&nbsp; 104121 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 130000 | &nbsp;&nbsp;&nbsp; 128419 |
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, <br> 6.875%, 12/01/2040 <br>| 50000 | &nbsp;&nbsp;&nbsp; 50857 |
| Washington Suburban Sanitary District, MD, Consolidated Public Improvement, 4%, 6/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 900860 |
|  |  | &nbsp;&nbsp;&nbsp; $3083911 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$135371389** |
| Bonds – 0.1%  | Bonds – 0.1%  | Bonds – 0.1%  |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)  | $219865 | &nbsp;&nbsp;&nbsp; $73457 |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043  | $171593 | &nbsp;&nbsp;&nbsp; $105530 |
| Mutual Funds (h) – 2.5%  | Mutual Funds (h) – 2.5%  | Mutual Funds (h) – 2.5%  |
| Money Market Funds – 2.5% | Money Market Funds – 2.5% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v)  | 3560924 | &nbsp;&nbsp;&nbsp; $3561280 |
| Other Assets, Less Liabilities – 1.1% |  | &nbsp;&nbsp;&nbsp; 1572815 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$140684471** |

---

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

------

*Portfolio of Investments (unaudited) – continued*

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments
 in affiliated issuers and in unaffiliated issuers were $3,561,280 and $135,550,376, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $2,150,602, representing 1.5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Underlying security deposited into special purpose trust upon creation of self-deposited
 inverse floaters.

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

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either <br> daily or weekly, represents the rate in effect at period end and may not be the current rate.<br>|

---

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

------

**Supplemental Information**

6/30/25 (unaudited)

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

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

**(1) Investment Valuations**

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

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

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

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

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

asset value per share.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $135476919 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $135476919 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73457 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73457 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 3561280 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3561280 |
| Total | &nbsp;&nbsp;&nbsp; $3561280 | &nbsp;&nbsp;&nbsp; $135550376 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $139111656 |

---

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

------

*Supplemental Information (unaudited) – continued*

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

**(2) Investments in Affiliated Issuers**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $5413185 | &nbsp;&nbsp; $12758823 | &nbsp;&nbsp; $14610388 | &nbsp;&nbsp; $(558)<br>| &nbsp;&nbsp; $218 | &nbsp;&nbsp; $3561280<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $48461 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

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

---

| | |
|:---|:---|
| Maryland | 76.7% |
| Washington DC | 4.7% |
| New York | 3.1% |
| Puerto Rico | 2.8% |
| California | 1.7% |
| Virginia | 1.2% |
| Alabama | 1.2% |
| Illinois | 0.9% |
| Wisconsin | 0.8% |
| Texas | 0.8% |
| South Carolina | 0.7% |
| Florida | 0.6% |
| Ohio | 0.4% |
| Pennsylvania | 0.3% |
| New Jersey | 0.3% |
| Tennessee | 0.3% |
| Massachusetts | 0.2% |
| Guam | 0.2% |
| New Hampshire | 0.2% |
| Colorado | 0.1% |
| Iowa | 0.1% |
| Mississippi (o) | 0.0% |
| U.S. Virgin Islands (o) | 0.0% |

---

(o) Less than 0.1%.

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

------

## 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 Maryland Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002533

- **c. LEI of Series:** NDK106CDS4LPS37O1K93

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $141247058.32

**Total Liabilities:** $519015.46

**Net Assets:** $140728042.86

**Cash Not Reported:** $0.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -276.50467740 | **1-Year:** -4039.35223550 | **5-Year:** -18111.25518270 | **10-Year:** -50503.35977150 | **30-Year:** -21994.54261760

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

- **3-Month:** -20.35346390 | **1-Year:** -618.64847340 | **5-Year:** -1958.72190480 | **10-Year:** -3122.16055300 | **30-Year:** -1379.25139300

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169769 | -0.61%               | -0.49%               | 0.64%                |
| Class ID C000006986 | -0.61%               | -0.70%               | 0.52%                |
| Class ID C000194249 | -0.61%               | -0.60%               | 0.64%                |
| Class ID C000006985 | -0.64%               | -0.54%               | 0.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-420.07                 | $-1219462.63                               |
| Month 2  | $-62861.64               | $-1116506.58                               |
| Month 3  | $-5105.36                | $465598.48                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New York City Transitional Finance Authority Future Tax Secured Revenue                                   | New York City Transitional Finance Authority Future Tax Secured                                           | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $759279.25    | 0.54%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    250000 | PA      | $234879.40    | 0.17%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904039.00    | 0.64%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $8689.31      | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 442593AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482371.00    | 0.34%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2020 B                                  | CUSIP: 5742187L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $870107.50    | 0.62%             | 2045-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574294BS2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1419759.90   | 1.01%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NBY6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    650000 | PA      | $671197.09    | 0.48%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    338000 | PA      | $263712.06    | 0.19%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $402068.40    | 0.29%             | 2050-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502291.25    | 0.36%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    205000 | PA      | $184582.31    | 0.13%             | 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        |   3541896 | NS      | $3542250.53   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TH38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979947.60    | 0.70%             | 2047-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $835949.10    | 0.59%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05922KK57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $537101.90    | 0.38%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    600000 | PA      | $418752.60    | 0.30%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                               | New York City Industrial Development Agency                                                               | CUSIP: 64972PAL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250021.50    | 0.18%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TTM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1008167.10   | 0.72%             | 2041-09-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    160000 | PA      | $87400.00     | 0.06%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NCU3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484442.70    | 0.34%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 05914FU65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1393752.60   | 0.99%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2021 C                                         | CUSIP: 6133495Z8<br>LEI: 549300HDL0LLRHMDL092 | Long             |  | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.71%             | 2041-01-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571QAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240388.73    | 0.17%             | 2043-07-01      | Fixed         | 5.00%                 | Yes           |                  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        |    400000 | PA      | $429431.24    | 0.31%             | 2054-02-01      | Variable      | 5.25%                 | 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        |    490000 | PA      | $477661.02    | 0.34%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VJP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300096.69    | 0.21%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                                                   | Maryland State Transportation Authority, Series 2024 A                                                    | CUSIP: 574300PU7<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048422.10   | 0.74%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     45031 | PA      | $47499.09     | 0.03%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059151DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $429742.76    | 0.31%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $967024.08    | 0.69%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    420000 | PA      | $330562.18    | 0.23%             | 2051-07-01      | 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: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      6000 | PA      | $5120.42      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296AW9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509057.60    | 0.36%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218B51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607833.84    | 0.43%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025                                    | CUSIP: 57421CGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971576.40    | 0.69%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $206013.02    | 0.15%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61336PEV9<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1218047.78   | 0.87%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority, Series 2024                                                                   | CUSIP: 574294CS1<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537401.75   | 1.09%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574294BM5<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009451.30   | 0.72%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2023E                                               | CUSIP: 57419T6W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $1019207.13   | 0.72%             | 2054-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705HH3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039774.30   | 0.74%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim City School District                                                                              | Anaheim City School District                                                                              | CUSIP: 032555QY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $372695.26    | 0.26%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1360237.49   | 0.97%             | 2049-07-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority, Series 2024 H                                            | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072011.00   | 0.76%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2024 D-1                                            | CUSIP: 20364NCJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1186531.00   | 0.84%             | 2044-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                                                        | Wisconsin Housing & Economic Development Authority, Series 2024E                                          | CUSIP: 97689RFB5<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994720.20    | 0.71%             | 2043-06-01      | Fixed         | 4.75%                 | 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        |     10000 | PA      | $9827.42      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NAW1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260124.10    | 0.18%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     21000 | PA      | $20128.70     | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $54625.00     | 0.04%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $133692.09    | 0.10%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TH46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $910258.31    | 0.65%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035JPD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $691141.98    | 0.49%             | 2059-07-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    385000 | PA      | $379655.55    | 0.27%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494276.90    | 0.35%             | 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        |    276543 | PA      | $267782.46    | 0.19%             | 2036-09-20      | Fixed         | 4.38%                 | 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        |    245000 | PA      | $222934.81    | 0.16%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61334PEV1<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106954.90   | 0.79%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218T52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001208.70   | 0.71%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $628058.78    | 0.45%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard, Series 2024                                                                             | CUSIP: 442599AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $764095.43    | 0.54%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 613347HX4<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $773578.80    | 0.55%             | 2044-07-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission                                                                          | CUSIP: 442577DT6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    750000 | PA      | $759606.00    | 0.54%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $8193.75      | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cheverly MD                                                                                       | Town of Cheverly                                                                                          | CUSIP: 16675BBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $494146.33    | 0.35%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2025                                                                       | CUSIP: 03588JLJ9<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549449.15   | 1.10%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $202117.13    | 0.14%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TVL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $733322.42    | 0.52%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2025                                                                       | CUSIP: 035898CG8<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930422.40    | 0.66%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2020 B                                  | CUSIP: 57421CJC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $810473.97    | 0.58%             | 2045-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CBT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $772134.00    | 0.55%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2025 D                                     | CUSIP: 57419UTD0<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994715.20    | 0.71%             | 2042-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 6133498R3<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1021154.15   | 0.73%             | 2054-07-01      | Fixed         | 5.75%                 | 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        |    130000 | PA      | $115110.02    | 0.08%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    115000 | PA      | $86069.70     | 0.06%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TVF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $212181.18    | 0.15%             | 2033-03-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 F                                                     | CUSIP: 92812WMR2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500826.45    | 0.36%             | 2048-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426221.85    | 0.30%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VJN4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215124.81    | 0.15%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419R6S9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $438596.94    | 0.31%             | 2049-07-01      | Fixed         | 3.65%                 | 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        |     70000 | PA      | $61887.15     | 0.04%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority, Series 2018 A                                                                 | CUSIP: 574296BR9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1795776.75   | 1.28%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20015.85     | 0.01%             | 2025-09-01      | 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        |    485000 | PA      | $501074.06    | 0.36%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574217RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1395921.69   | 0.99%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    160000 | PA      | $167596.26    | 0.12%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $339700.21    | 0.24%             | 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        |    250000 | PA      | $136562.50    | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority Sports Entertainment Facilities Revenue                                        | Maryland Stadium Authority Sports Entertainment Facilities Revenue, Series 2023 A                         | CUSIP: 57430AAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036567.60   | 0.74%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2023 C                                         | CUSIP: 613352CP6<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506710.00    | 0.36%             | 2053-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742162Z9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1269639.53   | 0.90%             | 2038-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     75390 | PA      | $72588.72     | 0.05%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VRL9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970958.50    | 0.69%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $116100.00    | 0.08%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2025                                                          | CUSIP: 57405EAK6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494892.20    | 0.35%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025A                                   | CUSIP: 57421CHU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762636.30    | 0.54%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PCA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85528.56     | 0.06%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     75000 | PA      | $87788.19     | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2024D                                      | CUSIP: 57419UJD1<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |    975000 | PA      | $975385.81    | 0.69%             | 2026-04-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2023                                                                       | CUSIP: 03588JAY8<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1367268.49   | 0.97%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742184J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1100336.00   | 0.78%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025517.30   | 0.73%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration Local Government Infrastructure                             | Maryland Community Development Administration Local Government Infrastructure                             | CUSIP: 574039QU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1207564.03   | 0.86%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Washington MD                                                                                   | County of Washington                                                                                      | CUSIP: 937752AR4<br>LEI: 54930082U8LWBDMHXX31 | Long             | DBT              | MUN               | US        |    575000 | PA      | $616345.03    | 0.44%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500493.55    | 0.36%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2015                                    | CUSIP: 574218UW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900769.68    | 0.64%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1062950.10   | 0.76%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    325000 | PA      | $256633.36    | 0.18%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    410000 | PA      | $430320.79    | 0.31%             | 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        |    320000 | PA      | $272808.51    | 0.19%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296BU2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515247.20    | 0.37%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2024                                    | CUSIP: 57421CGA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011862.00   | 0.72%             | 2047-06-01      | Fixed         | 5.50%                 | 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        |    915000 | PA      | $950420.93    | 0.68%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2023                                                    | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $642912.17    | 0.46%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Hyattsville MD                                                                                    | City of Hyattsville, Series 2024                                                                          | CUSIP: 448600BL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964246.90    | 0.69%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2023E                                               | CUSIP: 57419T6V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004339.60   | 0.71%             | 2048-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2023 A                                         | CUSIP: 613352BX0<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488853.30    | 0.35%             | 2053-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DU0<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $435293.20    | 0.31%             | 2054-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    267000 | PA      | $243309.49    | 0.17%             | 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        |    130000 | PA      | $128419.07    | 0.09%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockville MD                                                                                      | City of Rockville                                                                                         | CUSIP: 774223BV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $323602.20    | 0.23%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2024                                    | CUSIP: 57421CGK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $767869.80    | 0.55%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571LBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $825834.93    | 0.59%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2025A                                                         | CUSIP: 57420VTP8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049577.80   | 0.75%             | 2064-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |    630000 | PA      | $573000.06    | 0.41%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's, Series 2025 A                                                                  | CUSIP: 741702DT8<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1574052.00   | 1.12%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025                                    | CUSIP: 57421CKB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993820.80    | 0.71%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272FP4<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $65066.67     | 0.05%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore, Series 2019 A                                                                          | CUSIP: 05922KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1362552.03   | 0.97%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                                                        | St Clair County Board of Education                                                                        | CUSIP: 788216EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452144.40    | 0.32%             | 2048-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218E74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $453356.91    | 0.32%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $471048.20    | 0.33%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2024                                                          | CUSIP: 57420PHE9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1968964.00   | 1.40%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2023 C                                         | CUSIP: 613352CN1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052495.80   | 0.75%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $441350.65    | 0.31%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation, Series 2024 A                                             | CUSIP: 57421FBW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016786.40   | 0.72%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2024                                                          | CUSIP: 57420VTK9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750407.93    | 0.53%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    332000 | PA      | $235989.52    | 0.17%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742188B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1267275.24   | 0.90%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                     | Metropolitan Transportation Authority                                                                     | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $860076.20    | 0.61%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    125000 | PA      | $68281.25     | 0.05%             | 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        |     95000 | PA      | $84160.22     | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PTH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1362181.95   | 0.97%             | 2048-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     31997 | PA      | $30485.23     | 0.02%             | 2037-07-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    151000 | PA      | $47813.80     | 0.03%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                                          | Washington Metropolitan Area Transit Authority Dedicated                                                  | CUSIP: 93878YCN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584850.80   | 1.13%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742182P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750820.50    | 0.53%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     43504 | PA      | $38661.08     | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    160000 | PA      | $150131.82    | 0.11%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation, Series 2024 A                                             | CUSIP: 57421FBX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012989.00   | 0.72%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    105000 | PA      | $104120.88    | 0.07%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571LCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $142159.85    | 0.10%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUV4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241603.33    | 0.17%             | 2039-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218M42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500758.45    | 0.36%             | 2045-01-01      | 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        |    665000 | PA      | $697538.12    | 0.50%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035JVS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $808559.40    | 0.57%             | 2051-06-01      | Variable      | 8.11%                 | 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        |   1817000 | PA      | $1708213.12   | 1.21%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 613347LE1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $938023.88    | 0.67%             | 2036-07-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 442599AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $265862.85    | 0.19%             | 2047-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GM5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    440000 | PA      | $445859.22    | 0.32%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705JG3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862199.40    | 0.61%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                                         | State of Maryland                                                                                         | CUSIP: 574193PD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2058379.04   | 1.46%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232688.57    | 0.17%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GN3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    440000 | PA      | $444351.16    | 0.32%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     75000 | PA      | $66388.19     | 0.05%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742185T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991562.00    | 0.70%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350288 | PA      | $117031.36    | 0.08%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2024 E                                     | CUSIP: 57419UMP0<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113702.40   | 0.79%             | 2055-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     53375 | PA      | $36899.76     | 0.03%             | 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        |    540000 | PA      | $465143.15    | 0.33%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                              | Mississippi Development Bank                                                                              | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50857.48     | 0.04%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation                                                            | CUSIP: 574204R96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $475349.85    | 0.34%             | 2033-10-01      | Fixed         | 3.00%                 | 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        |     65000 | PA      | $55841.73     | 0.04%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PN58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $807212.29    | 0.57%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742184G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1340108.74   | 0.95%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 61334MVE7<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019151.20   | 0.72%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218VA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1030517.99   | 0.73%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $97627.05     | 0.07%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery, Series 2015MD                                                                       | CUSIP: 61336PET4<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    415000 | PA      | $366148.65    | 0.26%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059151CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $860344.00    | 0.61%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705HL4<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505818.50   | 1.07%             | 2048-10-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $855870.30    | 0.61%             | 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        |     90000 | PA      | $88598.92     | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419RZ65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $442813.95    | 0.31%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    590000 | PA      | $516882.30    | 0.37%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866297.50    | 0.62%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059134EM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014507.10   | 0.72%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420MAS2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1009138.24   | 0.72%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218Y80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760643.93    | 0.54%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                                   | New York City Housing Development Corp.                                                                   | CUSIP: 64972EA74<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    765000 | PA      | $496698.82    | 0.35%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VPB3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756291.90    | 0.54%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     75000 | PA      | $70374.29     | 0.05%             | 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        |     40000 | PA      | $40329.57     | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025                                    | CUSIP: 57421CKA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007063.90   | 0.72%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218NS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $500461.72    | 0.36%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     81000 | PA      | $74468.74     | 0.05%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PCF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $66455.40     | 0.05%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     41476 | PA      | $40465.18     | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742182G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461180.95    | 0.33%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $43613.49     | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation                                                       | CUSIP: 592647KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1531644.88   | 1.09%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission                                                                          | CUSIP: 442577BG6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498809.95    | 0.35%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority, Series 2018                                               | CUSIP: 938782GP8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1143104.79   | 0.81%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05923TCY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $247968.66    | 0.18%             | 2046-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Montgomery County Revenue Authority                                                                       | Montgomery County Revenue Authority                                                                       | CUSIP: 61336RBV8<br>LEI: 549300JQFJ2YGGW7AW57 | Long             | DBT              | MUN               | US        |    415000 | PA      | $416134.15    | 0.30%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    720000 | PA      | $754503.55    | 0.54%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742188D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519156.50    | 0.37%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                                   | Washington Suburban Sanitary Commission, Series 2025                                                      | CUSIP: 940158JV1<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900859.60    | 0.64%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    150243 | PA      | $128369.98    | 0.09%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 355612AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $230989.83    | 0.16%             | 2043-07-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $234535.99    | 0.17%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574294AV6<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1251708.88   | 0.89%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    171593 | PA      | $105529.70    | 0.07%             | 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        |    121739 | PA      | $131310.73    | 0.09%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission, Series 2024                                                             | CUSIP: 442577ET5<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501030.00    | 0.36%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer