# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-004590
**Filing Date:** 2026-2
**Character Count:** 95351
**Document Hash:** 46719565fcda9df00dd6662faeed9cc6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-004590.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-004590

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26679551

**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 Mississippi Municipal Bond Fund (Series ID: S000002535)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006989 | A            | MISSX           |
| C000006990 | B            | MBMSX           |
| C000169771 | I            | MMSTX           |
| C000194252 | R6           | MPMSX           |

## Nport-Ex

MMP-Q3

![](imgebd5dbc91.gif)

**Quarterly Report**

December 31, 2025

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

![](img99012aa12.gif)

------

**Portfolio of Investments**

12/31/25 (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 – 97.2%  | Municipal Bonds – 97.2%  | Municipal Bonds – 97.2%  |
| Airport Revenue – 1.3% | Airport Revenue – 1.3% | Airport Revenue – 1.3% |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | $60000 | &nbsp;&nbsp;&nbsp; $54985 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 55000 | &nbsp;&nbsp;&nbsp; 49191 |
| 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>| 475000 | &nbsp;&nbsp;&nbsp; 476977 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2034 <br>| 230000 | &nbsp;&nbsp;&nbsp; 230158 |
|  |  | &nbsp;&nbsp;&nbsp; $811311 |
| General Obligations - General Purpose – 13.4% | General Obligations - General Purpose – 13.4% | General Obligations - General Purpose – 13.4% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $220000 | &nbsp;&nbsp;&nbsp; $205771 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 41212 | &nbsp;&nbsp;&nbsp; 43667 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 40029 | &nbsp;&nbsp;&nbsp; 43976 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 37958 | &nbsp;&nbsp;&nbsp; 37947 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 66803 | &nbsp;&nbsp;&nbsp; 65646 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 29283 | &nbsp;&nbsp;&nbsp; 28387 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 39814 | &nbsp;&nbsp;&nbsp; 36812 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 128406 | &nbsp;&nbsp;&nbsp; 112028 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 48848 | &nbsp;&nbsp;&nbsp; 35349 |
| Mississippi Development Bank Special Obligation (Desoto County, Mississippi Convention Center General Obligation Bond <br> Project), 5%, 3/01/2045 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1041878 |
| Mississippi Development Bank Special Obligation (Harrison County Coliseum), "A", 5.25%, 1/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 1120908 |
| Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 454837 |
| Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032  | 500000 | &nbsp;&nbsp;&nbsp; 506193 |
| Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042  | 500000 | &nbsp;&nbsp;&nbsp; 426107 |
| Mississippi Development Bank Special Obligation (Olive Branch Public Improvement), 4%, 6/01/2044  | 750000 | &nbsp;&nbsp;&nbsp; 727313 |
| Mississippi Development Bank Special Obligation (Tupelo Public Improvement General Obligation Project), 4%, 9/01/2044  | 275000 | &nbsp;&nbsp;&nbsp; 266602 |
| Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, <br> 5%, 7/01/2048 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1009347 |
| Pearl, MS, General Obligation Public Improvement, BAM, 4.75%, 9/01/2038  | 275000 | &nbsp;&nbsp;&nbsp; 297947 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 150000 | &nbsp;&nbsp;&nbsp; 160504 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 65000 | &nbsp;&nbsp;&nbsp; 68119 |
| State of Mississippi, "A", 5%, 11/01/2036 (Prerefunded 11/01/2026)  | 1000000 | &nbsp;&nbsp;&nbsp; 1021533 |
| State of Mississippi, "B", 3%, 10/01/2035  | 770000 | &nbsp;&nbsp;&nbsp; 740052 |
|  |  | &nbsp;&nbsp;&nbsp; $8450923 |
| General Obligations - Schools – 13.9% | General Obligations - Schools – 13.9% | General Obligations - Schools – 13.9% |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | $700000 | &nbsp;&nbsp;&nbsp; $534304 |
| Madison County, MS, Certificate of Participation (Canton Public School District Lease Purchase Project), BAM, 5.25%, 1/01/2045  | 350000 | &nbsp;&nbsp;&nbsp; 373105 |
| Mississippi Development Bank Special Obligation (Columbus Municipal School District General Obligation Project), BAM, <br> 5.25%, 5/01/2047 <br>| 500000 | &nbsp;&nbsp;&nbsp; 523361 |
| Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 1042326 |
| Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2038  | 460000 | &nbsp;&nbsp;&nbsp; 478736 |
| Mississippi Development Bank Special Obligation (Lamar County School District General Obligation Project), 5%, 6/01/2050  | 500000 | &nbsp;&nbsp;&nbsp; 517545 |
| Mississippi Development Bank Special Obligation (Meridian Public School District General Obligation Project), BAM, <br> 4.125%, 4/01/2043 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 974359 |
| Mississippi Development Bank Special Obligation (Ocean Springs School District General Obligation Bond Project), <br> 5%, 6/01/2050 <br>| 500000 | &nbsp;&nbsp;&nbsp; 516771 |
| Mississippi Development Bank Special Obligation (Oxford School District), 4%, 4/01/2044  | 350000 | &nbsp;&nbsp;&nbsp; 333048 |
| Mississippi Development Bank Special Obligation (Petal School District), AGM, 5%, 5/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1038208 |
| Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043  | 750000 | &nbsp;&nbsp;&nbsp; 702002 |
| San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, "C", 0%, 7/01/2035  | 1020000 | &nbsp;&nbsp;&nbsp; 763929 |
| Sunflower County, MI, Consolidated School District, General Obligation, BAM, 4%, 6/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1015933 |
|  |  | &nbsp;&nbsp;&nbsp; $8813627 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Hospitals – 3.2% | Healthcare Revenue - Hospitals – 3.2% | Healthcare Revenue - Hospitals – 3.2% |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | $20000 | &nbsp;&nbsp;&nbsp; $17285 |
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5.5%, 7/01/2055  | 500000 | &nbsp;&nbsp;&nbsp; 519108 |
| Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Ochsner Clinic Foundation Project), "C", 5%, 5/15/2055  | 500000 | &nbsp;&nbsp;&nbsp; 511684 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), "A", <br> 4%, 1/01/2040 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 988536 |
|  |  | &nbsp;&nbsp;&nbsp; $2036613 |
| Industrial Revenue - Environmental Services – 0.8% | Industrial Revenue - Environmental Services – 0.8% | Industrial Revenue - Environmental Services – 0.8% |
| Mississippi Business Finance Corp., Solid Waste Disposal Rev. (Waste Management, Inc. Project), 4.25%, 3/01/2027  | $500000 | &nbsp;&nbsp;&nbsp; $501600 |
| Industrial Revenue - Other – 0.8% | Industrial Revenue - Other – 0.8% | Industrial Revenue - Other – 0.8% |
| Mississippi Development Bank, Special Obligation (Jackson County GOMESA Project), 3.625%, 11/01/2036 (n) | $425000 | &nbsp;&nbsp;&nbsp; $405729 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", <br> 2.875%, 1/01/2041 (n)<br>| 100000 | &nbsp;&nbsp;&nbsp; 73854 |
|  |  | &nbsp;&nbsp;&nbsp; $479583 |
| Industrial Revenue - Paper – 0.8% | Industrial Revenue - Paper – 0.8% | Industrial Revenue - Paper – 0.8% |
| Warren County, MS, Gulf Opportunity Zone Refunding Rev. (International Paper Co. Project), "A", 4.2%, 5/01/2034  | $500000 | &nbsp;&nbsp;&nbsp; $519156 |
| Miscellaneous Revenue - Other – 1.1% | Miscellaneous Revenue - Other – 1.1% | Miscellaneous Revenue - Other – 1.1% |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | $210000 | &nbsp;&nbsp;&nbsp; $209665 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5%, 12/31/2057 <br>| 310000 | &nbsp;&nbsp;&nbsp; 305747 |
| Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), "A-1", 6%, 12/01/2055 (w) | 180000 | &nbsp;&nbsp;&nbsp; 176874 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 35000 | &nbsp;&nbsp;&nbsp; 35312 |
|  |  | &nbsp;&nbsp;&nbsp; $727598 |
| Multi-Family Housing Revenue – 2.9% | Multi-Family Housing Revenue – 2.9% | Multi-Family Housing Revenue – 2.9% |
| Mississippi Home Corp., Multi-Family Housing Rev. (Jackson Housing Portfolio Project), 4.55%, 4/01/2042  | $750000 | &nbsp;&nbsp;&nbsp; $762900 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 235241 | &nbsp;&nbsp;&nbsp; 239473 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, <br> 2.45%, 11/01/2045 <br>| 580000 | &nbsp;&nbsp;&nbsp; 408871 |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), "A", FNMA, <br> 4.45%, 4/01/2043 <br>| 30000 | &nbsp;&nbsp;&nbsp; 29927 |
| Virginia Housing Development Authority, Rental Housing, "F", HUD Section 8, 5.15%, 11/01/2048  | 385000 | &nbsp;&nbsp;&nbsp; 393315 |
|  |  | &nbsp;&nbsp;&nbsp; $1834486 |
| Sales & Excise Tax Revenue – 5.0% | Sales & Excise Tax Revenue – 5.0% | Sales & Excise Tax Revenue – 5.0% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $70000 | &nbsp;&nbsp;&nbsp; $67491 |
| Massachusetts Bay Transportation Authority, Sales Tax Rev., "A-1", 5.25%, 7/01/2029  | 750000 | &nbsp;&nbsp;&nbsp; 823886 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 1000 | &nbsp;&nbsp;&nbsp; 906 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 20000 | &nbsp;&nbsp;&nbsp; 20008 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 71000 | &nbsp;&nbsp;&nbsp; 66922 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 1086000 | &nbsp;&nbsp;&nbsp; 1045552 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 162000 | &nbsp;&nbsp;&nbsp; 158498 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 71000 | &nbsp;&nbsp;&nbsp; 69465 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 234000 | &nbsp;&nbsp;&nbsp; 218470 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 7000 | &nbsp;&nbsp;&nbsp; 6217 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 346000 | &nbsp;&nbsp;&nbsp; 284263 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 330000 | &nbsp;&nbsp;&nbsp; 249890 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 150000 | &nbsp;&nbsp;&nbsp; 50103 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 115000 | &nbsp;&nbsp;&nbsp; 92000 |
|  |  | &nbsp;&nbsp;&nbsp; $3153671 |
| Single Family Housing - State – 14.7% | Single Family Housing - State – 14.7% | Single Family Housing - State – 14.7% |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "A", GNMA, 5.75%, 4/01/2055  | $240000 | &nbsp;&nbsp;&nbsp; $261139 |
| Mississippi Home Corp., Single Family Mortgage Rev., "A", 4.8%, 12/01/2045  | 750000 | &nbsp;&nbsp;&nbsp; 756556 |
| Mississippi Home Corp., Single Family Mortgage Rev., "A", GNMA, 4.65%, 12/01/2054  | 1750000 | &nbsp;&nbsp;&nbsp; 1739605 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Single Family Housing - State – continued | Single Family Housing - State – continued | Single Family Housing - State – continued |
| Mississippi Home Corp., Single Family Mortgage Rev., "B", GNMA, 2.875%, 12/01/2043  | $1000000 | &nbsp;&nbsp;&nbsp; $804521 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 3.95%, 12/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1000958 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 4.65%, 12/01/2044  | 750000 | &nbsp;&nbsp;&nbsp; 761283 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 5.125%, 12/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 509827 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 4.05%, 12/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 934463 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 4.65%, 12/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 983572 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 4.8%, 12/01/2049  | 750000 | &nbsp;&nbsp;&nbsp; 753591 |
| Mississippi Home Corp., Single Family Mortgage Rev., "E", GNMA, 4.45%, 12/01/2044  | 750000 | &nbsp;&nbsp;&nbsp; 754985 |
|  |  | &nbsp;&nbsp;&nbsp; $9260500 |
| State & Local Agencies – 5.7% | State & Local Agencies – 5.7% | State & Local Agencies – 5.7% |
| Hinds County, MS, Certificates of Participation (Lease Purchase Project), "A", BAM, 4.625%, 9/01/2054 (n) | $500000 | &nbsp;&nbsp;&nbsp; $461702 |
| Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036  | 500000 | &nbsp;&nbsp;&nbsp; 500765 |
| Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1014937 |
| Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2048  | 750000 | &nbsp;&nbsp;&nbsp; 817721 |
| Warren County, MS, Certificates of Participation (Lease Purchase Jail Project), BAM, 6%, 9/01/2053  | 750000 | &nbsp;&nbsp;&nbsp; 812748 |
|  |  | &nbsp;&nbsp;&nbsp; $3607873 |
| Student Loan Revenue – 0.2% | Student Loan Revenue – 0.2% | Student Loan Revenue – 0.2% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | $10000 | &nbsp;&nbsp;&nbsp; $9760 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 110000 | &nbsp;&nbsp;&nbsp; 87057 |
|  |  | &nbsp;&nbsp;&nbsp; $96817 |
| Tax - Other – 4.3% | Tax - Other – 4.3% | Tax - Other – 4.3% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $350000 | &nbsp;&nbsp;&nbsp; $357979 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 65000 | &nbsp;&nbsp;&nbsp; 65032 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 150000 | &nbsp;&nbsp;&nbsp; 157421 |
| State of Mississippi, Alcoholic Beverage Control Rev. (ABC Warehouse Construction Project), "A", 4%, 10/01/2045  | 750000 | &nbsp;&nbsp;&nbsp; 700927 |
| State of Mississippi, Alcoholic Beverage Control Rev. (ABC Warehouse Construction Project), "A", 5%, 10/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1037715 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051  | 545000 | &nbsp;&nbsp;&nbsp; 399904 |
|  |  | &nbsp;&nbsp;&nbsp; $2718978 |
| Tobacco – 0.6% | Tobacco – 0.6% | Tobacco – 0.6% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $265000 | &nbsp;&nbsp;&nbsp; $228792 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 190000 | &nbsp;&nbsp;&nbsp; 173651 |
|  |  | &nbsp;&nbsp;&nbsp; $402443 |
| Toll Roads – 0.8% | Toll Roads – 0.8% | Toll Roads – 0.8% |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | $280000 | &nbsp;&nbsp;&nbsp; $230418 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 270000 | &nbsp;&nbsp;&nbsp; 278013 |
|  |  | &nbsp;&nbsp;&nbsp; $508431 |
| Universities - Colleges – 13.3% | Universities - Colleges – 13.3% | Universities - Colleges – 13.3% |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | $370000 | &nbsp;&nbsp;&nbsp; $305954 |
| Mississippi Development Bank Special Obligation (Hinds Community College District Capital Improvement Project), BAM, <br> 4%, 5/01/2044 <br>| 500000 | &nbsp;&nbsp;&nbsp; 476863 |
| Mississippi Development Bank Special Obligation (Hinds Community College District Capital Improvement Project), BAM, <br> 5%, 5/01/2049 <br>| 750000 | &nbsp;&nbsp;&nbsp; 773786 |
| Mississippi Development Bank Special Obligation (Northwest Mississippi Community College Improvement Project), <br> 4%, 3/01/2050 <br>| 435000 | &nbsp;&nbsp;&nbsp; 395182 |
| Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), "A", <br> 4%, 8/01/2043 <br>| 600000 | &nbsp;&nbsp;&nbsp; 584062 |
| Mississippi State University, Educational Building Corp. Rev. (New Residence Hall and Facilities Refinancing), 4%, 8/01/2049  | 750000 | &nbsp;&nbsp;&nbsp; 694078 |
| Mississippi State University, Educational Building Corp. Rev. (New Residence Hall and Facilities Refinancing), 5%, 8/01/2053  | 750000 | &nbsp;&nbsp;&nbsp; 776823 |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (Colony Park Teaching Campus), "A", 4%, 6/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 928037 |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), "A", <br> 5%, 6/01/2042 <br>| 1250000 | &nbsp;&nbsp;&nbsp; 1266985 |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), "A", <br> 4%, 6/01/2047 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 936349 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Universities - Colleges – continued | Universities - Colleges – continued | Universities - Colleges – continued |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), "A", <br> 5%, 6/01/2047 <br>| $1250000 | &nbsp;&nbsp;&nbsp; $1257422 |
|  |  | &nbsp;&nbsp;&nbsp; $8395541 |
| Utilities - Investor Owned – 0.5% | Utilities - Investor Owned – 0.5% | Utilities - Investor Owned – 0.5% |
| Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044  | $500000 | &nbsp;&nbsp;&nbsp; $324157 |
| Utilities - Municipal Owned – 1.1% | Utilities - Municipal Owned – 1.1% | Utilities - Municipal Owned – 1.1% |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | $180000 | &nbsp;&nbsp;&nbsp; $120150 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030  | 15000 | &nbsp;&nbsp;&nbsp; 14739 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 120000 | &nbsp;&nbsp;&nbsp; 80100 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027  | 60000 | &nbsp;&nbsp;&nbsp; 59487 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 105000 | &nbsp;&nbsp;&nbsp; 106172 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 10000 | &nbsp;&nbsp;&nbsp; 10141 |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033  | 355000 | &nbsp;&nbsp;&nbsp; 316617 |
|  |  | &nbsp;&nbsp;&nbsp; $707406 |
| Utilities - Other – 2.5% | Utilities - Other – 2.5% | Utilities - Other – 2.5% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| $460000 | &nbsp;&nbsp;&nbsp; $488769 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 210000 | &nbsp;&nbsp;&nbsp; 222980 |
| Southeast Alabama Energy Authority, "A-1", 5.5%, 11/01/2053 (Put Date 1/01/2031)  | 560000 | &nbsp;&nbsp;&nbsp; 611783 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 265000 | &nbsp;&nbsp;&nbsp; 284244 |
|  |  | &nbsp;&nbsp;&nbsp; $1607776 |
| Water & Sewer Utility Revenue – 10.3% | Water & Sewer Utility Revenue – 10.3% | Water & Sewer Utility Revenue – 10.3% |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | $145000 | &nbsp;&nbsp;&nbsp; $145067 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 120000 | &nbsp;&nbsp;&nbsp; 120703 |
| Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040  | 2000000 | &nbsp;&nbsp;&nbsp; 2000962 |
| Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045  | 1105000 | &nbsp;&nbsp;&nbsp; 1038532 |
| Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050  | 1500000 | &nbsp;&nbsp;&nbsp; 1369114 |
| Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, <br> 6.875%, 12/01/2040 <br>| 750000 | &nbsp;&nbsp;&nbsp; 762311 |
| West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028)  | 1000000 | &nbsp;&nbsp;&nbsp; 1049739 |
|  |  | &nbsp;&nbsp;&nbsp; $6486428 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$61444918** |
| 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)  | $164899 | &nbsp;&nbsp;&nbsp; $56693 |
| 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  | $146208 | &nbsp;&nbsp;&nbsp; $93573 |
| Mutual Funds (h) – 2.1%  | Mutual Funds (h) – 2.1%  | Mutual Funds (h) – 2.1%  |
| Money Market Funds – 2.1% | Money Market Funds – 2.1% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v)  | 1311652 | &nbsp;&nbsp;&nbsp; $1311914 |
| Other Assets, Less Liabilities – 0.5% |  | &nbsp;&nbsp;&nbsp; 292854 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$63199952** |

---

&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 $1,311,914 and $61,595,184, respectively.

------

*Portfolio of Investments (unaudited) – continued*

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $1,299,643, representing 2.1% of net assets.

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

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

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

---

| | |
|:---|:---|
| 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 |
| FHA | Federal Housing Administration |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |

---

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

------

**Supplemental Information**

12/31/25 (unaudited)

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

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

**(1) Investment Valuations**

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

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

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

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

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

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 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; $61538491 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $61538491 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56693 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56693 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 1311914 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1311914 |
| Total | &nbsp;&nbsp;&nbsp; $1311914 | &nbsp;&nbsp;&nbsp; $61595184 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $62907098 |

---

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. The following were affiliated issuers for the period ended December 31, 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; $1038250 | &nbsp;&nbsp; $11591660 | &nbsp;&nbsp; $11318130 | &nbsp;&nbsp; $(21)<br>| &nbsp;&nbsp; $155 | &nbsp;&nbsp; $1311914<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; $33954 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows:

---

| | |
|:---|:---|
| Mississippi  | 77.0% |
| Puerto Rico  | 4.9% |
| New York  | 2.7% |
| California  | 2.3% |
| Massachusetts  | 1.8% |
| Alabama  | 1.8% |
| Illinois  | 1.6% |
| Virginia  | 1.1% |
| Arkansas  | 0.9% |
| Texas  | 0.7% |
| Wisconsin | 0.6% |
| Guam | 0.5% |
| Pennsylvania  | 0.5% |
| Tennessee | 0.5% |
| New Hampshire | 0.4% |
| Ohio  | 0.4% |
| U.S. Virgin Islands  | 0.3% |
| Colorado  | 0.2% |
| Iowa  | 0.2% |

---

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 Mississippi Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002535

- **c. LEI of Series:** 4GAB1OTSRRZ89GG72J95

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $63648460.22

**Total Liabilities:** $448508.93

**Net Assets:** $63199951.29

**Delayed Delivery Securities:** $173928.60

**Cash Not Reported:** $43.59

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -90.27360360 | **1-Year:** -1985.52758010 | **5-Year:** -8647.50492100 | **10-Year:** -22966.87111510 | **30-Year:** -9014.36351420

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

- **3-Month:** -8.58374590 | **1-Year:** -318.19385990 | **5-Year:** -969.65280100 | **10-Year:** -1615.37022990 | **30-Year:** -640.61544490

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006989 | 1.33%                | 0.28%                | 0.06%                |
| Class ID C000006990 | 1.27%                | 0.23%                | 0.01%                |
| Class ID C000169771 | 1.23%                | 0.29%                | 0.07%                |
| Class ID C000194252 | 1.34%                | 0.18%                | 0.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-30529.96               | $681989.92                                 |
| Month 2  | $484.28                  | $-17750.60                                 |
| Month 3  | $55.78                   | $-151792.50                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alabama Housing Finance Authority                            | Alabama Housing Finance Authority, Series 2024A                           | CUSIP: 01030RJD5<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    240000 | PA      | $261139.13    | 0.41%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                     | Village of Bridgeview                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $205771.39    | 0.33%             | 2036-12-01      | Fixed         | 5.14%                 | 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        |    265000 | PA      | $228792.44    | 0.36%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority              | California Community Choice Financing Authority                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    460000 | PA      | $488769.00    | 0.77%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Canton Public School District                                | Canton Public School District                                             | CUSIP: 138359CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $373105.15    | 0.59%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016 | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $357979.44    | 0.57%             | 2035-04-01      | Fixed         | 5.75%                 | 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        |     65000 | PA      | $65031.67     | 0.10%             | 2045-04-01      | 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        |    150000 | PA      | $157421.21    | 0.25%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                         | Colorado Health Facilities Authority                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     20000 | PA      | $17285.38     | 0.03%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue            | City & County of Denver                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $54985.53     | 0.09%             | 2047-11-15      | Fixed         | 4.12%                 | 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        |     55000 | PA      | $49191.43     | 0.08%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                      | Energy Southeast A Cooperative District                                   | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    560000 | PA      | $611782.70    | 0.97%             | 2053-11-01      | Variable      | 5.50%                 | 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        |    190000 | PA      | $173650.80    | 0.27%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    145000 | PA      | $145067.44    | 0.23%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    120000 | PA      | $120703.08    | 0.19%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                            | Territory of Guam                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     70000 | PA      | $67491.10     | 0.11%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Gulfport MS                                          | City of Gulfport, Series 2025                                             | CUSIP: 402682DH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519108.05    | 0.82%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Hinds MS                                           | County of Hinds                                                           | CUSIP: 433114AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461701.95    | 0.73%             | 2054-09-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                            | State of Illinois                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160504.02    | 0.25%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                            | State of Illinois                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     65000 | PA      | $68118.66     | 0.11%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                            | Iowa Student Loan Liquidity Corp.                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9759.60      | 0.02%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                            | Iowa Student Loan Liquidity Corp.                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    110000 | PA      | $87057.54     | 0.14%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Jackson County Utility Authority                             | Jackson County Utility Authority                                          | CUSIP: 467319AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000961.60   | 3.17%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                  | Little Rock School District                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $534304.05    | 0.85%             | 2048-02-01      | Fixed         | 3.00%                 | 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        |   1306812 | NS      | $1307072.90   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue | Massachusetts Bay Transportation Authority Sales Tax Revenue              | CUSIP: 575579QA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $823886.40    | 1.30%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                     | Massachusetts Development Finance Agency                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    370000 | PA      | $305954.11    | 0.48%             | 2051-07-01      | Fixed         | 4.00%                 | 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        |     35000 | PA      | $35311.97     | 0.06%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp.                    | Medical Center Educational Building Corp., Series 2017 A                  | CUSIP: 584556FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1266985.63   | 2.00%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp.                    | Medical Center Educational Building Corp.                                 | CUSIP: 584556FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1257421.75   | 1.99%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp.                    | Medical Center Educational Building Corp.                                 | CUSIP: 584556FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936349.00    | 1.48%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp.                    | Medical Center Educational Building Corp.                                 | CUSIP: 584556HG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928036.90    | 1.47%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                           | Mississippi Business Finance Corp.                                        | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $324157.40    | 0.51%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                           | Mississippi Business Finance Corp., Series 2002                           | CUSIP: 60527MAM1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501599.65    | 0.79%             | 2027-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 605341AS5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120907.90   | 1.77%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534RZ36<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500765.50    | 0.79%             | 2036-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762310.88    | 1.21%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534W5K0<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    435000 | PA      | $395181.80    | 0.63%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534WH50<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    750000 | PA      | $702001.58    | 1.11%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534WRF7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506192.90    | 0.80%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534WRR1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $426106.70    | 0.67%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534WT32<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014936.70   | 1.61%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534WXL7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009346.90   | 1.60%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534WYZ5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042326.50   | 1.65%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2018                                 | CUSIP: 60534WZA9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    460000 | PA      | $478735.75    | 0.76%             | 2038-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534XAR7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $454837.50    | 0.72%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534XBJ4<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1038531.82   | 1.64%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534XBK1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1369114.20   | 2.17%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2025                                 | CUSIP: 60534XD37<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523360.70    | 0.83%             | 2047-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534XKC9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    425000 | PA      | $405728.42    | 0.64%             | 2036-11-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                              | CUSIP: 60534XQE9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974359.00    | 1.54%             | 2043-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2024                                 | CUSIP: 60534XQY5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    275000 | PA      | $266602.33    | 0.42%             | 2044-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2024                                 | CUSIP: 60534XRT5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    350000 | PA      | $333048.10    | 0.53%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2024                                 | CUSIP: 60534XSQ0<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038208.00   | 1.64%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2025                                 | CUSIP: 60534XT55<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517545.40    | 0.82%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2024                                 | CUSIP: 60534XVP8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    750000 | PA      | $727312.58    | 1.15%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2024                                 | CUSIP: 60534XWK8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $476862.65    | 0.75%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2024                                 | CUSIP: 60534XWL6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    750000 | PA      | $773785.88    | 1.22%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2025                                 | CUSIP: 60534XY34<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516770.80    | 0.82%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank, Series 2025                                 | CUSIP: 60534XZT6<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041878.00   | 1.65%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp., Series 2025-1                                     | CUSIP: 60535NDQ7<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762900.08    | 1.21%             | 2042-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp., Series 2025C                                      | CUSIP: 60535Q3M0<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509826.95    | 0.81%             | 2045-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp., Series 2023C                                      | CUSIP: 60535QJ92<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983571.80    | 1.56%             | 2048-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp., Series 2024A                                      | CUSIP: 60535QM98<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1739604.83   | 2.75%             | 2054-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp., Series 2024 C                                     | CUSIP: 60535QS43<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761283.23    | 1.20%             | 2044-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp., Series 2024 C                                     | CUSIP: 60535QS50<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    750000 | PA      | $753591.30    | 1.19%             | 2049-12-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp.                                                    | CUSIP: 60535QTW0<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $804520.80    | 1.27%             | 2043-12-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp., Series 2024 E                                     | CUSIP: 60535QX62<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    750000 | PA      | $754984.65    | 1.19%             | 2044-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp., Series 2025 A                                     | CUSIP: 60535QZ86<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756555.60    | 1.20%             | 2045-12-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp.                                                    | CUSIP: 60535QZY9<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000958.40   | 1.58%             | 2042-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp.                                                    | CUSIP: 60535QZZ6<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934462.90    | 1.48%             | 2047-12-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority        | Mississippi Hospital Equipment & Facilities Authority                     | CUSIP: 605360SV9<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988536.20    | 1.56%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority        | Mississippi Hospital Equipment & Facilities Authority, Series 2025 C      | CUSIP: 605360UE4<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511683.40    | 0.81%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi                                                      | CUSIP: 605581LD7<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021532.80   | 1.62%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi                                                      | CUSIP: 605581MP9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    770000 | PA      | $740052.24    | 1.17%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi, Series 2024                                         | CUSIP: 605606AW2<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $700927.05    | 1.11%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi, Series 2024                                         | CUSIP: 605606AX0<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037714.90   | 1.64%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi State University Educational Building Corp.      | Mississippi State University Educational Building Corp.                   | CUSIP: 605699RW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $584062.20    | 0.92%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi State University Educational Building Corp.      | Mississippi State University Educational Building Corp., Series 2024A     | CUSIP: 605699SU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $694077.75    | 1.10%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi State University Educational Building Corp.      | Mississippi State University Educational Building Corp., Series 2024A     | CUSIP: 605699SV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $776823.08    | 1.23%             | 2053-08-01      | Fixed         | 5.00%                 | 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        |    235241 | PA      | $239473.24    | 0.38%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                           | New York Liberty Development Corp.                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $209665.03    | 0.33%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  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        |    580000 | PA      | $408870.71    | 0.65%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                    | New York Transportation Development Corp., Series 2016 A                  | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230157.55    | 0.36%             | 2034-07-01      | 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        |    475000 | PA      | $476976.76    | 0.75%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Pearl MS                                             | City of Pearl, Series 2023                                                | CUSIP: 704770QK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $297947.51    | 0.47%             | 2038-09-01      | Fixed         | 4.75%                 | 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        |    310000 | PA      | $305746.55    | 0.48%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                         | Port of Beaumont Navigation District                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    100000 | PA      | $73854.22     | 0.12%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    115000 | PA      | $92000.00     | 0.15%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority, Series 2025                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    270000 | PA      | $278012.60    | 0.44%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     41212 | PA      | $43667.07     | 0.07%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40029 | PA      | $43976.06     | 0.07%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     37958 | PA      | $37946.73     | 0.06%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     66803 | PA      | $65646.39     | 0.10%             | 2035-07-01      | 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        |     29283 | PA      | $28386.84     | 0.04%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     39814 | PA      | $36811.82     | 0.06%             | 2041-07-01      | 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        |    128406 | PA      | $112027.74    | 0.18%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     48848 | PA      | $35348.58     | 0.06%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    146208 | PA      | $93573.17     | 0.15%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority, Series SS                           | CUSIP: 74526QEY4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14739.67     | 0.02%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    120000 | PA      | $80100.00     | 0.13%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                                      | CUSIP: 74526QLW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $59486.89     | 0.09%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    180000 | PA      | $120150.00    | 0.19%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority, Series VV                           | CUSIP: 74526YGU3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    105000 | PA      | $106171.72    | 0.17%             | 2030-07-01      | Fixed         | 5.25%                 | 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      | $10141.15     | 0.02%             | 2034-07-01      | 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: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     20000 | PA      | $20007.42     | 0.03%             | 2040-07-01      | Fixed         | 4.55%                 | 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        |     71000 | PA      | $66922.02     | 0.11%             | 2053-07-01      | Fixed         | 4.75%                 | 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        |   1086000 | PA      | $1045552.15   | 1.65%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      7000 | PA      | $6217.37      | 0.01%             | 2029-07-01      | 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: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    346000 | PA      | $284262.77    | 0.45%             | 2031-07-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    330000 | PA      | $249889.93    | 0.40%             | 2033-07-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    150000 | PA      | $50102.99     | 0.08%             | 2046-07-01      | 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: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    162000 | PA      | $158498.05    | 0.25%             | 2040-07-01      | Fixed         | 4.33%                 | 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        |     71000 | PA      | $69465.19     | 0.11%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $905.80       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | 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        |    234000 | PA      | $218469.96    | 0.35%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| San Antonio Housing Trust Public Facility Corp.              | San Antonio Housing Trust Public Facility Corp., Series BDS 2024A         | CUSIP: 79626WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $29927.27     | 0.05%             | 2043-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District CA                         | San Diego Unified School District                                         | CUSIP: 797355M50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $763929.00    | 1.21%             | 2035-07-01      | None          | 0.00%                 | 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        |    210000 | PA      | $222979.81    | 0.35%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunflower County Consolidated School District                | Sunflower County Consolidated School District                             | CUSIP: 86735PAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015933.20   | 1.61%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                               | Tennergy Corp.                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    265000 | PA      | $284244.27    | 0.45%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                 | Texas Municipal Power Agency                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $316616.90    | 0.50%             | 2033-09-01      | Fixed         | 2.00%                 | 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        |    164899 | PA      | $56692.38     | 0.09%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                         | Triborough Bridge & Tunnel Authority                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    545000 | PA      | $399903.94    | 0.63%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Hotel Development Financing Corp.             | Virgin Islands Hotel Development Financing Corp., Series 2025A-1          | CUSIP: 92766AAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    180000 | PA      | $176874.16    | 0.28%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                  | Virginia Small Business Financing Authority                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $230418.52    | 0.36%             | 2041-01-01      | Fixed         | 3.00%                 | 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        |    385000 | PA      | $393315.04    | 0.62%             | 2048-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| County of Warren MS                                          | County of Warren                                                          | CUSIP: 935019AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $817721.55    | 1.29%             | 2048-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Warren MS                                          | County of Warren                                                          | CUSIP: 935019AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $812747.55    | 1.29%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Warren MS                                          | County of Warren, Series 2020A                                            | CUSIP: 935031AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519155.95    | 0.82%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| West Rankin Utility Authority                                | West Rankin Utility Authority                                             | CUSIP: 955525BY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049738.50   | 1.66%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer