# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-25-007836
**Filing Date:** 2025-11
**Character Count:** 86018
**Document Hash:** 7fa2fabd604c88a9241c04811ded212f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007836.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007836

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251530048

**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 New York Municipal Bond Fund (Series ID: S000002522)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006959 | A            | MSNYX           |
| C000006960 | B            | MBNYX           |
| C000006961 | C            | MCNYX           |
| C000169759 | I            | MNYLX           |
| C000194228 | R6           | MPNYX           |

## 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 New York Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002522

- **c. LEI of Series:** VBDLXONWHCNFU9SKO405

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $182298857.43

**Total Liabilities:** $635348.30

**Net Assets:** $181663509.13

**Cash Not Reported:** $1.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -217.61547140 | **1-Year:** -4226.17286540 | **5-Year:** -22780.18900370 | **10-Year:** -68396.39411360 | **30-Year:** -34545.66527330

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

- **3-Month:** -100.51408020 | **1-Year:** -1041.09997990 | **5-Year:** -3867.23350430 | **10-Year:** -5398.11907030 | **30-Year:** -1954.69795790

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169759 | -0.95%               | 0.92%                | 3.71%                |
| Class ID C000194228 | -1.06%               | 0.92%                | 3.71%                |
| Class ID C000006961 | -0.99%               | 0.77%                | 3.55%                |
| Class ID C000006960 | -1.09%               | 0.87%                | 3.55%                |
| Class ID C000006959 | -0.92%               | 0.83%                | 3.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $46013.90                | $-2310500.78                               |
| Month 2  | $18287.45                | $965063.41                                 |
| Month 3  | $-16086.81               | $5774201.93                                |

### Schedule of Portfolio Investments

| Name                                                                    | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured              | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1691136.54   | 0.93%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                        | New York State Thruway Authority, Series P                                   | CUSIP: 6500092J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107505.00   | 1.16%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                              | Monroe County Industrial Development Corp., Series BDS 2023A                 | CUSIP: 610758AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032624.40   | 1.12%             | 2044-01-01      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority                                                     | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    255000 | PA      | $229500.00    | 0.13%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024                              | CUSIP: 65000B7Y8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3658113.55   | 2.01%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024 A                            | CUSIP: 65000B4Z8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017022.60   | 0.56%             | 2056-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hempstead Town Local Development Corp.                                  | Hempstead Town Local Development Corp.                                       | CUSIP: 424682LY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2086280.10   | 1.15%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                            | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    300000 | PA      | $300642.39    | 0.17%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority                                         | CUSIP: 89602HAA5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1861406.00   | 1.02%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                    | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1076157.71   | 0.59%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Rensselaer County Industrial Development Agency                         | Rensselaer County Industrial Development Agency                              | CUSIP: 759921ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240408.38    | 0.13%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                      | CUSIP: 64972EW21<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2345038.00   | 1.29%             | 2052-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                              | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      4000 | PA      | $3606.29      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                       | State of New York Mortgage Agency Homeowner Mortgage                         | CUSIP: 6498834X0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $310130.57    | 0.17%             | 2048-10-01      | Fixed         | 3.80%                 | 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        |    942000 | PA      | $770553.27    | 0.42%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue            | State of New York Mortgage Agency Homeowner Mortgage, Series 258             | CUSIP: 64988YWY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981540.20    | 0.54%             | 2049-10-01      | Fixed         | 4.60%                 | 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        |   5198144 | NS      | $5198664.19   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2024A                      | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1531058.55   | 0.84%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                             | New York City Industrial Development Agency                                  | CUSIP: 64972PAL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1660502.32   | 0.91%             | 2028-07-01      | 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        |    255000 | PA      | $184699.97    | 0.10%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2021                                        | CUSIP: 12008ERL2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    320000 | PA      | $324325.92    | 0.18%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                              | Monroe County Industrial Development Corp., Series 2024                      | CUSIP: 61075TXR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $667185.36    | 0.37%             | 2049-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| St Lawrence County Industrial Development Agency                        | St Lawrence County Industrial Development Agency                             | CUSIP: 791078DK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201062.48    | 0.11%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Mohawk Valley Regional Water Finance Authority                    | Upper Mohawk Valley Regional Water Finance Authority, Series 2025            | CUSIP: 916091KH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482164.40    | 0.27%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                              | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     17000 | PA      | $15039.06     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                  | Syracuse Industrial Development Agency                                       | CUSIP: 87172NBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $569684.25    | 0.31%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Neck North Water Authority                                        | Great Neck North Water Authority                                             | CUSIP: 391003DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1129255.65   | 0.62%             | 2044-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2021                                        | CUSIP: 12008ERP3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    400000 | PA      | $395270.36    | 0.22%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2023                       | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042057.40   | 0.57%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                | Village of Bridgeview                                                        | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $571936.96    | 0.31%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Erie County Industrial Development Agency (The)                         | Erie County Industrial Development Agency (The), Series BDS 2023             | CUSIP: 29508TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1956507.47   | 1.08%             | 2041-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 CL F                    | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515797.80    | 0.28%             | 2031-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                      | CUSIP: 64972E2Z1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007316.10   | 0.55%             | 2042-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Niagara Frontier Transportation Authority                               | Niagara Frontier Transportation Authority                                    | CUSIP: 653544EE2<br>LEI: 2549006J37UHUDTNJV60 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762676.80    | 0.42%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverhead Industrial Development Agency                                 | Riverhead Industrial Development Agency, Series MTEBS 2023                   | CUSIP: 76876TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970291 | PA      | $2002223.27   | 1.10%             | 2041-02-01      | Fixed         | 4.50%                 | 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        |     30000 | PA      | $29954.36     | 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        |     63000 | PA      | $61546.45     | 0.03%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Buffalo Municipal Water Finance Authority                               | Buffalo Municipal Water Finance Authority, Series 2023A                      | CUSIP: 119699PW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1411260.75   | 0.78%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 D-2                     | CUSIP: 64972KFP5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982120.90    | 0.54%             | 2049-11-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                      | New York Liberty Development Corp.                                           | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1467995.40   | 0.81%             | 2044-02-15      | Fixed         | 2.75%                 | 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        |    900000 | PA      | $900574.29    | 0.50%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                        | California Health Facilities Financing Authority                             | CUSIP: 13032UB49<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081189.20   | 1.15%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                     | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003297.00   | 1.10%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                              | Monroe County Industrial Development Corp., Series 2022                      | CUSIP: 610758AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    617307 | PA      | $636446.50    | 0.35%             | 2040-11-01      | Fixed         | 4.84%                 | 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        |    690000 | PA      | $707566.43    | 0.39%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2025                                        | CUSIP: 12008QAG4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028508.20   | 0.57%             | 2055-07-01      | Fixed         | 5.50%                 | 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        |    635247 | PA      | $627988.53    | 0.35%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                      | CUSIP: 64972E3A5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502378.60    | 0.28%             | 2047-11-01      | Fixed         | 4.75%                 | 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        |    500000 | PA      | $455564.50    | 0.25%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025                              | CUSIP: 64985SJD6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024707.00   | 0.56%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                      | CUSIP: 11943KBS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299980.11    | 0.17%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                        | CUSIP: 64987JXQ9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1223410.56   | 0.67%             | 2057-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York                                                             | CUSIP: 64966EPZ4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5011.62      | 0.00%             | 2026-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Yonkers NY                                                      | City of Yonkers                                                              | CUSIP: 986082W76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $794336.10    | 0.44%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc. NY                                                          | TSASC, Inc.                                                                  | CUSIP: 898526FD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014691.80   | 0.56%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                           | New York State Environmental Facilities Corp.                                | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756921.53    | 0.42%             | 2050-09-01      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2025A                                       | CUSIP: 12008EWQ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1839852.53   | 1.01%             | 2056-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                    | CUSIP: 650116BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000181.20   | 0.55%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Industrial Development Agency                        | Westchester County Industrial Development Agency, Series 2023                | CUSIP: 95737QAG7<br>LEI: 549300YOPFLG4RJ5YO58 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1970859.12   | 1.08%             | 2046-06-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                       | State of New York Mortgage Agency Homeowner Mortgage                         | CUSIP: 64988YAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $336052.27    | 0.18%             | 2039-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                              | Westchester County Local Development Corp., Series 2024                      | CUSIP: 95737TFT8<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067764.30   | 0.59%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                            | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    215000 | PA      | $228194.42    | 0.13%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                          | Buckeye Tobacco Settlement Financing Authority                               | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $583448.33    | 0.32%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                         | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    375000 | PA      | $256875.00    | 0.14%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                              | Westchester County Local Development Corp., Series 2023                      | CUSIP: 95737TFR2<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1594081.80   | 0.88%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    184514 | PA      | $179950.88    | 0.10%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority                                                     | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    445000 | PA      | $356000.00    | 0.20%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AL54<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501155.60   | 0.83%             | 2032-11-01      | Floating      | 3.59%                 | No            |                  2 | On Loan: No      |
| Upper Mohawk Valley Regional Water Finance Authority                    | Upper Mohawk Valley Regional Water Finance Authority, Series 2025            | CUSIP: 916091KG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488571.30    | 0.27%             | 2048-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                     | CUSIP: 12008ERQ1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    315000 | PA      | $309559.73    | 0.17%             | 2031-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    125000 | PA      | $148448.43    | 0.08%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tompkins County Development Corp.                                       | Tompkins County Development Corp.                                            | CUSIP: 890090AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $915017.57    | 0.50%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yonkers Industrial Development Agency                                   | Yonkers Industrial Development Agency                                        | CUSIP: 986094BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109294.00   | 1.16%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue            | State of New York Mortgage Agency Homeowner Mortgage, Series 266             | CUSIP: 64988YF51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006099.30   | 0.55%             | 2052-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Jefferson County Civic Facility Development Corp.                       | Jefferson County Civic Facility Development Corp.                            | CUSIP: 47325RAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1972799.40   | 1.09%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2024                       | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1832394.59   | 1.01%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | Port Authority of New York & New Jersey                                      | CUSIP: 73358W5U4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2176794.15   | 1.20%             | 2055-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2023                       | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567400.85   | 0.86%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                     | CUSIP: 12008ERS7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $972693.41    | 0.54%             | 2051-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Tennergy Corp.                                                          | Tennergy Corp.                                                               | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    705000 | PA      | $760851.79    | 0.42%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                          | Buckeye Tobacco Settlement Financing Authority                               | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $149281.53    | 0.08%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                      | CUSIP: 11943KBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $449970.17    | 0.25%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                              | Westchester County Local Development Corp., Series 2023                      | CUSIP: 95737TFP6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521704.25   | 0.84%             | 2051-11-01      | 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        |   2000000 | PA      | $2000949.40   | 1.10%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                      | New York Liberty Development Corp.                                           | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500250.35   | 0.83%             | 2040-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                    | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1409586.00   | 0.78%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2024A                      | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037464.60   | 1.12%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Glen Cove Local Economic Assistance Corp.                               | Glen Cove Local Economic Assistance Corp.                                    | CUSIP: 377450AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $491279.11    | 0.27%             | 2045-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York                                                             | CUSIP: 64966QFU9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1430186.07   | 0.79%             | 2044-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                              | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    635000 | PA      | $589541.18    | 0.32%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                    | Guam Government Waterworks Authority                                         | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    345000 | PA      | $345011.11    | 0.19%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority, Series 2024 B SUB B-1                  | CUSIP: 89602HHH3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2111528.60   | 1.16%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                          | Wayne County Airport Authority                                               | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130001.60    | 0.07%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany County Capital Resource Corp.                                    | Albany County Capital Resource Corp., Series 2025                            | CUSIP: 012124AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028299.40   | 1.12%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority, Series 2025 A                          | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107619.20   | 1.16%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                     | CUSIP: 12008ESY3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    550000 | PA      | $548367.27    | 0.30%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                           | CUSIP: 64990FYT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $888920.27    | 0.49%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AJ81<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089880.40   | 0.60%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Battery Park City Authority                                             | Battery Park City Authority, Series 2023 A                                   | CUSIP: 07133AJM5<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088589.40   | 1.15%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 D-1                     | CUSIP: 64972KFN0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495521.40    | 0.27%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                          | Black Belt Energy Gas District                                               | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    525000 | PA      | $536668.91    | 0.30%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc. NY                                                          | TSASC, Inc.                                                                  | CUSIP: 898526FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011955.30   | 0.56%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                              | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    904000 | PA      | $678917.29    | 0.37%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1199470.05   | 0.66%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                          | Black Belt Energy Gas District                                               | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1351091.22   | 0.74%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp.                                 | Dutchess County Local Development Corp.                                      | CUSIP: 267045GW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1504747.69   | 0.83%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                      | CUSIP: 11943KCX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017598.30   | 0.56%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                  | Syracuse Industrial Development Agency                                       | CUSIP: 87172NBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $751108.20    | 0.41%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                         | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    250000 | PA      | $171250.00    | 0.09%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2025                                        | CUSIP: 12008EVW3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920280.10    | 0.51%             | 2044-09-01      | 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        |     83850 | PA      | $79573.68     | 0.04%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Albany Capital Resource Corp.                                           | Albany Capital Resource Corp.                                                | CUSIP: 012432BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125069.05    | 0.07%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                              | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    416000 | PA      | $141321.94    | 0.08%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    114004 | PA      | $102086.75    | 0.06%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                         | New York City Municipal Water Finance Authority, Series FISCAL2025AA SUB AA1 | CUSIP: 64972GK37<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2126954.20   | 1.17%             | 2053-06-15      | 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: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    451000 | PA      | $431507.78    | 0.24%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                      | CUSIP: 64972E3B3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503210.25    | 0.28%             | 2052-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp. NY                           | Monroe County Industrial Development Corp.                                   | CUSIP: 61075TRT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001130.20   | 1.10%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                     | CUSIP: 12008ETA4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    550000 | PA      | $519458.12    | 0.29%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                    | CUSIP: 650110AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $361582.14    | 0.20%             | 2053-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025C                             | CUSIP: 64990KJC8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531078.25    | 0.29%             | 2050-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AE37<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1598924.80   | 0.88%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                     | CUSIP: 12008ERR9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    610000 | PA      | $521416.53    | 0.29%             | 2041-06-15      | Fixed         | 4.00%                 | Yes           |                  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        |   1582000 | PA      | $1526743.75   | 0.84%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority, Series 2024A                          | CUSIP: 59261A2H9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1813160.80   | 1.00%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                        | CUSIP: 64987JYS4<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    350000 | PA      | $354022.94    | 0.19%             | 2042-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                          | Wayne County Airport Authority                                               | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80024.91     | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                        | CUSIP: 64987JYT2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011898.40   | 0.56%             | 2047-11-01      | Fixed         | 4.80%                 | 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        |    325000 | PA      | $337949.92    | 0.19%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                            | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    100000 | PA      | $100972.49    | 0.06%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64985SNH2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1599300.45   | 0.88%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                            | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    185000 | PA      | $171840.38    | 0.09%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                    | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $874501.70    | 0.48%             | 2046-10-31      | Fixed         | 4.00%                 | 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        |    549663 | PA      | $186280.81    | 0.10%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                        | CUSIP: 64987DGV0<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    340000 | PA      | $321628.27    | 0.18%             | 2038-11-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    139873 | PA      | $99899.69     | 0.05%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                      | CUSIP: 64972ECZ0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1698957.40   | 0.94%             | 2039-11-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Brookhaven Local Development Corp.                                      | Brookhaven Local Development Corp.                                           | CUSIP: 113168AY4<br>LEI: 549300384JET720NAQ98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012368.70   | 0.56%             | 2036-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                      | CUSIP: 64972C4U4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2357456.40   | 1.30%             | 2048-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                         | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    180000 | PA      | $123300.00    | 0.07%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue            | State of New York Mortgage Agency Homeowner Mortgage, Series 264             | CUSIP: 64988YB48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985213.40    | 0.54%             | 2054-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                      | CUSIP: 11943KCR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750260.33    | 0.41%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                            | Mississippi Development Bank                                                 | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101678.15    | 0.06%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                     | CUSIP: 12008EBB1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $749955.68    | 0.41%             | 2043-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 CL D                    | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033962.50   | 0.57%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                              | Monroe County Industrial Development Corp., Series 2024                      | CUSIP: 61075TXS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $884684.68    | 0.49%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                           | CUSIP: 64990GZR6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1246932.00   | 0.69%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                    | CUSIP: 650116DV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1385452.05   | 0.76%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oneida County Local Development Corp.                                   | Oneida County Local Development Corp.                                        | CUSIP: 682440CN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $810151.80    | 0.45%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                      | CUSIP: 11943KBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $589021.31    | 0.32%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                    | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1380548.70   | 0.76%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                     | CUSIP: 12008EHF6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    675000 | PA      | $675621.95    | 0.37%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                       | State of New York Mortgage Agency Homeowner Mortgage                         | CUSIP: 6498834U6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $331356.54    | 0.18%             | 2033-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                    | CUSIP: 650116BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000492.00   | 1.10%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024                              | CUSIP: 65000BT73<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538314.65   | 0.85%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax            | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $137867.27    | 0.08%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                     | CUSIP: 12008ELT1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    780000 | PA      | $759105.28    | 0.42%             | 2045-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Nassau County Local Economic Assistance Corp.                           | Nassau County Local Economic Assistance Corp.                                | CUSIP: 63165CAC6<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965354.30    | 0.53%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                      | CUSIP: 64972EYU7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1121522.12   | 0.62%             | 2041-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                           | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2696352.00   | 1.48%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                            | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    200000 | PA      | $209671.88    | 0.12%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                      | CUSIP: 64972EA74<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $1568178.81   | 0.86%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2024 B                     | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $947317.20    | 0.52%             | 2054-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Brookhaven Local Development Corp.                                      | Brookhaven Local Development Corp.                                           | CUSIP: 113168BK3<br>LEI: 549300384JET720NAQ98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1772926.20   | 0.98%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                              | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    210000 | PA      | $200923.80    | 0.11%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                            | CUSIP: 40065NCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    750000 | PA      | $752025.98    | 0.41%             | 2031-11-15      | Fixed         | 5.00%                 | 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        |     90000 | PA      | $90698.05     | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue            | State of New York Mortgage Agency Homeowner Mortgage, Series 258             | CUSIP: 64988YWX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989783.70    | 0.54%             | 2044-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                              | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    200000 | PA      | $187952.04    | 0.10%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                    | Public Authority for Colorado Energy                                         | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1311144.16   | 0.72%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                        | CUSIP: 59261AA23<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3121028.85   | 1.72%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    108689 | PA      | $107467.49    | 0.06%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach NY                                                   | City of Long Beach                                                           | CUSIP: 542519ET6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001323.20   | 1.10%             | 2052-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64985SBV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903904.30    | 0.50%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                         | California Community Choice Financing Authority                              | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1290963.76   | 0.71%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Westchester County Healthcare Corp. NY                                  | Westchester County Healthcare Corp.                                          | CUSIP: 957366DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110032.51    | 0.06%             | 2030-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                        | CUSIP: 64987JXP1<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021142.10   | 0.56%             | 2052-11-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    354563 | PA      | $306030.66    | 0.17%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                      | New York Liberty Development Corp.                                           | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1939989.14   | 1.07%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                            | New York Convention Center Development Corp.                                 | CUSIP: 649451GV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $288096.08    | 0.16%             | 2043-11-15      | 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        |    449666 | PA      | $297341.45    | 0.16%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    114620 | PA      | $127017.43    | 0.07%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer