# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-011436
**Filing Date:** 2026-5
**Character Count:** 98420
**Document Hash:** 98e2174a071898b5e8c5e860f55b8f2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-011436.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0002071691-26-011436

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**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:** 261018860

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE MUNICIPAL BOND TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19890410

## Series and Classes Contracts Data

### MFS Arkansas Municipal Bond Fund (Series ID: S000002529)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-03-31

**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:** $140625340.55

**Total Liabilities:** $636317.29

**Net Assets:** $139989023.26

**Cash Not Reported:** $0.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -302.47219430 | **1-Year:** -4038.83703090 | **5-Year:** -18920.76171770 | **10-Year:** -44844.28748660 | **30-Year:** -19526.76443160

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

- **3-Month:** -21.63890300 | **1-Year:** -730.22889850 | **5-Year:** -2052.28257490 | **10-Year:** -4274.62859420 | **30-Year:** -1729.97962120

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006976 | 0.18%                | 1.59%                | -2.21%               |
| Class ID C000006977 | 0.23%                | 1.42%                | -2.27%               |
| Class ID C000194242 | 0.31%                | 1.50%                | -2.22%               |
| Class ID C000169766 | 0.30%                | 1.49%                | -2.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $123.69                  | $-57128.09                                 |
| Month 2  | $-27222.30               | $1857947.39                                |
| Month 3  | $-39083.77               | $-3660845.12                               |

### Schedule of Portfolio Investments

| Name                                                                                                      | Title                                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Texarkana Public Facilities Board                                                                         | Texarkana Public Facilities Board, Series 2025                                                            | CUSIP: 881765DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1819460.00   | 1.30%             | 2049-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $180000.00    | 0.13%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $357942.18    | 0.26%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $18359.26     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Wastewater Revenue                                                                 | City of Hot Springs AR Wastewater Revenue                                                                 | CUSIP: 441178DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $677694.50    | 0.48%             | 2047-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RBZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997637.60   | 1.43%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Waterworks Revenue                                                                 | City of Hot Springs                                                                                       | CUSIP: 441182NZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1409106.15   | 1.01%             | 2047-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108KXB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2609958.88   | 1.86%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pine Bluff School District No. 3                                                                          | Pine Bluff School District No. 3, Series B                                                                | CUSIP: 722460UD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911258.40    | 0.65%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                                               | Connecticut State Health & Educational Facilities Authority                                               | CUSIP: 20775DSQ6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $817153.12    | 0.58%             | 2047-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024 A                                                     | CUSIP: 041083WH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $985000.06    | 0.70%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Phillips AR Sales & Use Tax Revenue                                                             | County of Phillips                                                                                        | CUSIP: 718420DP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1158569.80   | 0.83%             | 2038-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      2000 | PA      | $1787.24      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024 C                                                     | CUSIP: 041083YA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1533609.29   | 1.10%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Smith AR Sales & Use Tax Revenue                                                             | City of Fort Smith, Series 2025                                                                           | CUSIP: 348761EZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032220.70   | 0.74%             | 2055-11-01      | 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: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    593000 | PA      | $492899.94    | 0.35%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Little Rock AR                                                                                    | City of Little Rock                                                                                       | CUSIP: 537374CU2<br>LEI: 549300ANVM1COXBSWS09 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005557.50   | 2.15%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     12000 | PA      | $12167.71     | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Batesville AR Sales & Use Tax                                                                     | City of Batesville, Series 2024B                                                                          | CUSIP: 070669BK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $716791.43    | 0.51%             | 2049-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |    997387 | NS      | $997386.74    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $270917.98    | 0.19%             | 2046-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greene County Technical School District No. T-1                                                           | Greene County Technical School District No. T-1                                                           | CUSIP: 394351PQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953801.80    | 0.68%             | 2042-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    890000 | PA      | $652289.54    | 0.47%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    170000 | PA      | $120875.15    | 0.09%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| City of Hope AR Sales & Use Tax Revenue                                                                   | City of Hope, Series 2025                                                                                 | CUSIP: 439397AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $294640.35    | 0.21%             | 2046-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Waterworks Revenue                                                                 | City of Hot Springs AR Waterworks Revenue                                                                 | CUSIP: 441182LN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1702240.93   | 1.22%             | 2043-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Magnolia AR Sales & Use Tax Revenue                                                               | City of Magnolia, Series 2025B                                                                            | CUSIP: 559560CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $634550.61    | 0.45%             | 2050-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2025                                                       | CUSIP: 04084EAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $746235.90    | 0.53%             | 2067-10-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $558753.89    | 0.40%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024 A                                                     | CUSIP: 041083WG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $941662.90    | 0.67%             | 2054-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    620000 | PA      | $502500.45    | 0.36%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bentonville School District No. 6                                                                         | Bentonville School District No. 6                                                                         | CUSIP: 0834196V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $655234.10    | 0.47%             | 2046-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4874.44      | 0.00%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     12000 | PA      | $10782.44     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bentonville School District No. 6                                                                         | Bentonville School District No. 6                                                                         | CUSIP: 083419V65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924629.10    | 0.66%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| El Dorado Special School District No. 15                                                                  | El Dorado Special School District No. 15, Series A                                                        | CUSIP: 283029PP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1276641.00   | 0.91%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Marion AR Sales & Use Tax Revenue                                                                 | City of Marion, Series 2025 B                                                                             | CUSIP: 568584DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007833.20   | 0.72%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State Community Water System Public Water Authority                                              | Arkansas State Community Water System Public Water Authority, Series 2025                                 | CUSIP: 041049FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105876.67    | 0.08%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $350014.28    | 0.25%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61336PEV9<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300076.74    | 0.21%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bentonville AR Sales & Use Tax Revenue                                                            | City of Bentonville, Series 2025                                                                          | CUSIP: 083422EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $755006.10    | 0.54%             | 2040-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RBS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $764512.87    | 0.55%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State Community Water System Public Water Authority                                              | Arkansas State Community Water System Public Water Authority, Series 2025                                 | CUSIP: 041049FT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $218058.15    | 0.16%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Osceola AR Sales & Use Tax                                                                        | City of Osceola, Series 2024                                                                              | CUSIP: 687896BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1235690.82   | 0.88%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Centerton AR Sales & Use Tax Revenue                                                              | City of Centerton, Series 2024                                                                            | CUSIP: 152014DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1439092.65   | 1.03%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Conway AR Wasterwater Department                                                                  | City of Conway AR Wasterwater Department                                                                  | CUSIP: 212610EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $515300.94    | 0.37%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    520000 | PA      | $536296.80    | 0.38%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Springdale AR Sales & Use Tax Revenue                                                             | City of Springdale                                                                                        | CUSIP: 850269GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1835926.60   | 1.31%             | 2050-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14985.60     | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14930.55     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                                                   | Energy Southeast A Cooperative District                                                                   | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1080781.72   | 0.77%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     36000 | PA      | $35859.46     | 0.03%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of Jonesboro AR                                                                                      | City of Jonesboro, Series 2025                                                                            | CUSIP: 480253AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505548.60    | 0.36%             | 2055-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $350321.99    | 0.25%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Batesville Public Facilities Board                                                                        | Batesville Public Facilities Board                                                                        | CUSIP: 070668AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501557.95    | 0.36%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Malvern AR                                                                                        | City of Malvern                                                                                           | CUSIP: 561408EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $686271.53    | 0.49%             | 2043-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073DU2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066126.20   | 1.48%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conway County Regional Water Distribution District                                                        | Conway County Regional Water Distribution District, Series 2024B                                          | CUSIP: 212638FF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $595853.00    | 0.43%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001024.90   | 0.72%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073EE7<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $874030.50    | 0.62%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2024 A                                                     | CUSIP: 041083WF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $775966.91    | 0.55%             | 2049-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $826869.78    | 0.59%             | 2043-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    418755 | PA      | $421126.86    | 0.30%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $296976.52    | 0.21%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                                            | University of Central Arkansas                                                                            | CUSIP: 914115N30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $475527.25    | 0.34%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Searcy AR Sales & Use Tax Revenue                                                                 | City of Searcy, Series 2024                                                                               | CUSIP: 812265AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $421856.75    | 0.30%             | 2044-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914072W58<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543819.50   | 1.10%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073BA8<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1760236.54   | 1.26%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109HBA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2371896.79   | 1.69%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State University Mid-South                                                                       | Arkansas State University Mid-South                                                                       | CUSIP: 22674UFD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $276602.13    | 0.20%             | 2035-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $565948.60    | 0.40%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Beaver Water District of Benton & Washington Counties                                                     | Beaver Water District of Benton & Washington Counties, Series 2025                                        | CUSIP: 075388FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021887.60   | 0.73%             | 2055-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    115000 | PA      | $119164.94    | 0.09%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Arkansas                                                                                         | State of Arkansas                                                                                         | CUSIP: 041042ZQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001341.00   | 0.72%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State Community Water System Public Water Authority                                              | Arkansas State Community Water System Public Water Authority, Series 2025                                 | CUSIP: 041049FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $184494.96    | 0.13%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    185000 | PA      | $143997.32    | 0.10%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Conway County Regional Water Distribution District                                                        | Conway County Regional Water Distribution District, Series 2024B                                          | CUSIP: 212638FH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1693278.54   | 1.21%             | 2054-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Centerton AR Sales & Use Tax Revenue                                                              | City of Centerton, Series 2024                                                                            | CUSIP: 152014DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949985.80    | 0.68%             | 2049-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Batesville AR Sales & Use Tax                                                                     | City of Batesville, Series 2024B                                                                          | CUSIP: 070669BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2113140.38   | 1.51%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2025                                                       | CUSIP: 04108KW79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1362750.29   | 0.97%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $858621.40    | 0.61%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bryant AR                                                                                         | City of Bryant                                                                                            | CUSIP: 117633DF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $913694.50    | 0.65%             | 2050-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Earle Special School District                                                                             | Earle Special School District                                                                             | CUSIP: 270182LL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908484.50    | 0.65%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $335171.38    | 0.24%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Searcy AR Hotel & Restaurant Gross Receipts Tax Revenue                                           | City of Searcy, Series 2025                                                                               | CUSIP: 812235AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483647.70    | 0.35%             | 2045-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Benton Washington Regional Public Water Authority                                                         | Benton Washington Regional Public Water Authority, Series 2024                                            | CUSIP: 083389GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $670969.95    | 0.48%             | 2049-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109KGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $716649.98    | 0.51%             | 2039-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    120000 | PA      | $126442.92    | 0.09%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Dardanelle AR Water & Sewer Revenue Sales & Use Tax                                               | City of Dardanelle, Series 2025                                                                           | CUSIP: 237190AH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008708.00   | 0.72%             | 2055-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $154885.07    | 0.11%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073DV0<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512247.65    | 0.37%             | 2052-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2025 B                                                     | CUSIP: 041083A89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005016.30   | 0.72%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    111025 | PA      | $109387.96    | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Beaver Water District of Benton & Washington Counties                                                     | Beaver Water District of Benton & Washington Counties, Series 2025                                        | CUSIP: 075388FP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021703.50   | 0.73%             | 2050-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    180000 | PA      | $131400.00    | 0.09%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Greene County Technical School District No. T-1                                                           | Greene County Technical School District No. T-1                                                           | CUSIP: 394351PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1033799.25   | 0.74%             | 2041-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| North Little Rock School District No. 1                                                                   | North Little Rock School District No. 1                                                                   | CUSIP: 660631YL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $662526.68    | 0.47%             | 2038-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Benton Washington Regional Public Water Authority                                                         | Benton Washington Regional Public Water Authority                                                         | CUSIP: 083389FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $429310.70    | 0.31%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108VBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $832155.50    | 0.59%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Conway County Regional Water Distribution District                                                        | Conway County Regional Water Distribution District, Series 2024B                                          | CUSIP: 212638FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1452190.52   | 1.04%             | 2049-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073FB2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2059805.60   | 1.47%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alma AR Sales & Use Tax Revenue                                                                   | City of Alma, Series 2023                                                                                 | CUSIP: 020072EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $910272.71    | 0.65%             | 2039-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109FBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $857433.95    | 0.61%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    590000 | PA      | $602083.32    | 0.43%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $383013.73    | 0.27%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hot Springs AR Wastewater Revenue                                                                 | City of Hot Springs AR Wastewater Revenue                                                                 | CUSIP: 441178DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $642504.50    | 0.46%             | 2050-12-01      | Fixed         | 2.75%                 | 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        |    840000 | PA      | $833540.65    | 0.60%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Technical University                                                                             | Arkansas Technical University                                                                             | CUSIP: 041189F55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483873.10    | 0.35%             | 2047-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Madison AR Sales & Use Tax                                                                      | County of Madison, Series 2023                                                                            | CUSIP: 55677NAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005928.50   | 0.72%             | 2043-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Arkansas State University                                                                                 | Arkansas State University                                                                                 | CUSIP: 0411862N6<br>LEI: 549300NLMOECZYP7HI72 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502573.25   | 1.79%             | 2031-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     62000 | PA      | $57244.48     | 0.04%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    200000 | PA      | $202295.18    | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas State University Mid-South                                                                       | Arkansas State University Mid-South                                                                       | CUSIP: 22674UFE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $592710.44    | 0.42%             | 2040-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $59078.63     | 0.04%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2025A                                                      | CUSIP: 041083ZB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1305168.72   | 0.93%             | 2045-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| North Little Rock School District No. 1                                                                   | North Little Rock School District No. 1                                                                   | CUSIP: 660631XZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1980367.60   | 1.41%             | 2027-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Forrest City AR Sales & Use Tax Revenue                                                           | City of Forrest City                                                                                      | CUSIP: 346461BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $370050.24    | 0.26%             | 2036-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Fayetteville AR Hotel & Restaurant Tax Revenue                                                    | City of Fayetteville                                                                                      | CUSIP: 312665AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003722.00   | 1.43%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conway Health Facilities Board                                                                            | Conway Health Facilities Board                                                                            | CUSIP: 212584DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916355.80    | 0.65%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Springdale AR Water & Sewer Revenue                                                               | City of Springdale, Series 2025                                                                           | CUSIP: 850309BT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958439.00    | 0.68%             | 2046-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04108VBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $630464.63    | 0.45%             | 2041-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Searcy AR Sales & Use Tax Revenue                                                                 | City of Searcy, Series 2024                                                                               | CUSIP: 812265AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956756.90    | 0.68%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $547705.94    | 0.39%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Bentonville AR Sales & Use Tax Revenue                                                            | City of Bentonville, Series 2023                                                                          | CUSIP: 083422DZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010588.70   | 0.72%             | 2038-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Springdale AR Water & Sewer Revenue                                                               | City of Springdale, Series 2025                                                                           | CUSIP: 850309BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974327.90    | 0.70%             | 2045-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2025 B                                                     | CUSIP: 041083B21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1612569.19   | 1.15%             | 2056-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Benton Washington Regional Public Water Authority                                                         | Benton Washington Regional Public Water Authority, Series 2024                                            | CUSIP: 083389GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $678437.18    | 0.48%             | 2054-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    568000 | PA      | $436430.70    | 0.31%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109HBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $463991.25    | 0.33%             | 2028-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $61816.50     | 0.04%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pulaski AR                                                                                      | County of Pulaski                                                                                         | CUSIP: 745392KK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936576.20    | 0.67%             | 2048-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fayetteville Public Facilities Board                                                                      | Fayetteville Public Facilities Board, Series 2026                                                         | CUSIP: 31267GAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506461.20    | 0.36%             | 2046-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    145000 | PA      | $96243.75     | 0.07%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     46282 | PA      | $44686.47     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    725000 | PA      | $747808.36    | 0.53%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texarkana Public Facilities Board                                                                         | Texarkana Public Facilities Board, Series 2023                                                            | CUSIP: 881765CG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550993.03    | 0.39%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $401288.90    | 0.29%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texarkana Public Facilities Board                                                                         | Texarkana Public Facilities Board, Series 2023                                                            | CUSIP: 881765CH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $676962.90    | 0.48%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Greenbrier AR Water & Sewer Revenue                                                               | City of Greenbrier, Series 2024                                                                           | CUSIP: 393656DD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $442057.95    | 0.32%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    270000 | PA      | $94604.03     | 0.07%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     62925 | PA      | $58231.98     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    235000 | PA      | $231594.38    | 0.17%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                                              | Massachusetts Bay Transportation Authority Sales Tax Revenue                                              | CUSIP: 575579QA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086757.40   | 0.78%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    500000 | PA      | $500307.75    | 0.36%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUV4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236948.60    | 0.17%             | 2039-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    755000 | PA      | $791860.69    | 0.57%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2403000 | PA      | $2284404.98   | 1.63%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109FBW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1905304.99   | 1.36%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $272021.18    | 0.19%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    110000 | PA      | $104656.99    | 0.07%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                                         | Red River Education Finance Corp.                                                                         | CUSIP: 756870BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340221.85    | 0.24%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233221 | PA      | $80169.81     | 0.06%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Springdale Public Facilities Board                                                                        | Springdale Public Facilities Board                                                                        | CUSIP: 85025WAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2831902.94   | 2.02%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04109FAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1645253.00   | 1.18%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2026                                                       | CUSIP: 04108KZ27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066733.70   | 0.76%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     77204 | PA      | $56029.46     | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2025C                                                      | CUSIP: 041083E28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979834.60    | 0.70%             | 2045-07-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $705661.39    | 0.50%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Osceola AR Electric Water & Sewer Revenue                                                         | City of Osceola, Series 2023A                                                                             | CUSIP: 688016AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1389000.75   | 0.99%             | 2053-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Conway AR Sales & Use Tax Revenue                                                                 | City of Conway                                                                                            | CUSIP: 212595DF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150623.99   | 0.82%             | 2035-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Mountain View AR Sales & Use Tax                                                                  | City of Mountain View AR Sales & Use Tax                                                                  | CUSIP: 624309CP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $396776.26    | 0.28%             | 2035-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas                                                                                    | CUSIP: 914073ED9<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028446.60   | 0.73%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024A                                                           | CUSIP: 01030RJD5<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    690000 | PA      | $744168.38    | 0.53%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                                    | University of Arkansas, Series 2024                                                                       | CUSIP: 914073MC2<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025026.30   | 0.73%             | 2051-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Greenbrier AR Water & Sewer Revenue                                                               | City of Greenbrier, Series 2024                                                                           | CUSIP: 393656DE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $301315.89    | 0.22%             | 2054-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96140.22     | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    115000 | PA      | $120384.32    | 0.09%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     30000 | PA      | $25838.23     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority                                                                    | CUSIP: 04084RAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001626.30   | 0.72%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    120000 | PA      | $118260.96    | 0.08%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     60000 | PA      | $60310.79     | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                                                    | Arkansas Development Finance Authority, Series 2026                                                       | CUSIP: 04108KZ35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061228.90   | 0.76%             | 2046-06-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    122000 | PA      | $113604.98    | 0.08%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fort Smith School District No. 100                                                                        | Fort Smith School District No. 100                                                                        | CUSIP: 348764RD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $981091.39    | 0.70%             | 2045-02-01      | Fixed         | 2.75%                 | 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        |    400000 | PA      | $388683.76    | 0.28%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     59992 | PA      | $59882.08     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Madison AR Sales & Use Tax                                                                      | County of Madison, Series 2023                                                                            | CUSIP: 55677NAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501116.50    | 0.36%             | 2048-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| City of West Memphis AR Public Utility System Revenue                                                     | City of West Memphis, Series 2024                                                                         | CUSIP: 954345GH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $634423.02    | 0.45%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    815000 | PA      | $862111.73    | 0.62%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Arkansas Technical University                                                                             | Arkansas Technical University                                                                             | CUSIP: 041189F48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510741.90    | 0.36%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    216442 | PA      | $185743.62    | 0.13%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375010.28    | 0.27%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    231080 | PA      | $154823.53    | 0.11%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     63265 | PA      | $69070.34     | 0.05%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer