# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-011427
**Filing Date:** 2026-5
**Character Count:** 84158
**Document Hash:** ea581753223b0e3fb5bb68823ba7e6a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-011427.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0002071691-26-011427

**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:** 261018843

**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 Alabama Municipal Bond Fund (Series ID: S000002521)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006957 | A            | MFALX           |
| C000006958 | B            | MBABX           |
| C000169758 | I            | MLALX           |
| C000194226 | R6           | MPOLX           |

## 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 Alabama Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002521

- **c. LEI of Series:** M7CC6KLX5LX4YG4Z0676

**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:** $70901607.79

**Total Liabilities:** $327748.14

**Net Assets:** $70573859.65

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -79.74858550 | **1-Year:** -1967.82216560 | **5-Year:** -10553.24662030 | **10-Year:** -29513.66364870 | **30-Year:** -11531.70963780

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

- **3-Month:** -8.47738320 | **1-Year:** -220.82886040 | **5-Year:** -797.01521350 | **10-Year:** -1383.70007170 | **30-Year:** -688.68414030

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169758 | 0.52%                | 1.71%                | -2.34%               |
| Class ID C000006957 | 0.59%                | 1.62%                | -2.44%               |
| Class ID C000006958 | 0.42%                | 1.56%                | -2.40%               |
| Class ID C000194226 | 0.52%                | 1.71%                | -2.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-150.25                 | $183071.05                                 |
| Month 2  | $-11620.98               | $987617.02                                 |
| Month 3  | $-22157.43               | $-1868011.04                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| East Alabama Health Care Authority (The)                                                                  | East Alabama Health Care Authority (The)                                                                  | CUSIP: 270416FJ4<br>LEI: 254900WODAI3WFO1QH51 | Long             | DBT              | MUN               | US        |    500000 | PA      | $446038.25    | 0.63%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mobile AL                                                                                         | City of Mobile                                                                                            | CUSIP: 6071144E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $811471.65    | 1.15%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     85000 | PA      | $85419.98     | 0.12%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035RY40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163969.77    | 0.23%             | 2050-06-01      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| Cherokee County Board of Education AL                                                                     | Cherokee County Board of Education                                                                        | CUSIP: 16420CCL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010067.90   | 1.43%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Board of Education/AL                                                                          | Lee County Board of Education                                                                             | CUSIP: 523431AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $341707.47    | 0.48%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Special Care Facilities Financing Authority of the City of Pell City Alabama                              | Special Care Facilities Financing Authority of the City of Pell City Alabama                              | CUSIP: 705888CJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992056.90    | 1.41%             | 2038-12-01      | 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: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    247000 | PA      | $205305.71    | 0.29%             | 2031-07-01      | 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: 74528NAU1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $50036.24     | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huntsville AL                                                                                     | City of Huntsville                                                                                        | CUSIP: 447026AU9<br>LEI: 549300FQXH802SS93031 | Long             | DBT              | MUN               | US        |    750000 | PA      | $801001.43    | 1.13%             | 2045-09-01      | Fixed         | 5.00%                 | 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        |   1620157 | NS      | $1620157.12   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $128070.32    | 0.18%             | 2046-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2024 B                                                             | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    310000 | PA      | $327038.25    | 0.46%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Marshall County Board of Education/AL                                                                     | Marshall County Board of Education                                                                        | CUSIP: 572024BM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456354.85    | 0.65%             | 2049-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                                       | County of Mobile                                                                                          | CUSIP: 607268AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524119.75    | 0.74%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Payne AL                                                                                     | City of Fort Payne                                                                                        | CUSIP: 348208SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $754689.90    | 1.07%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                                        | Jacksonville Public Educational Building Authority, Series 2024 A                                         | CUSIP: 469480BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496744.00    | 0.70%             | 2056-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                                                  | DCH Healthcare Authority                                                                                  | CUSIP: 233091FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500478.60    | 0.71%             | 2033-06-01      | Fixed         | 5.00%                 | 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        |    275000 | PA      | $274388.07    | 0.39%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alabama Docks Department                                                                         | State of Alabama Docks Department                                                                         | CUSIP: 010604CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013995.50   | 1.44%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Board of Education/AL                                                                    | Jefferson County Board of Education                                                                       | CUSIP: 472649BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521080.15    | 0.74%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    345000 | PA      | $279617.19    | 0.40%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      4000 | PA      | $3594.15      | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Marshall AL                                                                                     | County of Marshall                                                                                        | CUSIP: 572002HG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505503.50    | 0.72%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lauderdale County Agriculture Center Authority                                                            | Lauderdale County Agriculture Center Authority, Series 2024                                               | CUSIP: 518481CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $758815.35    | 1.08%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                                      | County of Jefferson                                                                                       | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039766.50   | 1.47%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $149339.42    | 0.21%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                                                   | Homewood Educational Building Authority                                                                   | CUSIP: 437887FZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503444.45    | 0.71%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                                       | County of Mobile                                                                                          | CUSIP: 607341AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $448098.60    | 0.63%             | 2045-11-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Orange Beach Water Sewer & Fire Protection Authority                                                      | Orange Beach Water Sewer & Fire Protection Authority                                                      | CUSIP: 68407MAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903186.40    | 1.28%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of South Alabama                                                                               | University of South Alabama                                                                               | CUSIP: 914845RV6<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |    750000 | PA      | $757641.83    | 1.07%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    255000 | PA      | $262991.70    | 0.37%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                                             | Alabama Federal Aid Highway Finance Authority, Series 2025 A                                              | CUSIP: 010268DT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $800202.98    | 1.13%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2026E                                                              | CUSIP: 09182THJ9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    400000 | PA      | $418116.36    | 0.59%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                                                | Industrial Development Board of the City of Mobile Alabama                                                | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500921.90    | 0.71%             | 2034-06-01      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QLW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $69624.01     | 0.10%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14930.55     | 0.02%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     16000 | PA      | $15937.54     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile                             | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series 2021 A              | CUSIP: 45663NCA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940091.70    | 1.33%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Board of Education/AL                                                                    | Jefferson County Board of Education                                                                       | CUSIP: 472649BU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527752.05    | 0.75%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Pike Road AL                                                                                      | Town of Pike Road                                                                                         | CUSIP: 72129PGN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508776.35    | 0.72%             | 2052-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                                        | Jacksonville Public Educational Building Authority                                                        | CUSIP: 469480AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $767893.43    | 1.09%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Prichard Water Works & Sewer Board                                                                        | Prichard Water Works & Sewer Board                                                                        | CUSIP: 741530JB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $441000.00    | 0.62%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Public Building Authority                                                                  | Baldwin County Public Building Authority                                                                  | CUSIP: 057864DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1194979.88   | 1.69%             | 2046-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $385872.56    | 0.55%             | 2043-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    212705 | PA      | $213910.01    | 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        |    170000 | PA      | $155341.56    | 0.22%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2023                                                             | CUSIP: 01025PPN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507951.25    | 0.72%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                                        | Jacksonville Public Educational Building Authority                                                        | CUSIP: 469480AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $582338.62    | 0.83%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                                                                         | Auburn University                                                                                         | CUSIP: 050589PV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519385.10   | 2.15%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stadium Trace Village Improvement District (The)                                                          | Stadium Trace Village Improvement District (The)                                                          | CUSIP: 852351AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $163687.75    | 0.23%             | 2036-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Montgomery Water Works & Sanitary Sewer Board                                                             | Montgomery Water Works & Sanitary Sewer Board, Series 2025                                                | CUSIP: 613105NG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532597.45    | 0.75%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Clanton AL                                                                                        | City of Clanton                                                                                           | CUSIP: 179824GB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $590068.55    | 0.84%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montevallo American Village Public Educational Building Authority                                         | Montevallo American Village Public Educational Building Authority                                         | CUSIP: 612685ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244351.18    | 0.35%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Oxford AL                                                                                         | City of Oxford                                                                                            | CUSIP: 6913952T3<br>LEI: 5493005JYPFOTDN7PT95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015984.20   | 1.44%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $468500.50    | 0.66%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series SS                                                           | CUSIP: 74526QEY4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14724.21     | 0.02%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56991.93     | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Baldwin County Solid Waste Disposal Authority, Inc.                                                       | Baldwin County Solid Waste Disposal Authority, Inc., Series 2023                                          | CUSIP: 057861AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468668.70    | 0.66%             | 2048-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                                                    | County of Jefferson                                                                                       | CUSIP: 472628RH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481412.95    | 0.68%             | 2042-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Prattville AL                                                                                     | City of Prattville                                                                                        | CUSIP: 740019QE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504585.90    | 0.71%             | 2055-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $66302.56     | 0.09%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |     90000 | PA      | $70052.75     | 0.10%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2024                                                             | CUSIP: 01025PQB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $689100.53    | 0.98%             | 2049-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| University of South Alabama                                                                               | University of South Alabama, Series 2024-A                                                                | CUSIP: 914845UZ3<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517258.60    | 0.73%             | 2054-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Walker County Board of Education/AL                                                                       | Walker County Board of Education                                                                          | CUSIP: 93154DAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450251.65    | 0.64%             | 2054-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                                         | Alabama Special Care Facilities Financing Authority-Birmingham                                            | CUSIP: 091081DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240362.13    | 0.34%             | 2045-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $49621.70     | 0.07%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Gadsden AL                                                                                        | City of Gadsden                                                                                           | CUSIP: 362460WL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528346.45    | 0.75%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2024A                                           | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306418.53    | 0.43%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    120000 | PA      | $126442.92    | 0.18%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2025                                                             | CUSIP: 01025PSC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $768349.35    | 1.09%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                                                               | Birmingham-Jefferson Civic Center Authority, Series 2023A                                                 | CUSIP: 091158CT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769175.93    | 1.09%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     57199 | PA      | $56355.61     | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2025 A                                                          | CUSIP: 01030RNU2<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    730000 | PA      | $793879.38    | 1.12%             | 2056-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $73000.00     | 0.10%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series BDS 2024 B                                                      | CUSIP: 01030UAD7<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978883.90    | 1.39%             | 2045-08-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2023 B                                          | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524707.50    | 0.74%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     40000 | PA      | $46629.84     | 0.07%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                                                        | St Clair County Board of Education                                                                        | CUSIP: 788216EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465772.45    | 0.66%             | 2052-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2024                                                    | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $326476.35    | 0.46%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lee County Board of Education/AL                                                                          | Lee County Board of Education                                                                             | CUSIP: 523431AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264870.28    | 0.38%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Prattville AL                                                                                     | City of Prattville                                                                                        | CUSIP: 740019QD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501779.25    | 0.71%             | 2050-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| City of Arab AL                                                                                           | City of Arab                                                                                              | CUSIP: 038429KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $826335.33    | 1.17%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    290000 | PA      | $295939.26    | 0.42%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    255000 | PA      | $203707.44    | 0.29%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Highway Authority                                                                                 | Alabama Highway Authority, Series 2025                                                                    | CUSIP: 010559AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $799980.53    | 1.13%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    490000 | PA      | $457419.46    | 0.65%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County Board of Education/AL                                                                          | Lee County Board of Education                                                                             | CUSIP: 523431AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $372405.04    | 0.53%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    401000 | PA      | $370242.54    | 0.52%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Cooper Green Mercy Health Services Authority                                                              | Cooper Green Mercy Health Services Authority                                                              | CUSIP: 216662AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $822502.03    | 1.17%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     95000 | PA      | $96090.21     | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035RY73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $241838.60    | 0.34%             | 2055-06-01      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                                        | Selma Industrial Development Board, Series 2020A                                                          | CUSIP: 81647PAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515369.10    | 0.73%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Prattville Waterworks Board                                                                               | Prattville Waterworks Board, Series 2023                                                                  | CUSIP: 740053HY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763309.95    | 1.08%             | 2053-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                                                        | St Clair County Board of Education                                                                        | CUSIP: 788216EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462144.60    | 0.65%             | 2048-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Cullman City Board of Education                                                                           | Cullman City Board of Education                                                                           | CUSIP: 230041DN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $675377.48    | 0.96%             | 2054-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cherokee County Public Building Authority                                                                 | Cherokee County Public Building Authority                                                                 | CUSIP: 164198AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $690957.83    | 0.98%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mobile County Board of School Commissioners                                                               | Mobile County Board of School Commissioners                                                               | CUSIP: 607298BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945667.60    | 1.34%             | 2047-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024 C                                                          | CUSIP: 01030RLM2<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    725000 | PA      | $782520.34    | 1.11%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mobile County Board of School Commissioners                                                               | Mobile County Board of School Commissioners                                                               | CUSIP: 607298AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990666.00    | 1.40%             | 2039-03-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    237000 | PA      | $182102.24    | 0.26%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    425000 | PA      | $445855.56    | 0.63%             | 2053-02-01      | Variable      | 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        |     65000 | PA      | $43143.75     | 0.06%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                             | Texas Water Development Board, Series 2023 A                                                              | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204103.92    | 0.29%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     24283 | PA      | $23445.86     | 0.03%             | 2037-07-01      | 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        |    250000 | PA      | $200644.45    | 0.28%             | 2041-01-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    110000 | PA      | $38542.38     | 0.05%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     33016 | PA      | $30553.63     | 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        |    142000 | PA      | $139942.14    | 0.20%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    120000 | PA      | $120073.86    | 0.17%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    796000 | PA      | $756715.09    | 1.07%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gadsden AL                                                                                        | City of Gadsden                                                                                           | CUSIP: 362460WK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533025.25    | 0.76%             | 2044-10-01      | 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        |    125000 | PA      | $130779.41    | 0.19%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2025 B                                                          | CUSIP: 01030RPV8<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    495000 | PA      | $503459.80    | 0.71%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $30174.14     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $57085.63     | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                          | Kentucky Public Energy Authority, Series 2022 A-1                                                         | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011087.10   | 1.43%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     93288 | PA      | $32067.79     | 0.05%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lawrence County Board of Education                                                                        | Lawrence County Board of Education                                                                        | CUSIP: 519648CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960446.20    | 1.36%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40508 | PA      | $29397.98     | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                                       | County of Mobile                                                                                          | CUSIP: 6072678N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $715324.37    | 1.01%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc.                                            | Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc., Series 2025                               | CUSIP: 41754MDS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760658.33    | 1.08%             | 2045-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Marshall County Board of Education/AL                                                                     | Marshall County Board of Education                                                                        | CUSIP: 572024BL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472312.55    | 0.67%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $42985.55     | 0.06%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                                                  | DCH Healthcare Authority                                                                                  | CUSIP: 23366AAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919803.40    | 1.30%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024A                                                           | CUSIP: 01030RJD5<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    455000 | PA      | $490719.73    | 0.70%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2023                                                             | CUSIP: 01025PPM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515845.60    | 0.73%             | 2048-06-01      | 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: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45540.10     | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huntsville AL Electric System Revenue                                                             | City of Huntsville                                                                                        | CUSIP: 447060HK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $793902.30    | 1.12%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     15000 | PA      | $12919.12     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rainsville AL                                                                                     | City of Rainsville                                                                                        | CUSIP: 751005DB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452642.45    | 0.64%             | 2049-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Irondale Public Building Authority                                                                        | Irondale Public Building Authority, Series 2024                                                           | CUSIP: 463034AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053081.80   | 1.49%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                                   | New York City Housing Development Corp.                                                                   | CUSIP: 64972EA74<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    520000 | PA      | $368025.11    | 0.52%             | 2045-11-01      | Fixed         | 2.45%                 | 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        |     58000 | PA      | $57159.46     | 0.08%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                                                           | Baldwin County Industrial Development Authority, Series 2026 A                                            | CUSIP: 05786PAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $145448.93    | 0.21%             | 2056-03-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     35000 | PA      | $35181.30     | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ozark AL                                                                                          | City of Ozark                                                                                             | CUSIP: 692532MU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $139877.44    | 0.20%             | 2026-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024B                                                           | CUSIP: 01030RKH4<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    715000 | PA      | $779853.86    | 1.11%             | 2055-04-01      | Fixed         | 6.00%                 | 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        |     57000 | PA      | $53077.74     | 0.08%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Enterprise Board of Education                                                                             | Enterprise Board of Education                                                                             | CUSIP: 29365SAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $541256.15    | 0.77%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Limestone County Water & Sewer Authority                                                                  | Limestone County Water & Sewer Authority, Series 2024                                                     | CUSIP: 532656CV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $674477.78    | 0.96%             | 2049-12-01      | Fixed         | 4.12%                 | 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        |    200000 | PA      | $194341.88    | 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        |     31477 | PA      | $31419.33     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health Care Authority for Baptist Health (The)                                                            | Health Care Authority for Baptist Health (The)                                                            | CUSIP: 42219UCG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $914767.79    | 1.30%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Water & Wastewater Board                                                                          | Madison Water & Wastewater Board                                                                          | CUSIP: 556589JF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $697904.50    | 0.99%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Pike Road AL                                                                                      | Town of Pike Road                                                                                         | CUSIP: 72129PGM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513502.75    | 0.73%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System                                                                          | CUSIP: 01025PEA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866597.10    | 1.23%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $27674.14     | 0.04%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    410000 | PA      | $433700.38    | 0.61%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024B                                                           | CUSIP: 01030RKE1<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    720000 | PA      | $716170.39    | 1.01%             | 2044-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    121336 | PA      | $104126.68    | 0.15%             | 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        |    260000 | PA      | $260007.12    | 0.37%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bessemer Public Educational Building Authority                                                            | Bessemer Public Educational Building Authority                                                            | CUSIP: 086413BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210270.29    | 0.30%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    121245 | PA      | $81234.44     | 0.12%             | 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        |    115194 | PA      | $125764.45    | 0.18%             | 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