# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037565
**Filing Date:** 2023-2
**Character Count:** 141946
**Document Hash:** 2b5aadf782387ba66e4da2f3894e2966
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037565.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037565

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000751656
- **IRS NUMBER:** 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:** 23662617

**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 West Virginia Municipal Bond Fund (Series ID: S000002528)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006974 | A            | MFWVX           |
| C000006975 | B            | MBWVX           |
| C000169765 | I            | MWVIX           |
| C000194240 | R6           | MPWVX           |

## Nport-Ex

![](imgf40b94ee1.gif)

### Quarterly Report
December 31, 2022

MFS<sup>®</sup> West Virginia<br> Municipal Bond Fund

![](img7a7241aa2.gif)

MWV-Q3

------

### Portfolio of Investments
12/31/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – 98.7% | Municipal Bonds – 98.7% | Municipal Bonds – 98.7% |
| Airport Revenue – 0.3% | Airport Revenue – 0.3% | Airport Revenue – 0.3% |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59623 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", BAM, 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70763 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55449 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$270835 |
| General Obligations - General Purpose – 10.7% | General Obligations - General Purpose – 10.7% | General Obligations - General Purpose – 10.7% |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;$230700 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040 (w) | &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376754 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;13602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12607 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;52422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28337 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | &nbsp;&nbsp;&nbsp;491634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491633 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;45368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45710 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;44957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45805 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;44227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45254 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;42958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44417 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35320 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;74630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62808 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;31426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25708 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;42727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33455 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;143435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107531 |
| State of California, Various Purpose General Obligation, 4%, 3/01/2036 | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417058 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170294 |
| State of Illinois, General Obligation, "A", 4%, 3/01/2040 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125995 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198497 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123615 |
| State of West Virginia, General Obligation Road Bonds, "A", 5%, 12/01/2042 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2174161 |
| State of West Virginia, General Obligation Road Bonds, "A", 5%, 6/01/2043 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432523 |
| State of West Virginia, General Obligation Road Bonds, "A", 5%, 6/01/2044 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3196390 |
| State of West Virginia, General Obligation Road Bonds, "A", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760254 |
| State of West Virginia, General Obligation Road Bonds, "B", 4%, 12/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970393 |
|  |  | $10155219 |
| General Obligations - Schools – 2.5% | General Obligations - Schools – 2.5% | General Obligations - Schools – 2.5% |
| Cabell County, WV, Public School Board of Education, AGM, 3%, 6/01/2029 | $1400000 | &nbsp;&nbsp;&nbsp;$1411363 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048 | &nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634064 |
| Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048 | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299421 |
|  |  | &nbsp;&nbsp;&nbsp;$2344848 |
| Healthcare Revenue - Hospitals – 17.2% | Healthcare Revenue - Hospitals – 17.2% | Healthcare Revenue - Hospitals – 17.2% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044 | $&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;$140750 |
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), "A", 4%, 4/01/2052 | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659739 |
| Doylestown, PA, Hospital Rev., "A", 4%, 7/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043 | &nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709128 |
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, 12/01/2049 | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440906 |
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Cabell Huntington Hospital Obligated Group), 4%, 1/01/2038 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209693 |
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), "A", 5%, 9/01/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1019951 |
| West Virginia Hospital Finance Authority Hospital Improvement Rev. (Charleston Area Medical Center, Inc.), "A", 5%, 9/01/2039 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1543861 |
| West Virginia Hospital Finance Authority Hospital Rev. (Cabell Huntington Hospital Obligated Group), "A", 4.125%, 1/01/2047 | 1245000 | &nbsp;&nbsp;&nbsp;&nbsp;1044709 |
| West Virginia Hospital Finance Authority Hospital Rev. (Charleston Area Medical Center, Inc.), "A", ETM, 6.5%, 9/01/2023 | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347132 |
| West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 (Prerefunded 1/01/2024) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1017635 |
| West Virginia Hospital Finance Authority Hospital Rev. (Valley Health System Obligation Group), 5%, 1/01/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1005027 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), "A", 5%, 6/01/2027 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212071 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), "A", 4%, 6/01/2035 | $1500000 | &nbsp;&nbsp;&nbsp;$1477751 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia United Health System Obligated Group), "A", 5.5%, 6/01/2044 (Prerefunded 6/01/2023) | 3460000 | &nbsp;&nbsp;&nbsp;&nbsp;3493734 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", 5%, 6/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1015720 |
| West Virginia Hospital Finance Authority Hospital Rev. (West Virginia University Health System Obligated Group), "A", AGM, 4%, 6/01/2051 | 2220000 | &nbsp;&nbsp;&nbsp;&nbsp;2017282 |
|  |  | $16365968 |
| Industrial Revenue - Other – 0.7% | Industrial Revenue - Other – 0.7% | Industrial Revenue - Other – 0.7% |
| New York Liberty Development Corp. Rev. (Goldman Sachs Headquarters), 5.25%, 10/01/2035 | $&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;$461370 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 2.875%, 1/01/2041 (n) | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75301 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 4%, 1/01/2050 (n) | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$680382 |
| Miscellaneous Revenue - Other – 6.9% | Miscellaneous Revenue - Other – 6.9% | Miscellaneous Revenue - Other – 6.9% |
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), "A", 5%, 7/01/2040 (Prerefunded 7/01/2023) | $&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;$141046 |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41052 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526199 |
| State of West Virginia, Higher Education Policy Commission Community & Technical Colleges Capital Improvement Refunding Rev., 5%, 7/01/2038 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215132 |
| West Virginia Economic Development Authority, Excess Lottery Rev., "A", 5%, 7/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1080626 |
| West Virginia School Building Authority, "A", 3%, 7/01/2033 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1924092 |
| West Virginia School Building Authority, Excess Lottery Refunding Rev., "B", 5%, 7/01/2038 | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300553 |
| West Virginia School Building Authority, Excess Lottery Refunding Rev., "B", 5%, 7/01/2039 | &nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829333 |
| West Virginia School Building Authority, Lottery Capital Improvement Rev., "A", 5%, 7/01/2028 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1515017 |
|  |  | &nbsp;&nbsp;&nbsp;$6573050 |
| Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% | Multi-Family Housing Revenue – 0.3% |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | $&nbsp;&nbsp;&nbsp;286810 | &nbsp;&nbsp;&nbsp;&nbsp;$276949 |
| Port Revenue – 0.1% | Port Revenue – 0.1% | Port Revenue – 0.1% |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | $&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;$121349 |
| Sales & Excise Tax Revenue – 3.9% | Sales & Excise Tax Revenue – 3.9% | Sales & Excise Tax Revenue – 3.9% |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10563 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10693 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65363 |
| Monongalia County, WV, Commission Special District Excise Tax Refunding & Improvement Rev. (University Town Centre Economic Opportunity Development District), "A", 4.125%, 6/01/2043 (n) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868015 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22935 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73368 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | 1537000 | &nbsp;&nbsp;&nbsp;&nbsp;1395488 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142332 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74770 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33836 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36406 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | &nbsp;&nbsp;&nbsp;412000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268386 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;396000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230354 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 1503000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370327 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, 8/01/2027 (a)(d)(n) | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98829 |
|  |  | &nbsp;&nbsp;&nbsp;$3714802 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Single Family Housing - State – 6.9% | Single Family Housing - State – 6.9% | Single Family Housing - State – 6.9% |
| West Virginia Housing Development Fund, "A", 3.875%, 11/01/2044 | $1175000 | &nbsp;&nbsp;&nbsp;$1126760 |
| West Virginia Housing Development Fund, "B", 1.8%, 5/01/2026 | &nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462228 |
| West Virginia Housing Development Fund, "B", 4.2%, 11/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951897 |
| West Virginia Housing Development Fund, "B", 4.25%, 11/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942800 |
| West Virginia Housing Development Fund, "C", 4.45%, 11/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1012966 |
| West Virginia Housing Development Fund, "C", 4.625%, 11/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1004558 |
| West Virginia Housing Development Fund, "C", 4.8%, 11/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1002495 |
|  |  | &nbsp;&nbsp;&nbsp;$6503704 |
| State & Local Agencies – 11.0% | State & Local Agencies – 11.0% | State & Local Agencies – 11.0% |
| Berkeley County, WV, Building Commission Lease Rev. (Berkeley County Day Report Center and Public Safety Building Projects), 4%, 12/01/2042 | $1740000 | &nbsp;&nbsp;&nbsp;$1650239 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271405 |
| Maryland Stadium Authority, Built to Learn Rev., "A", 4%, 6/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917586 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19752 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019 |
| North Carolina Turnpike Authority, Triangle Expressway System Appropriation Rev., Capital Appreciation, 0%, 1/01/2044 | 1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623907 |
| Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), "A", BAM, 4.25%, 5/01/2042 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500706 |
| Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), "A", BAM, 4.25%, 5/01/2047 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483462 |
| Putnam County, WV, Building Commission Lease Rev. (Sheriff's Headquarters), "A", BAM, 4.375%, 5/01/2052 | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543813 |
| West Virginia Economic Development Authority, Auto Lease Rev., 5.2%, 5/01/2033 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1009506 |
| West Virginia Economic Development Authority, Lease Rev. (Correctional, Juvenile and Public Safety Facilities), "A", 5%, 6/01/2029 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2028313 |
| West Virginia Economic Development Authority, Lease Rev. (State Office Building), "B", NPFG, 5.25%, 1/01/2025 | &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217921 |
| West Virginia Economic Development Authority, Lease Rev. (State Office Building), "B", NPFG, 5.25%, 1/01/2030 | 1355000 | &nbsp;&nbsp;&nbsp;&nbsp;1374444 |
| West Virginia Hospital Finance Authority Hospital Rev. (Veterans Nursing Home), 5.5%, 3/01/2034 | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796039 |
|  |  | $10451127 |
| Student Loan Revenue – 0.5% | Student Loan Revenue – 0.5% | Student Loan Revenue – 0.5% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041 | $&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;$477807 |
| Tax - Other – 2.5% | Tax - Other – 2.5% | Tax - Other – 2.5% |
| Birmingham-Jefferson, AL, Civic Center Authority, "B", 5%, 7/01/2043 | $&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;$556647 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045 | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737928 |
| Virgin Islands Public Finance Authority Rev. (Gross Receipts), AGM, 5%, 10/01/2032 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1000513 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82183 |
|  |  | &nbsp;&nbsp;&nbsp;$2377271 |
| Tax Assessment – 1.4% | Tax Assessment – 1.4% | Tax Assessment – 1.4% |
| Morgantown, WV, Tax Increment Rev., Parking Garage Project, "A", 5%, 6/01/2033 | $&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;$422306 |
| Ohio County, WV, Commission Tax Increment Rev. (Fort Henry Centre), 4%, 6/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900291 |
|  |  | &nbsp;&nbsp;&nbsp;$1322597 |
| Tobacco – 0.9% | Tobacco – 0.9% | Tobacco – 0.9% |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020A-2, "1", 4%, 6/01/2048 | $&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;$106963 |
| Buckeye, OH, Tobacco Settlement Financing Authority Senior Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434001 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$868094 |
| Toll Roads – 1.5% | Toll Roads – 1.5% | Toll Roads – 1.5% |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;$157863 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121907 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246159 |
| West Virginia Parkways Authority, Turnpike Toll Rev., 4%, 6/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922233 |
|  |  | &nbsp;&nbsp;&nbsp;$1448162 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Transportation - Special Tax – 2.3% | Transportation - Special Tax – 2.3% | Transportation - Special Tax – 2.3% |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2050 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$841060 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., "A-1", 5%, 6/15/2027 | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232389 |
| New Jersey Transportation Trust Fund Authority, Transportation Program, "BB", 4%, 6/15/2044 | 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;1078080 |
|  |  | &nbsp;&nbsp;&nbsp;$2151529 |
| Universities - Colleges – 9.6% | Universities - Colleges – 9.6% | Universities - Colleges – 9.6% |
| Fairmont, WV, State University Board of Governors Refunding Rev., "A", 5%, 6/01/2032 | $1050000 | &nbsp;&nbsp;&nbsp;$1190173 |
| Marshall University, WV, Board of Governors Rev., "A", AGM, 5%, 5/01/2030 | &nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973184 |
| Marshall University, WV, Board of Governors Rev., "A", AGM, 3%, 5/01/2046 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764739 |
| Marshall University, WV, Board of Governors Rev., "A", AGM, 4%, 5/01/2050 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1412831 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110137 |
| West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), "A", 5%, 10/01/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1087143 |
| West Virginia University, Board of Governors Improvement Rev. (West Virginia University Project), "A", 5%, 10/01/2049 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1061149 |
| West Virginia University, University Systems Rev., "A", NPFG, 5.25%, 4/01/2028 | 2385000 | &nbsp;&nbsp;&nbsp;&nbsp;2552093 |
|  |  | &nbsp;&nbsp;&nbsp;$9151449 |
| Utilities - Investor Owned – 2.7% | Utilities - Investor Owned – 2.7% | Utilities - Investor Owned – 2.7% |
| West Virginia Economic Development Authority, Solid Waste Disposal Facilities Refunding Rev. (Wheel Power Co. - Mitchell Project), "A", 3%, 6/01/2037 (Put Date 6/18/2027) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$948671 |
| West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), "A", 0.625%, 12/01/2038 (Put Date 12/15/2025) | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676138 |
| West Virginia Economic Development Authority, Solid Waste Disposal Rev. (Appalachian Power Company-Amos Project), "A", 1%, 1/01/2041 (Put Date 9/01/2025) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920659 |
|  |  | &nbsp;&nbsp;&nbsp;$2545468 |
| Utilities - Municipal Owned – 1.6% | Utilities - Municipal Owned – 1.6% | Utilities - Municipal Owned – 1.6% |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2033 | $&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;$450183 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79200 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129600 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208050 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32850 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7325 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73250 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36500 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105850 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135414 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50400 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54937 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47612 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36375 |
|  |  | &nbsp;&nbsp;&nbsp;$1551813 |
| Utilities - Other – 1.0% | Utilities - Other – 1.0% | Utilities - Other – 1.0% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029) | $&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;$588967 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$916913 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Water & Sewer Utility Revenue – 14.2% | Water & Sewer Utility Revenue – 14.2% | Water & Sewer Utility Revenue – 14.2% |
| Berkeley County, WV, Public Service Sewer District, "A", BAM, 5%, 6/01/2036 | $1700000 | &nbsp;&nbsp;&nbsp;$1805780 |
| Greenbrier County, WV, Public Service District No. 1, Sewerage System Improvement Rev., "A", BAM, 4.625%, 10/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959489 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40516 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177105 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20232 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20142 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133796 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C-7", NPFG, 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35933 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), "D-6", NPFG, 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40867 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20463 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51018 |
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76816 |
| Morgantown, WV, Combined Utility System Rev., "A", AGM, 5%, 12/01/2041 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075297 |
| Morgantown, WV, Combined Utility System Rev., "A", BAM, 4%, 12/01/2033 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425166 |
| Morgantown, WV, Combined Utility System Rev., "B", 5%, 12/01/2043 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142724 |
| West Virginia Water Development Authority Rev. (Loan Program II), "A-II", 5%, 11/01/2033 | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572268 |
| West Virginia Water Development Authority Rev. (Loan Program IV), "A-IV", 5%, 11/01/2038 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542039 |
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., 5%, 6/01/2038 (Prerefunded 6/01/2023) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023829 |
| Wheeling, WV, Combined Waterworks and Sewerage System Rev., "A", BAM, 4%, 6/01/2051 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374319 |
|  |  | &nbsp;&nbsp;&nbsp;$13537799 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$93807135** |
| Bonds – 0.2% | Bonds – 0.2% | Bonds – 0.2% |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;$143069 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | &nbsp;&nbsp;&nbsp;393666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99895 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$242964** |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $&nbsp;&nbsp;&nbsp;192873 | &nbsp;&nbsp;&nbsp;$84382 |
| Investment Companies (h) – 0.5% | Investment Companies (h) – 0.5% | Investment Companies (h) – 0.5% |
| Money Market Funds – 0.5% | Money Market Funds – 0.5% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | &nbsp;&nbsp;&nbsp;506989 | &nbsp;&nbsp;&nbsp;$507141 |
| Other Assets, Less Liabilities – 0.5% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436094 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$95077716** |

---

(a) Non-income producing security.

(d) In default.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $507,141 and $94,134,481, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $1,955,019, representing 2.1% of net assets.

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

(w) When-issued security.

------

Portfolio of Investments (unaudited) – continued

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| ETM | Escrowed to Maturity |
| NPFG | National Public Finance Guarantee Corp. |

---

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

------

### Supplemental Information
12/31/22 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$93891517 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$93891517 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242964 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242964 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;507141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507141 |
| Total | &nbsp;&nbsp;&nbsp;$507141 | &nbsp;&nbsp;&nbsp;$94134481 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$94641622 |

---

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

(2) Investments in Affiliated Issuers

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$2356969 | &nbsp;&nbsp;$28385762 | &nbsp;&nbsp;$30235888 | &nbsp;&nbsp;$185 | &nbsp;&nbsp;$113 | &nbsp;&nbsp;$507141 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$31062 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

Jurisdiction weighting percentages based on net assets, as of December 31, 2022, are as follows:

---

| | |
|:---|:---|
| West Virginia | 76.3% |
| Puerto Rico | 5.3% |
| New Jersey | 2.8% |
| New York | 2.0% |
| Illinois | 1.3% |
| Maryland | 1.3% |
| Alabama | 1.2% |
| California | 1.1% |
| U.S. Virgin Islands | 1.1% |
| Guam | 1.0% |
| Virginia | 1.0% |
| South Carolina | 0.8% |
| Arkansas | 0.7% |
| Georgia | 0.7% |
| North Carolina | 0.7% |
| Ohio | 0.6% |
| Texas | 0.5% |
| Michigan | 0.4% |
| New Hampshire | 0.3% |
| Tennessee | 0.3% |
| Indiana | 0.2% |
| Pennsylvania | 0.2% |
| Wisconsin | 0.2% |
| Mississippi | 0.1% |

---

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

(4) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

## 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 West Virginia Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002528

- **c. LEI of Series:** W36WJXZ97WII7K64W483

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $95791163.46

**Total Liabilities:** $713449.09

**Net Assets:** $95077714.37

**Delayed Delivery Securities:** $380350.80

**Cash Not Reported:** $9475.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -169.91768210 | **1-Year:** -2744.36075490 | **5-Year:** -14317.29162900 | **10-Year:** -27117.33186900 | **30-Year:** -9297.83040320

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

- **3-Month:** -32.69143230 | **1-Year:** -282.49696730 | **5-Year:** -1392.74962360 | **10-Year:** -3050.35503460 | **30-Year:** -1092.70563250

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169765 | -0.81%               | 5.13%                | -0.31%               |
| Class ID C000006974 | -0.81%               | 5.16%                | -0.26%               |
| Class ID C000194240 | -0.93%               | 5.26%                | -0.30%               |
| Class ID C000006975 | -0.87%               | 5.09%                | -0.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-416907.89              | $-629509.41                                |
| Month 2  | $-211186.52              | $4986064.94                                |
| Month 3  | $-736191.94              | $231479.89                                 |

### Schedule of Portfolio Investments

| Name                                                                                                      | Title                                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New York City Transitional Finance Authority Future Tax Secured Revenue                                   | New York City Transitional Finance Authority Future Tax Secured                                           | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $737927.55    | 0.78%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14650.00     | 0.02%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Parkways Authority                                                                          | West Virginia Parkways Authority                                                                          | CUSIP: 956510AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922233.10    | 0.97%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     20000 | PA      | $20231.86     | 0.02%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPN6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    135000 | PA      | $135413.69    | 0.14%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monongalia County Commission Excise Tax District                                                          | Monongalia County Commission Excise Tax District                                                          | CUSIP: 61022CAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $868014.70    | 0.91%             | 2043-06-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    145000 | PA      | $125995.18    | 0.13%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622S62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2017281.59   | 2.12%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7300.00      | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                                                               | Birmingham-Jefferson Civic Center Authority                                                               | CUSIP: 091156NG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $556647.01    | 0.59%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $852.56       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Marshall University                                                                                       | Marshall University                                                                                       | CUSIP: 572716KQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1412830.95   | 1.49%             | 2050-05-01      | 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        |    412000 | PA      | $268385.82    | 0.28%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622T95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543861.05   | 1.62%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                                                 | Cobb County Kennestone Hospital Authority                                                                 | CUSIP: 190813SZ9<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    765000 | PA      | $659738.98    | 0.69%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    230000 | PA      | $198496.99    | 0.21%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |    499344 | NS      | $499493.34    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Port Beaumont Navigation District                                                                         | Port Beaumont Navigation District                                                                         | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    115000 | PA      | $75300.61     | 0.08%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Marshall University                                                                                       | Marshall University                                                                                       | CUSIP: 572716KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $764739.20    | 0.80%             | 2046-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    180000 | PA      | $129600.00    | 0.14%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                                    | State of West Virginia                                                                                    | CUSIP: 956553Q38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $760253.67    | 0.80%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    167000 | PA      | $143069.38    | 0.15%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    220000 | PA      | $232389.32    | 0.24%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia State School Building Authority Lottery Revenue                                             | West Virginia State School Building Authority Lottery Revenue                                             | CUSIP: 95667NCG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515017.55   | 1.59%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority                                                                                 | CUSIP: 45506DGY5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    140000 | PA      | $141046.01    | 0.15%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     20000 | PA      | $20141.75     | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |      5000 | PA      | $5316.79      | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $841060.00    | 0.88%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     44227 | PA      | $45253.63     | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $461369.66    | 0.49%             | 2035-10-01      | 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: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      7000 | PA      | $5101.21      | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXU1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14450.00     | 0.02%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10692.76     | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD32<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51017.93     | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                                                                      | Guam Power Authority                                                                                      | CUSIP: 400653HL8<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |    435000 | PA      | $450182.63    | 0.47%             | 2033-10-01      | 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        |    260000 | PA      | $230699.79    | 0.24%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXR8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $47612.50     | 0.05%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    491634 | PA      | $491633.31    | 0.52%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648MEM7<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009505.80   | 1.06%             | 2033-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648XCE3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080625.60   | 1.14%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim City School District                                                                              | Anaheim City School District                                                                              | CUSIP: 032555QY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $299421.10    | 0.31%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    360000 | PA      | $376753.97    | 0.40%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                                    | State of West Virginia                                                                                    | CUSIP: 956553P70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2174160.60   | 2.29%             | 2042-12-01      | 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: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     25000 | PA      | $22935.45     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    110000 | PA      | $79200.00     | 0.08%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $121348.86    | 0.13%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461365M9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1078079.99   | 1.13%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    192873 | PA      | $84381.77     | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority                                                                             | CUSIP: 261333FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $10879.11     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QUY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7262.50      | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    485000 | PA      | $477806.97    | 0.50%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia State School Building Authority Lottery Revenue                                             | West Virginia State School Building Authority Lottery                                                     | CUSIP: 95639DMN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $829332.91    | 0.87%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    286810 | PA      | $276948.52    | 0.29%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      2000 | PA      | $1865.64      | 0.00%             | 2024-07-01      | None          | 0.00%                 | 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        |    370000 | PA      | $327130.06    | 0.34%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                                  | Texas Private Activity Bond Surface Transportation Corp.                                                  | CUSIP: 882667AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121906.51    | 0.13%             | 2043-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                                    | State of West Virginia                                                                                    | CUSIP: 956553D40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970393.20    | 1.02%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928105BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $440905.68    | 0.46%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648MMY2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028313.20   | 2.13%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Water Development Authority                                                                 | West Virginia Water Development Authority                                                                 | CUSIP: 956695H37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1572268.43   | 1.65%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ohio WV                                                                                         | County of Ohio                                                                                            | CUSIP: 677321BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900290.80    | 0.95%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7200.00      | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $36500.00     | 0.04%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9953.92      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622N67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015720.30   | 1.07%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82183.28     | 0.09%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $634064.26    | 0.67%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County Building Commission                                                                       | Berkeley County Building Commission                                                                       | CUSIP: 084244JR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1650238.97   | 1.74%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622K52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212070.96    | 0.22%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QVB5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14650.00     | 0.02%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     20000 | PA      | $19751.48     | 0.02%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgantown Utility Board, Inc.                                                                            | Morgantown Utility Board, Inc.                                                                            | CUSIP: 61759CDU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425165.80    | 0.45%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622E91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3460000 | PA      | $3493733.62   | 3.67%             | 2044-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Wheeling WV Waterworks & Sewerage System Revenue                                                  | City of Wheeling                                                                                          | CUSIP: 963270GS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1374318.60   | 1.45%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                                       | State of California                                                                                       | CUSIP: 13063DUD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $417057.66    | 0.44%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Water Development Authority                                                                 | West Virginia Water Development Authority                                                                 | CUSIP: 956695L24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542038.75    | 0.57%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia State School Building Authority Lottery Revenue                                             | West Virginia State School Building Authority Lottery                                                     | CUSIP: 95639DMM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $300552.82    | 0.32%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20462.75     | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia State School Building Authority Lottery Revenue                                             | West Virginia State School Building Authority Lottery Revenue                                             | CUSIP: 95667NED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1924091.80   | 2.02%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7325.00      | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Morgantown WV                                                                                     | City of Morgantown                                                                                        | CUSIP: 617558AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $422306.48    | 0.44%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    165000 | PA      | $170293.65    | 0.18%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $106963.25    | 0.11%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                                    | State of West Virginia                                                                                    | CUSIP: 956553P88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $432523.36    | 0.45%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    285000 | PA      | $208050.00    | 0.22%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622LS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $347131.91    | 0.37%             | 2023-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| West Virginia University                                                                                  | West Virginia University                                                                                  | CUSIP: 956704E30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087143.20   | 1.14%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956623AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $796039.46    | 0.84%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     74630 | PA      | $62807.76     | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $59623.05     | 0.06%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $98829.53     | 0.10%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| West Virginia University                                                                                  | West Virginia University                                                                                  | CUSIP: 956704B66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061148.70   | 1.12%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NGY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012966.40   | 1.07%             | 2037-11-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    310000 | PA      | $327945.81    | 0.34%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $434000.25    | 0.46%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAM2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $623907.33    | 0.66%             | 2044-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                                  | Texas Private Activity Bond Surface Transportation Corp.                                                  | CUSIP: 882667AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157863.33    | 0.17%             | 2038-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    260000 | PA      | $271404.64    | 0.29%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam County Building Commission                                                                         | Putnam County Building Commission                                                                         | CUSIP: 74670ABX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $543812.86    | 0.57%             | 2052-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                                                                         | Port Beaumont Navigation District                                                                         | CUSIP: 73360CAD6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    200000 | PA      | $143711.44    | 0.15%             | 2050-01-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10563.05     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9019.32      | 0.01%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648MFY0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    215000 | PA      | $217920.56    | 0.23%             | 2025-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622H98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005027.30   | 1.06%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                                                                   | Virgin Islands Public Finance Authority                                                                   | CUSIP: 927676RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1000000 | PA      | $1000513.10   | 1.05%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622S39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $209692.86    | 0.22%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PA27<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35933.18     | 0.04%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     39000 | PA      | $33836.02     | 0.04%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| City of Wheeling WV Waterworks & Sewerage System Revenue                                                  | City of Wheeling WV Waterworks & Sewerage System Revenue                                                  | CUSIP: 963270FD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3023829.00   | 3.18%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    135000 | PA      | $133795.98    | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairmont State University                                                                                 | Fairmont State University                                                                                 | CUSIP: 305349CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1190172.38   | 1.25%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85000.11     | 0.09%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |    780000 | PA      | $709127.95    | 0.75%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $36375.00     | 0.04%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    110000 | PA      | $110137.34    | 0.12%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648VBK4<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948671.20    | 1.00%             | 2037-06-01      | Variable      | 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: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     45000 | PA      | $36405.79     | 0.04%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     44957 | PA      | $45805.21     | 0.05%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     45368 | PA      | $45709.99     | 0.05%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662M6Z8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $462227.94    | 0.49%             | 2026-05-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NHA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002494.70   | 1.05%             | 2047-11-01      | Fixed         | 4.80%                 | 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        |    396000 | PA      | $230354.51    | 0.24%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Putnam County Building Commission                                                                         | Putnam County Building Commission                                                                         | CUSIP: 74670ABW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483462.15    | 0.51%             | 2047-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    565000 | PA      | $588967.70    | 0.62%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    145000 | PA      | $105850.00    | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    145000 | PA      | $123615.27    | 0.13%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $73250.00     | 0.08%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgantown Utility Board, Inc.                                                                            | Morgantown Utility Board, Inc.                                                                            | CUSIP: 61759CBZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075296.60   | 1.13%             | 2041-12-01      | 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        |     31426 | PA      | $25708.55     | 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        |    325000 | PA      | $246158.97    | 0.26%             | 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        |   1503000 | PA      | $370326.73    | 0.39%             | 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        |     42727 | PA      | $33455.17     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NFX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951896.90    | 1.00%             | 2047-11-01      | Fixed         | 4.20%                 | 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        |    158000 | PA      | $142332.42    | 0.15%             | 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        |    180000 | PA      | $177105.06    | 0.19%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NGZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004557.80   | 1.06%             | 2042-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                                           | Allegheny County Hospital Development Authority                                                           | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    155000 | PA      | $140749.78    | 0.15%             | 2044-04-01      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1537000 | PA      | $1395488.41   | 1.47%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55449.16     | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40866.94     | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     75000 | PA      | $65363.27     | 0.07%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70762.96     | 0.07%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622L51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1477751.55   | 1.55%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    393666 | PA      | $99895.05     | 0.11%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     52422 | PA      | $28337.27     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5015.33      | 0.01%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     75000 | PA      | $54937.50     | 0.06%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                              | Mississippi Development Bank                                                                              | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76816.07     | 0.08%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662M6L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1126759.79   | 1.19%             | 2044-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Greenbrier Public Service District No. 1                                                                  | Greenbrier Public Service District No. 1                                                                  | CUSIP: 393685CH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959488.80    | 1.01%             | 2052-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service Sewer District                                                             | Berkeley County Public Service Sewer District                                                             | CUSIP: 084249DY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1805780.12   | 1.90%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622H72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017635.10   | 1.07%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     40000 | PA      | $40516.34     | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cabell County Board of Education                                                                          | Cabell County Board of Education                                                                          | CUSIP: 12681CDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1411362.68   | 1.48%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622F74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019951.50   | 1.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622S54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1044709.13   | 1.10%             | 2047-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     45000 | PA      | $32850.00     | 0.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Higher Education Policy Commission                                                          | West Virginia Higher Education Policy Commission                                                          | CUSIP: 95639RGS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215131.92    | 0.23%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $28800.00     | 0.03%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648VBG3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920659.10    | 0.97%             | 2041-01-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Morgantown Utility Board, Inc.                                                                            | Morgantown Utility Board, Inc.                                                                            | CUSIP: 61759CDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2142724.60   | 2.25%             | 2043-12-01      | 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        |     83000 | PA      | $74769.56     | 0.08%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Marshall University                                                                                       | Marshall University                                                                                       | CUSIP: 572716KL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $973184.34    | 1.02%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     40000 | PA      | $41052.56     | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXB3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $50400.00     | 0.05%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority Built to Learn Revenue                                                         | Maryland Stadium Authority Built to Learn                                                                 | CUSIP: 574294BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917586.10    | 0.97%             | 2047-06-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     83000 | PA      | $73367.62     | 0.08%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40735 | PA      | $35319.68     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia University                                                                                  | West Virginia University                                                                                  | CUSIP: 956704SN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2552093.34   | 2.68%             | 2028-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942800.10    | 0.99%             | 2052-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                                    | State of West Virginia                                                                                    | CUSIP: 956553J93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3196390.20   | 3.36%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648MFZ7<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1374444.25   | 1.45%             | 2030-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    143435 | PA      | $107531.31    | 0.11%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648VBH1<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    750000 | PA      | $676138.05    | 0.71%             | 2038-12-01      | Variable      | 0.62%                 | 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        |    580000 | PA      | $526198.62    | 0.55%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     13602 | PA      | $12606.63     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     42958 | PA      | $44417.21     | 0.05%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Putnam County Building Commission                                                                         | Putnam County Building Commission                                                                         | CUSIP: 74670ABV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500705.75    | 0.53%             | 2042-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

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

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer