# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-25-205191
**Filing Date:** 2025-8
**Character Count:** 143672
**Document Hash:** 9d52371e4b4ff845093c1e215101fce0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205191.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205191

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251255734

**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 Georgia Municipal Bond Fund (Series ID: S000002532)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006983 | A            | MMGAX           |
| C000006984 | B            | MBGAX           |
| C000169768 | I            | MGATX           |
| C000194246 | R6           | MPGOX           |

## Nport-Ex

MGA-Q1

![](img25f378191.gif)

**Quarterly Report**

June 30, 2025

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

![](imge8cc3eb32.gif)

------

**Portfolio of Investments**

6/30/25 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 97.7%  | Municipal Bonds – 97.7%  | Municipal Bonds – 97.7%  |
| Airport Revenue – 4.3% | Airport Revenue – 4.3% | Airport Revenue – 4.3% |
| Atlanta, GA, Airport General Rev., "B", 5.25%, 7/01/2049  | $1000000 | &nbsp;&nbsp;&nbsp; $1023254 |
| Atlanta, GA, Airport General Rev., "B", 5%, 7/01/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 989255 |
| Atlanta, GA, Airport General Rev., "C", 5%, 7/01/2053  | 500000 | &nbsp;&nbsp;&nbsp; 493605 |
| Atlanta, GA, Airport General Rev., "B", 5%, 7/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 1000613 |
| Atlanta, GA, Airport Passenger Facility Charge Rev., "D", 4%, 7/01/2039  | 530000 | &nbsp;&nbsp;&nbsp; 506002 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.25%, 6/30/2060 <br>| 500000 | &nbsp;&nbsp;&nbsp; 500302 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044  | 30000 | &nbsp;&nbsp;&nbsp; 30046 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 25000 | &nbsp;&nbsp;&nbsp; 25001 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 40000 | &nbsp;&nbsp;&nbsp; 39738 |
|  |  | &nbsp;&nbsp;&nbsp; $4607816 |
| General Obligations - General Purpose – 4.7% | General Obligations - General Purpose – 4.7% | General Obligations - General Purpose – 4.7% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $220000 | &nbsp;&nbsp;&nbsp; $201435 |
| Cartersville, GA, General Obligation, 2%, 10/01/2040  | 1000000 | &nbsp;&nbsp;&nbsp; 690159 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 50258 | &nbsp;&nbsp;&nbsp; 53013 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 150816 | &nbsp;&nbsp;&nbsp; 162674 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 46290 | &nbsp;&nbsp;&nbsp; 45162 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 85068 | &nbsp;&nbsp;&nbsp; 81907 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 35711 | &nbsp;&nbsp;&nbsp; 34024 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 48553 | &nbsp;&nbsp;&nbsp; 43148 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 171495 | &nbsp;&nbsp;&nbsp; 146528 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 59571 | &nbsp;&nbsp;&nbsp; 41183 |
| Dacula, GA, Urban Redevelopment Agency Rev. (Georgia Project), AGM, 4.125%, 2/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 890881 |
| Roswell, GA, General Obligation, "A", 4%, 2/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 457248 |
| Senoia, GA, Building and Facilities Authority Rev., 4%, 12/01/2046  | 1000000 | &nbsp;&nbsp;&nbsp; 911831 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 180000 | &nbsp;&nbsp;&nbsp; 188546 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 85000 | &nbsp;&nbsp;&nbsp; 86762 |
| Washington County, GA, Hospital Authority Rev., Anticipation Certificates (Medical Center Project), 4%, 2/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 906308 |
|  |  | &nbsp;&nbsp;&nbsp; $4940809 |
| General Obligations - Schools – 2.9% | General Obligations - Schools – 2.9% | General Obligations - Schools – 2.9% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | $370000 | &nbsp;&nbsp;&nbsp; $292167 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | 930000 | &nbsp;&nbsp;&nbsp; 663551 |
| Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 1047031 |
| Rome, GA, Building Authority Rev. (City Schools Project), 5%, 3/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 1042468 |
|  |  | &nbsp;&nbsp;&nbsp; $3045217 |
| Healthcare Revenue - Hospitals – 12.5% | Healthcare Revenue - Hospitals – 12.5% | Healthcare Revenue - Hospitals – 12.5% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044  | $210000 | &nbsp;&nbsp;&nbsp; $183744 |
| Carroll City-County, GA, Hospital Authority Rev. (Tanner Medical Center, Inc. Project), 5%, 7/01/2055  | 750000 | &nbsp;&nbsp;&nbsp; 750575 |
| Cedartown, GA, Hospital Authority Rev., Anticipation Certificates (Polk Medical Center Project), 5%, 7/01/2039 (Prerefunded <br> 7/01/2026) <br>| 500000 | &nbsp;&nbsp;&nbsp; 510762 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 25000 | &nbsp;&nbsp;&nbsp; 20920 |
| Columbia County, GA, Hospital Authority Rev. (Wellstar Health System, Inc. Project), "A", 5.75%, 4/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 1049054 |
| Columbia County, GA, Hospital Authority Rev., Taxable (Wellstar Health System, Inc. Project), "A", AGM, 5%, 4/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 1009176 |
| Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System), 4%, 8/15/2048  | 250000 | &nbsp;&nbsp;&nbsp; 219563 |
| Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System, Inc. Project), "B", <br> 5%, 8/15/2041 <br>| 850000 | &nbsp;&nbsp;&nbsp; 884335 |
| Dalton-Whitfield County, GA, Joint Development Authority Rev. (Hamilton Health Care System, Inc. Project), "B", FNMA, <br> 5%, 8/15/2042 <br>| 450000 | &nbsp;&nbsp;&nbsp; 464199 |
| Doylestown, PA, Hospital Authority Rev., "A", 5%, 7/01/2049  | 15000 | &nbsp;&nbsp;&nbsp; 14664 |
| Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), "A", 4%, 7/01/2039  | 400000 | &nbsp;&nbsp;&nbsp; 381635 |
| Fulton County, GA, Development Authority Hospital Rev. (Piedmont Healthcare, Inc. Project), "A", 4%, 7/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 866924 |
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), 5%, 4/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 1022080 |
| Fulton County, GA, Development Authority Hospital Rev. (WellStar Health System, Inc. Project), "A", 5%, 4/01/2042  | 750000 | &nbsp;&nbsp;&nbsp; 752468 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Glynn-Brunswick, GA, Memorial Hospital Authority Rev. (Southeast Georgia Health System, Inc. Project), 5%, 8/01/2028  | $400000 | &nbsp;&nbsp;&nbsp; $400319 |
| Hall County and Gainesville, GA, Hospital Authority Rev. (Northeast Georgia Health System, Inc. Project), "A", 5%, 2/15/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1000739 |
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 695000 | &nbsp;&nbsp;&nbsp; 608870 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049  | 745000 | &nbsp;&nbsp;&nbsp; 675009 |
| Richmond County, GA, Hospital Authority Rev., Anticipation Certificates (University Health Services, Inc. Project), 4%, 1/01/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 996486 |
| Savannah, GA, Hospital Authority Rev. (St. Joseph's/Candler Health System, Inc.), "A", 4%, 7/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 909774 |
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, 12/01/2049  | 550000 | &nbsp;&nbsp;&nbsp; 468765 |
|  |  | &nbsp;&nbsp;&nbsp; $13190061 |
| Healthcare Revenue - Long Term Care – 1.0% | Healthcare Revenue - Long Term Care – 1.0% | Healthcare Revenue - Long Term Care – 1.0% |
| Fulton County, GA, Residential Care Facilities, Elderly Authority Rev. (Lenbrook Square Foundation, Inc. Project), "A", <br> 5%, 7/01/2036 <br>| $500000 | &nbsp;&nbsp;&nbsp; $500866 |
| Hall County and Gainesville, GA, Development Authority Retirement Community Rev. (ACTS Retirement - Life Communities, Inc. <br> Obligated Group), 5%, 11/15/2033 <br>| 500000 | &nbsp;&nbsp;&nbsp; 507324 |
|  |  | &nbsp;&nbsp;&nbsp; $1008190 |
| Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", <br> 2.875%, 1/01/2041 (n)<br>| $130000 | &nbsp;&nbsp;&nbsp; $94847 |
| Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% |
| Rockdale County, GA, Development Authority Refunding Rev. (Pratt Paper LLC Project), 4%, 1/01/2038 (n) | $150000 | &nbsp;&nbsp;&nbsp; $140710 |
| Miscellaneous Revenue - Other – 6.4% | Miscellaneous Revenue - Other – 6.4% | Miscellaneous Revenue - Other – 6.4% |
| Atlanta, GA, Development Authority Rev. (Gulch Enterprise Zone Project), Convertible Capital Appreciation, "A-1", 0% to <br> 6/15/2028, 6.5% to 12/15/2048 <br>| $275000 | &nbsp;&nbsp;&nbsp; $240331 |
| Atlanta, GA, Development Authority Rev. (Westside Gulch Area Project), "A-1", 5%, 4/01/2034 (n) | 500000 | &nbsp;&nbsp;&nbsp; 500983 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "A", 4%, 1/01/2054  | 1250000 | &nbsp;&nbsp;&nbsp; 1018323 |
| Atlanta, GA, Geo. L. Smith II World Congress Center Authority, Convention Center Hotel Rev., "B", 5%, 1/01/2054 (n) | 1000000 | &nbsp;&nbsp;&nbsp; 895145 |
| Clarke County, GA, Classic Center Authority Rev. (Classic Center Arena Project), "A", 4.625%, 5/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 1003625 |
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), "A", 5%, 3/15/2034  | 500000 | &nbsp;&nbsp;&nbsp; 523462 |
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), "A", 5%, 3/15/2036  | 500000 | &nbsp;&nbsp;&nbsp; 503112 |
| Fulton County, GA, Development Authority Rev. (Robert W. Woodruff Arts Center, Inc. Project), "A", 5%, 3/15/2044  | 660000 | &nbsp;&nbsp;&nbsp; 666831 |
| Hart County, GA, Association County Commissioners (Public Purpose Project), 4.75%, 11/01/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 966728 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 280000 | &nbsp;&nbsp;&nbsp; 273625 |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), <br> 5%, 7/01/2028 <br>| 175000 | &nbsp;&nbsp;&nbsp; 175015 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 45000 | &nbsp;&nbsp;&nbsp; 45371 |
|  |  | &nbsp;&nbsp;&nbsp; $6812551 |
| Multi-Family Housing Revenue – 9.0% | Multi-Family Housing Revenue – 9.0% | Multi-Family Housing Revenue – 9.0% |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (Flats at Stone Hogan), FNMA, 4.37%, 5/01/2044  | $1000000 | &nbsp;&nbsp;&nbsp; $949199 |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (Skyline Apartments), 3.75%, 9/01/2025  | 500000 | &nbsp;&nbsp;&nbsp; 500153 |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Mortgage (Trinity Towers), "A", 4.85%, 9/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 1003139 |
| DeKalb County, GA, Housing Authority, Affordable Multi-Family Rev. (Park at 500 Project), 4%, 3/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 982762 |
| DeKalb County, GA, Housing Authority, Multi-Family Housing Rev. (The Avenues of North Decatur), 4.125%, 12/01/2034  | 1000000 | &nbsp;&nbsp;&nbsp; 974626 |
| DeKalb County, GA, Housing Authority, Multi-Family Housing Rev. (Tranquility at Decatur Project), "B", 3.4%, 9/01/2025  | 377000 | &nbsp;&nbsp;&nbsp; 376853 |
| DeKalb County, GA, Housing Authority, Multi-Family Rev. (Kensington Station Project), "A", 4%, 12/01/2033  | 1000000 | &nbsp;&nbsp;&nbsp; 1000260 |
| Douglas County, GA, Housing Authority, Multi-Family Rev. (Astoria at Crystal Lake Project), "A", FNMA, 4.375%, 4/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 945692 |
| Douglas County, GA, Housing Authority, Multi-Family Rev. (Durelee Lane Senior Residences), "A", FNMA, 5.1%, 2/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 1006599 |
| Lawrenceville, GA, Housing Finance Authority, Multi-Family Rev. (Applewood Towers Project), "A", 4.375%, 10/01/2042  | 995000 | &nbsp;&nbsp;&nbsp; 962601 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 317066 | &nbsp;&nbsp;&nbsp; 307023 |
| Savannah, GA, Housing Authority, Multi-Family (Pines at Garden City Project), FNMA, 4.75%, 3/01/2042  | 500000 | &nbsp;&nbsp;&nbsp; 503903 |
|  |  | &nbsp;&nbsp;&nbsp; $9512810 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Port Revenue – 2.4% | Port Revenue – 2.4% | Port Revenue – 2.4% |
| Georgia Ports Authority Rev., 4%, 7/01/2047  | $1000000 | &nbsp;&nbsp;&nbsp; $894615 |
| Georgia Ports Authority Rev., 4%, 7/01/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 866904 |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 824916 |
|  |  | &nbsp;&nbsp;&nbsp; $2586435 |
| Sales & Excise Tax Revenue – 5.4% | Sales & Excise Tax Revenue – 5.4% | Sales & Excise Tax Revenue – 5.4% |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding (McCormick Place Expansion Project), Capital Appreciation, <br> "B-1", AGM, 0%, 6/15/2044 <br>| $1205000 | &nbsp;&nbsp;&nbsp; $460470 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042  | 90000 | &nbsp;&nbsp;&nbsp; 79666 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., "A", 5.25%, 7/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 1056618 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., "A", 5%, 7/01/2039  | 1000000 | &nbsp;&nbsp;&nbsp; 1083073 |
| Metropolitan Atlanta Rapid Transit Authority, GA, Sales Tax Refunding Rev., "E-1", 3%, 7/01/2040  | 1000000 | &nbsp;&nbsp;&nbsp; 823349 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 24000 | &nbsp;&nbsp;&nbsp; 23004 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 82000 | &nbsp;&nbsp;&nbsp; 75388 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 627000 | &nbsp;&nbsp;&nbsp; 589460 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 196000 | &nbsp;&nbsp;&nbsp; 183911 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 83000 | &nbsp;&nbsp;&nbsp; 77881 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 578000 | &nbsp;&nbsp;&nbsp; 526715 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 6000 | &nbsp;&nbsp;&nbsp; 5120 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 326000 | &nbsp;&nbsp;&nbsp; 254350 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 316000 | &nbsp;&nbsp;&nbsp; 224617 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 145000 | &nbsp;&nbsp;&nbsp; 45914 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 245000 | &nbsp;&nbsp;&nbsp; 237038 |
|  |  | &nbsp;&nbsp;&nbsp; $5746574 |
| Secondary Schools – 0.6% | Secondary Schools – 0.6% | Secondary Schools – 0.6% |
| DeKalb County, GA, Development Authority Rev. (Globe Academy, Inc. Project), "A", 5%, 6/01/2055  | $500000 | &nbsp;&nbsp;&nbsp; $455312 |
| District of Columbia Rev. (Rocketship DC Obligated Group), "A", 5%, 6/01/2049 (n) | 250000 | &nbsp;&nbsp;&nbsp; 220990 |
|  |  | &nbsp;&nbsp;&nbsp; $676302 |
| Single Family Housing - State – 8.1% | Single Family Housing - State – 8.1% | Single Family Housing - State – 8.1% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | $70000 | &nbsp;&nbsp;&nbsp; $70091 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4.15%, 12/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 969594 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 3.85%, 12/01/2041  | 1465000 | &nbsp;&nbsp;&nbsp; 1301750 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 3.6%, 12/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 848047 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4%, 12/01/2048  | 405000 | &nbsp;&nbsp;&nbsp; 349384 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4.6%, 12/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 951668 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "A", 4.7%, 12/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 961114 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "B", 4.875%, 12/01/2038  | 685000 | &nbsp;&nbsp;&nbsp; 689355 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "C", 5.05%, 12/01/2045  | 1000000 | &nbsp;&nbsp;&nbsp; 1002286 |
| Georgia Housing & Finance Authority Rev., Single Family Mortgage, "C", 4.55%, 12/01/2049  | 750000 | &nbsp;&nbsp;&nbsp; 709484 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 4.45%, 9/01/2043 <br>| 595000 | &nbsp;&nbsp;&nbsp; 588189 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 4.5%, 9/01/2046 <br>| 195000 | &nbsp;&nbsp;&nbsp; 185601 |
|  |  | &nbsp;&nbsp;&nbsp; $8626563 |
| State & Local Agencies – 3.8% | State & Local Agencies – 3.8% | State & Local Agencies – 3.8% |
| Fayette County, GA, Development Authority Rev. (United States Soccer Federation, Inc. Project), 5.25%, 10/01/2054  | $1000000 | &nbsp;&nbsp;&nbsp; $1007231 |
| Georgia Municipal Association, Inc. (City of Fairburn Project), 4%, 1/01/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 850669 |
| Knightdale, NC, Limited Obligation, 4%, 3/01/2043  | 650000 | &nbsp;&nbsp;&nbsp; 609575 |
| Knightdale, NC, Limited Obligation, 4%, 3/01/2045  | 550000 | &nbsp;&nbsp;&nbsp; 507471 |
| Rockdale County, GA, Public Facilities Rev., 5%, 1/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 1021586 |
|  |  | &nbsp;&nbsp;&nbsp; $3996532 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Student Loan Revenue – 0.5% | Student Loan Revenue – 0.5% | Student Loan Revenue – 0.5% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | $5000 | &nbsp;&nbsp;&nbsp; $4739 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 130000 | &nbsp;&nbsp;&nbsp; 97296 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 460000 | &nbsp;&nbsp;&nbsp; 453615 |
|  |  | &nbsp;&nbsp;&nbsp; $555650 |
| Tax - Other – 1.8% | Tax - Other – 1.8% | Tax - Other – 1.8% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | $70000 | &nbsp;&nbsp;&nbsp; $68910 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 185000 | &nbsp;&nbsp;&nbsp; 191322 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Bond, 5.75%, 4/01/2035  | 435000 | &nbsp;&nbsp;&nbsp; 446816 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 35000 | &nbsp;&nbsp;&nbsp; 35247 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 100000 | &nbsp;&nbsp;&nbsp; 98476 |
| Jefferson, GA, Public Building Authority Rev. (School District Project), 5%, 2/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 1028287 |
|  |  | &nbsp;&nbsp;&nbsp; $1869058 |
| Tax Assessment – 0.4% | Tax Assessment – 0.4% | Tax Assessment – 0.4% |
| Atlanta, GA, Tax Allocation (Eastside Project), 5%, 1/01/2030 (Prerefunded 1/01/2026)  | $410000 | &nbsp;&nbsp;&nbsp; $414248 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029  | 10000 | &nbsp;&nbsp;&nbsp; 9884 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 9000 | &nbsp;&nbsp;&nbsp; 9041 |
|  |  | &nbsp;&nbsp;&nbsp; $433173 |
| Tobacco – 0.5% | Tobacco – 0.5% | Tobacco – 0.5% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055  | $355000 | &nbsp;&nbsp;&nbsp; $302647 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 245000 | &nbsp;&nbsp;&nbsp; 222935 |
|  |  | &nbsp;&nbsp;&nbsp; $525582 |
| Toll Roads – 0.3% | Toll Roads – 0.3% | Toll Roads – 0.3% |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | $375000 | &nbsp;&nbsp;&nbsp; $288596 |
| Universities - Colleges – 11.3% | Universities - Colleges – 11.3% | Universities - Colleges – 11.3% |
| Americus-Sumter, GA, Payroll Development Authority Rev. (USG Real Estate Foundation VII LLC Project), "A", 3.5%, 6/01/2035  | $500000 | &nbsp;&nbsp;&nbsp; $489256 |
| Augusta, GA, Development Authority Rev. (AU Jaguar Facilities Development LLC Project), 5.5%, 7/01/2048  | 750000 | &nbsp;&nbsp;&nbsp; 773416 |
| Barnesville-Lamar County, GA, Industrial Development Authority Refunding Rev. (USG Real Estate Foundation VI LLC Project), <br> 5%, 6/01/2038 <br>| 600000 | &nbsp;&nbsp;&nbsp; 613982 |
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2037  | 560000 | &nbsp;&nbsp;&nbsp; 550342 |
| Bibb County, GA, Development Authority Rev. (USG Real Estate Foundation IX LLC Project), 4%, 6/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 903518 |
| Clemson University, SC, Athletic Facilities Rev., "A", 3%, 5/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 705655 |
| Cobb County, GA, Development Authority Lease Rev. (KSU Summit II Student Housing Project), 4.625%, 7/15/2056  | 1000000 | &nbsp;&nbsp;&nbsp; 932148 |
| Dahlonega, GA, Downtown Development Authority Refunding Rev. (North Georgia MAC LLC), 5%, 7/01/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 1025974 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 4%, 6/15/2049  | 500000 | &nbsp;&nbsp;&nbsp; 443349 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 1004484 |
| Georgia Private Colleges & Universities Authority Rev. (Emory University Project), "A", 5.25%, 9/01/2045  | 750000 | &nbsp;&nbsp;&nbsp; 795543 |
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5%, 10/01/2040  | 350000 | &nbsp;&nbsp;&nbsp; 350076 |
| Georgia Private Colleges & Universities Authority Rev. (Mercer University Project), 5.25%, 10/01/2051  | 1000000 | &nbsp;&nbsp;&nbsp; 1014387 |
| Gwinnett County, GA, Development Authority Rev. (Student Housing), "A", 5%, 7/01/2040  | 1000000 | &nbsp;&nbsp;&nbsp; 1010116 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 500000 | &nbsp;&nbsp;&nbsp; 393526 |
| Moultrie-Colquitt County, GA, Development Authority Rev. (Philadelphia College of Osteopathic Medicine), 5%, 12/01/2048  | 870000 | &nbsp;&nbsp;&nbsp; 873034 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities <br> Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 <br>| 60000 | &nbsp;&nbsp;&nbsp; 59866 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 <br>| 45000 | &nbsp;&nbsp;&nbsp; 45046 |
|  |  | &nbsp;&nbsp;&nbsp; $11983718 |
| Universities - Dormitories – 0.4% | Universities - Dormitories – 0.4% | Universities - Dormitories – 0.4% |
| Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2030 <br>| $390000 | &nbsp;&nbsp;&nbsp; $390159 |
| Cobb County, GA, Development Authority, Student Housing Refunding Rev. (Kennesaw State University Foundation, Inc.), "C", <br> 5%, 7/15/2030 (Prerefunded 7/15/2025) <br>| 10000 | &nbsp;&nbsp;&nbsp; 10007 |
|  |  | &nbsp;&nbsp;&nbsp; $400166 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Utilities - Municipal Owned – 8.5% | Utilities - Municipal Owned – 8.5% | Utilities - Municipal Owned – 8.5% |
| Dalton, GA, Combined Utilities Rev., 5%, 3/01/2029  | $1195000 | &nbsp;&nbsp;&nbsp; $1228843 |
| Dalton, GA, Combined Utilities Rev., 4%, 3/01/2035  | 500000 | &nbsp;&nbsp;&nbsp; 493864 |
| Dalton, GA, Combined Utilities Rev., 4%, 3/01/2036  | 500000 | &nbsp;&nbsp;&nbsp; 490097 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", 4.5%, 7/01/2063  | 1000000 | &nbsp;&nbsp;&nbsp; 918383 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 1002376 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J), "A", AGM, 5%, 7/01/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 996821 |
| Georgia Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project M), "A", 5%, 1/01/2039  | 750000 | &nbsp;&nbsp;&nbsp; 766954 |
| Georgia Municipal Electric Authority (Project One), "A", 5%, 1/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 1055326 |
| Georgia Municipal Electric Authority (Project One), "A", 5%, 1/01/2038  | 125000 | &nbsp;&nbsp;&nbsp; 128798 |
| Georgia Municipal Electric Authority, "A", BAM, 5.25%, 1/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 1036786 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 155000 | &nbsp;&nbsp;&nbsp; 84669 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 200000 | &nbsp;&nbsp;&nbsp; 109250 |
| Puerto Rico Electric Power Authority Rev., "RR", AGM, 5%, 7/01/2028  | 490000 | &nbsp;&nbsp;&nbsp; 488746 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | 15000 | &nbsp;&nbsp;&nbsp; 8194 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 125000 | &nbsp;&nbsp;&nbsp; 68281 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 70000 | &nbsp;&nbsp;&nbsp; 69992 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 10000 | &nbsp;&nbsp;&nbsp; 9827 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | 30000 | &nbsp;&nbsp;&nbsp; 16387 |
|  |  | &nbsp;&nbsp;&nbsp; $8973594 |
| Utilities - Other – 3.5% | Utilities - Other – 3.5% | Utilities - Other – 3.5% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| $585000 | &nbsp;&nbsp;&nbsp; $613034 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2053 (Put Date 6/01/2030)  | 1000000 | &nbsp;&nbsp;&nbsp; 1048279 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032)  | 500000 | &nbsp;&nbsp;&nbsp; 531729 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "C", 5%, 9/01/2053 (Put Date 9/01/2030)  | 750000 | &nbsp;&nbsp;&nbsp; 793154 |
| Southeast Alabama Energy, Cooperative District Energy Supply Rev., "A-1", 5.5%, 11/01/2053 (Put Date 1/01/2031)  | 715000 | &nbsp;&nbsp;&nbsp; 771685 |
|  |  | &nbsp;&nbsp;&nbsp; $3757881 |
| Water & Sewer Utility Revenue – 9.2% | Water & Sewer Utility Revenue – 9.2% | Water & Sewer Utility Revenue – 9.2% |
| Atlanta, GA, Water & Wastewater Refunding Rev., BAM, 4%, 11/01/2043  | $1000000 | &nbsp;&nbsp;&nbsp; $933920 |
| Cartersville, GA, Development Authority Waste & Water Facilities Rev., 4%, 6/01/2038  | 500000 | &nbsp;&nbsp;&nbsp; 486974 |
| Cherokee County, GA, Water & Sewerage Authority Rev., 4%, 8/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 876426 |
| Coweta County, GA, Water & Sewerage Authority Rev., 5%, 6/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 1023866 |
| DeKalb County, GA, Water & Sewer Rev., 5%, 10/01/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 1021044 |
| Gainesville, GA, Water & Sewer Rev., 5%, 11/15/2046  | 400000 | &nbsp;&nbsp;&nbsp; 415304 |
| Georgia Upper Oconee Basin Water Authority Rev., 5%, 7/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1035471 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 125000 | &nbsp;&nbsp;&nbsp; 123953 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 155000 | &nbsp;&nbsp;&nbsp; 153115 |
| Henry County, GA, Water Authority, Water & Sewer Rev., 4.25%, 2/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 964812 |
| Macon, GA, Water Authority, Water & Sewer Rev., 5%, 10/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 1023795 |
| Spalding County, GA, Water & Sewer Facilities Authority Rev., 4.85%, 6/01/2056  | 690000 | &nbsp;&nbsp;&nbsp; 682321 |
| Walton County, GA, Water & Sewer Authority Rev. (Walton-Hard Labor Creek Reservoir Water Treatment Facility Project), <br> 5%, 2/01/2053 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1020505 |
|  |  | &nbsp;&nbsp;&nbsp; $9761506 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$103534341** |
| Bonds – 0.1%  | Bonds – 0.1%  | Bonds – 0.1%  |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)  | $219865 | &nbsp;&nbsp;&nbsp; $73457 |
| 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  | $191510 | &nbsp;&nbsp;&nbsp; $117779 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds (h) – 1.0%  | Mutual Funds (h) – 1.0%  | Mutual Funds (h) – 1.0%  |
| Money Market Funds – 1.0% | Money Market Funds – 1.0% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v)  | 1006132 | &nbsp;&nbsp;&nbsp; $1006232 |
| Other Assets, Less Liabilities – 1.1% |  | &nbsp;&nbsp;&nbsp; 1192102 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$105923911** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments
 in affiliated issuers and in unaffiliated issuers were $1,006,232 and $103,725,577, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $2,436,795, representing 2.3% of net assets.

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

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |

---

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

------

**Supplemental Information**

6/30/25 (unaudited)

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

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

**(1) Investment Valuations**

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

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

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

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

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

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of June 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $103652120 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $103652120 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73457 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73457 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 1006232 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1006232 |
| Total | &nbsp;&nbsp;&nbsp; $1006232 | &nbsp;&nbsp;&nbsp; $103725577 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $104731809 |

---

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

------

*Supplemental Information (unaudited) – continued*

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

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended June 30, 2025:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $2250200 | &nbsp;&nbsp; $9287179 | &nbsp;&nbsp; $10530973 | &nbsp;&nbsp; $(272)<br>| &nbsp;&nbsp; $98 | &nbsp;&nbsp; $1006232<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $680183 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

Jurisdiction weighting percentages based on net assets, as of June 30, 2025, are as follows:

---

| | |
|:---|:---|
| Georgia | 82.5% |
| Puerto Rico | 3.5% |
| New York | 2.3% |
| Illinois | 1.8% |
| North Carolina | 1.7% |
| Virginia | 0.8% |
| California | 0.8% |
| Maryland | 0.8% |
| Alabama | 0.7% |
| South Carolina | 0.7% |
| Arkansas | 0.6% |
| Guam | 0.5% |
| New Jersey | 0.4% |
| Massachusetts | 0.4% |
| New Hampshire | 0.3% |
| Ohio | 0.3% |
| Wisconsin | 0.2% |
| Washington DC | 0.2% |
| Pennsylvania | 0.2% |
| Iowa | 0.1% |
| Texas | 0.1% |
| Michigan | 0.1% |
| Connecticut | 0.1% |
| U.S. Virgin Islands (o) | 0.0% |
| Colorado (o) | 0.0% |

---

(o) Less than 0.1%.

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

- **b. EDGAR series identifier (if any):** S000002532

- **c. LEI of Series:** D6T6CE9XSLIZ37D0OB07

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $106348310.31

**Total Liabilities:** $380826.18

**Net Assets:** $105967484.13

**Cash Not Reported:** $4041.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -133.08543310 | **1-Year:** -3173.76365930 | **5-Year:** -14799.77661880 | **10-Year:** -42526.69989610 | **30-Year:** -17851.37388880

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

- **3-Month:** -24.18794060 | **1-Year:** -353.15470700 | **5-Year:** -1313.26186040 | **10-Year:** -2229.59594930 | **30-Year:** -1042.82923450

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194246 | -0.61%               | -0.72%               | 0.63%                |
| Class ID C000006983 | -0.65%               | -0.75%               | 0.57%                |
| Class ID C000006984 | -0.61%               | -0.81%               | 0.51%                |
| Class ID C000169768 | -0.50%               | -0.72%               | 0.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-31145.24               | $-945233.60                                |
| Month 2  | $-56912.20               | $-997944.74                                |
| Month 3  | $-80103.40               | $369710.09                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005GAS2<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022079.60   | 0.96%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                                              | Metropolitan Atlanta Rapid Transit Authority, Series 2025A                                                | CUSIP: 591746BZ4<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056618.20   | 1.00%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Knightdale NC                                                                                     | Town of Knightdale, Series 2025                                                                           | CUSIP: 49906YAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $507470.59    | 0.48%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    100000 | PA      | $98476.17     | 0.09%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FCS2<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $443348.60    | 0.42%             | 2049-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedartown Polk County Hospital Authority                                                                  | Cedartown Polk County Hospital Authority                                                                  | CUSIP: 150759AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510762.50    | 0.48%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005GAW3<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    750000 | PA      | $752468.10    | 0.71%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                                                                  | Development Authority of Rockdale County                                                                  | CUSIP: 773008AR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $140710.44    | 0.13%             | 2038-01-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Town of Knightdale NC                                                                                     | Town of Knightdale, Series 2025                                                                           | CUSIP: 49906YAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $609575.27    | 0.58%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dalton Whitfield County Joint Development Authority                                                       | Dalton Whitfield County Joint Development Authority                                                       | CUSIP: 235641AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $219563.00    | 0.21%             | 2048-08-15      | 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        |    326000 | PA      | $254349.50    | 0.24%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 74528NAU1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $59866.29     | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                                                      | City of Atlanta GA Airport Passenger Facility Charge                                                      | CUSIP: 04780TDN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $506001.71    | 0.48%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      9000 | PA      | $9041.24      | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |    998812 | NS      | $998912.37    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $185601.14    | 0.18%             | 2046-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                                 | Private Colleges & Universities Authority                                                                 | CUSIP: 74265LG85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350076.13    | 0.33%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                               | New York City Industrial Development Agency                                                               | CUSIP: 64972PAL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175015.05    | 0.17%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    130000 | PA      | $94847.09     | 0.09%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    155000 | PA      | $84668.75     | 0.08%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                                              | County of DeKalb                                                                                          | CUSIP: 240523A75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021043.50   | 0.96%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barnesville-Lamar County Industrial Development Authority                                                 | Barnesville-Lamar County Industrial Development Authority                                                 | CUSIP: 068049BR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $613981.68    | 0.58%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta                                                                                           | CUSIP: 04780MF79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989255.00    | 0.93%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                                           | DeKalb County Housing Authority, Series 2023A                                                             | CUSIP: 240471PD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000260.00   | 0.94%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Walton County Water & Sewer Authority                                                                     | Walton County Water & Sewer Authority                                                                     | CUSIP: 93342PFL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020504.70   | 0.96%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                                           | DeKalb County Housing Authority, Series 2024                                                              | CUSIP: 240471PH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974626.10    | 0.92%             | 2034-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | CUSIP: 235586BZ6<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1228842.64   | 1.16%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     50258 | PA      | $53012.57     | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $393526.40    | 0.37%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4739.05      | 0.00%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      6000 | PA      | $5120.42      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Georgia Municipal Association, Inc.                                                                       | Georgia Municipal Association, Inc.                                                                       | CUSIP: 373293DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $850668.50    | 0.80%             | 2055-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority, Series 2025 C                                                        | CUSIP: 37353PRH4<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002285.60   | 0.95%             | 2045-12-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Augusta Development Authority                                                                             | Augusta Development Authority, Series 2023                                                                | CUSIP: 05115CBM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773416.28    | 0.73%             | 2048-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 6262074F8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    125000 | PA      | $128798.30    | 0.12%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cherokee County Water & Sewer Authority/GA                                                                | Cherokee County Water & Sewer Authority                                                                   | CUSIP: 164243WY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $876426.10    | 0.83%             | 2053-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $201434.95    | 0.19%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                                               | Atlanta Urban Residential Finance Authority, Series 2024                                                  | CUSIP: 04785VBU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500152.90    | 0.47%             | 2025-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Jefferson Public Building Authority                                                                       | Jefferson Public Building Authority, Series 2025                                                          | CUSIP: 47407RMD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028287.10   | 0.97%             | 2050-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                                                | Development Authority of Cobb County (The)                                                                | CUSIP: 190778JR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10007.10     | 0.01%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henry County Water Authority                                                                              | Henry County Water Authority, Series 2025                                                                 | CUSIP: 426368AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964811.80    | 0.91%             | 2044-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority, Series 2024C                                                         | CUSIP: 37353PPH6<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    750000 | PA      | $709484.48    | 0.67%             | 2049-12-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority, Series 2023 B                                                        | CUSIP: 37353PLT4<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    685000 | PA      | $689354.89    | 0.65%             | 2038-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta GA Department of Aviation                                                                 | CUSIP: 04780MVW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000613.20   | 0.94%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017                                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70090.52     | 0.07%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9883.38      | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                                                | Development Authority of Cobb County (The), Series 2025                                                   | CUSIP: 19078VFP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932147.50    | 0.88%             | 2056-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Savannah Hospital Authority                                                                               | Savannah Hospital Authority                                                                               | CUSIP: 804833FD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909774.20    | 0.86%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9827.42      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority                                                                       | CUSIP: 37353PBM0<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    405000 | PA      | $349383.86    | 0.33%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                                                   | Energy Southeast A Cooperative District                                                                   | CUSIP: 292723AK9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |    715000 | PA      | $771684.70    | 0.73%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority                                                                                   | Rome Building Authority, Series 2023                                                                      | CUSIP: 776000AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042468.40   | 0.98%             | 2044-03-01      | 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        |     24000 | PA      | $23004.22     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority, Series 2024 A                                                        | CUSIP: 37353PMF3<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951668.00    | 0.90%             | 2049-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Carroll City-County Hospital Authority                                                                    | Carroll City-County Hospital Authority                                                                    | CUSIP: 144709MB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750575.10    | 0.71%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14663.67     | 0.01%             | 2049-07-01      | Fixed         | 5.00%                 | 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        |    460000 | PA      | $453614.42    | 0.43%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016                                 | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $446815.43    | 0.42%             | 2035-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $588189.51    | 0.56%             | 2043-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    317066 | PA      | $307022.51    | 0.29%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FGC3<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    400000 | PA      | $381635.00    | 0.36%             | 2039-07-01      | Fixed         | 4.00%                 | 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        |    245000 | PA      | $222934.81    | 0.21%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 3599006Z5<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503111.95    | 0.47%             | 2036-03-15      | Fixed         | 5.00%                 | 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        |    550000 | PA      | $468765.55    | 0.44%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority                                                                       | CUSIP: 37353PKP3<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969593.70    | 0.91%             | 2038-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority                                                                       | CUSIP: 37353PDC0<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $848046.90    | 0.80%             | 2044-12-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                                               | Atlanta Urban Residential Finance Authority, Series 2024A                                                 | CUSIP: 04785WAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949198.80    | 0.90%             | 2044-05-01      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Bibb County Development Authority                                                                         | Bibb County Development Authority                                                                         | CUSIP: 08869FFU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903518.00    | 0.85%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $8193.75      | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                                              | Gainesville & Hall County Hospital Authority                                                              | CUSIP: 362762LU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000739.30   | 0.94%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $663550.44    | 0.63%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hart GA                                                                                         | County of Hart                                                                                            | CUSIP: 416049AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966727.90    | 0.91%             | 2052-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FBW4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    660000 | PA      | $666831.53    | 0.63%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86762.52     | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Cartersville GA                                                                                   | City of Cartersville                                                                                      | CUSIP: 146441CV0<br>LEI: 549300BU50U4TH5CTS53 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $690159.40    | 0.65%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    130000 | PA      | $97296.19     | 0.09%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    180000 | PA      | $188545.79    | 0.18%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    200000 | PA      | $109250.00    | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                                              | Metropolitan Atlanta Rapid Transit Authority                                                              | CUSIP: 591746AM4<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083073.20   | 1.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spalding County Water & Sewer Facilities Authority                                                        | Spalding County Water & Sewer Facilities Authority, Series 2025                                           | CUSIP: 846378EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $682321.34    | 0.64%             | 2056-06-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Fayette County Development Authority                                                                      | Fayette County Development Authority, Series 2024                                                         | CUSIP: 31222PAX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007231.20   | 0.95%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     85068 | PA      | $81907.11     | 0.08%             | 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        |     30000 | PA      | $30045.76     | 0.03%             | 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        |    245000 | PA      | $237037.50    | 0.22%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta, Series 2023 C                                                                            | CUSIP: 04780MQ51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493604.85    | 0.47%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Housing Authority/GA                                                                       | Douglas County Housing Authority, Series REV BDS 2024A                                                    | CUSIP: 259029AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945692.50    | 0.89%             | 2043-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                                             | City of Atlanta, Series 2024                                                                              | CUSIP: 047870TF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933919.80    | 0.88%             | 2043-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bibb County Development Authority                                                                         | Bibb County Development Authority                                                                         | CUSIP: 08869FFR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $550342.13    | 0.52%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Housing Authority/GA                                                                       | Douglas County Housing Authority, Series 2025A                                                            | CUSIP: 259028AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006599.50   | 0.95%             | 2044-02-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2024                                                    | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500302.35    | 0.47%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                                   | Port Authority of New York & New Jersey                                                                   | CUSIP: 73358W5U4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $824916.30    | 0.78%             | 2055-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                                                   | Georgia Ports Authority                                                                                   | CUSIP: 373586HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866904.20    | 0.82%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | CUSIP: 235586CG7<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |    500000 | PA      | $490096.55    | 0.46%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FGE9<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866923.90    | 0.82%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    370000 | PA      | $292167.21    | 0.28%             | 2047-12-01      | Fixed         | 4.00%                 | 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        |    355000 | PA      | $302646.94    | 0.29%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Senoia Building & Facilities Authority                                                            | City of Senoia Building & Facilities Authority, Series 2025                                               | CUSIP: 81724FAU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911831.00    | 0.86%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    745000 | PA      | $675008.74    | 0.64%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                                               | George L Smith II Congress Center Authority                                                               | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1018323.00   | 0.96%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority, Series 2024 A                                                        | CUSIP: 37353PMG1<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961114.20    | 0.91%             | 2054-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University                                                                                        | CUSIP: 185630A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $705655.10    | 0.67%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Cartersville GA Water & Sewer Revenue                                                             | City of Cartersville                                                                                      | CUSIP: 146501QU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486974.35    | 0.46%             | 2038-06-01      | 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: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    578000 | PA      | $526714.93    | 0.50%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    155000 | PA      | $153115.05    | 0.14%             | 2050-01-01      | 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        |     40000 | PA      | $39738.42     | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lawrenceville Housing Authority                                                                           | Lawrenceville Housing Authority, Series 2024A                                                             | CUSIP: 520628AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $962601.11    | 0.91%             | 2042-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                                                       | Atlanta Development Authority (The)                                                                       | CUSIP: 04780NMY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $240330.59    | 0.23%             | 2048-12-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     30000 | PA      | $16387.50     | 0.02%             | 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: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     45000 | PA      | $45046.16     | 0.04%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Urban Redevelopment Agency of Dacula                                                                      | Urban Redevelopment Agency of Dacula, Series 2024                                                         | CUSIP: 23346RAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890881.10    | 0.84%             | 2050-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FCT0<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004483.90   | 0.95%             | 2052-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGU3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $69991.66     | 0.07%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 6262075A8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055326.00   | 1.00%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington County Hospital Authority/GA                                                                   | Washington County Hospital Authority                                                                      | CUSIP: 937590DR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906307.90    | 0.86%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                                       | Georgia Housing & Finance Authority                                                                       | CUSIP: 373539K87<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1301750.51   | 1.23%             | 2041-12-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                                                     | Columbia County Hospital Authority                                                                        | CUSIP: 197479AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049053.60   | 0.99%             | 2053-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                             | Main Street Natural Gas, Inc.                                                                             | CUSIP: 56035DFK3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    750000 | PA      | $793154.48    | 0.75%             | 2053-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville GA Water & Sewerage Revenue                                                           | City of Gainesville, Series 2024                                                                          | CUSIP: 363010ZJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $415303.72    | 0.39%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUW2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $220989.43    | 0.21%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                                           | DeKalb County Housing Authority, Series 2022B                                                             | CUSIP: 240471PJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    377000 | PA      | $376852.74    | 0.36%             | 2025-09-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Moultrie-Colquitt Counties Development Authority GA                                                       | Moultrie-Colquitt Counties Development Authority                                                          | CUSIP: 620272BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $873034.13    | 0.82%             | 2048-12-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    316000 | PA      | $224616.53    | 0.21%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    125000 | PA      | $68281.25     | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Macon Water Authority                                                                                     | Macon Water Authority, Series 2024                                                                        | CUSIP: 555758KC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023795.40   | 0.97%             | 2054-10-01      | 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        |     35711 | PA      | $34023.76     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 62620HGP1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002375.60   | 0.95%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 62620HGQ9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996821.30    | 0.94%             | 2055-07-01      | Fixed         | 5.00%                 | 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        |    375000 | PA      | $288595.58    | 0.27%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Development Authority                                                           | Gainesville & Hall County Development Authority                                                           | CUSIP: 362763AQ7<br>LEI: 549300L0GMYXTK7H5359 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507323.55    | 0.48%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    145000 | PA      | $45913.92     | 0.04%             | 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        |     48553 | PA      | $43148.02     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                                 | Private Colleges & Universities Authority, Series 2025 A                                                  | CUSIP: 74265L3N6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795543.00    | 0.75%             | 2045-09-01      | 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: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    196000 | PA      | $183911.48    | 0.17%             | 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        |    125000 | PA      | $123953.43    | 0.12%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dalton Whitfield County Joint Development Authority                                                       | Dalton Whitfield County Joint Development Authority, Series 2024 B                                        | CUSIP: 235641BE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $884334.99    | 0.83%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority                                                                                   | Rome Building Authority, Series 2023                                                                      | CUSIP: 776000AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047030.70   | 0.99%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                                           | Allegheny County Hospital Development Authority                                                           | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    210000 | PA      | $183744.31    | 0.17%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                                                  | Dahlonega Downtown Development Authority                                                                  | CUSIP: 23378RFM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025973.50   | 0.97%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                                                   | Georgia Ports Authority                                                                                   | CUSIP: 373586HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894614.90    | 0.84%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                             | Main Street Natural Gas, Inc.                                                                             | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048278.90   | 0.99%             | 2053-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    627000 | PA      | $589460.44    | 0.56%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                             | Main Street Natural Gas, Inc., Series 2025 A                                                              | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531729.30    | 0.50%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                                                     | Columbia County Hospital Authority                                                                        | CUSIP: 197479AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009176.10   | 0.95%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                                                       | Atlanta Development Authority (The), Series 2024A-1                                                       | CUSIP: 04780NMW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500983.50    | 0.47%             | 2034-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.72     | 0.02%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                                 | Private Colleges & Universities Authority                                                                 | CUSIP: 74265L2K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014386.60   | 0.96%             | 2051-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $191321.71    | 0.18%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Americus-Sumter Payroll Development Authority                                                             | Americus-Sumter Payroll Development Authority                                                             | CUSIP: 03069XCN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489256.10    | 0.46%             | 2035-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Rockdale County Public Facilities Authority                                                               | Rockdale County Public Facilities Authority, Series 2024                                                  | CUSIP: 77302EAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021586.10   | 0.96%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     35000 | PA      | $35247.34     | 0.03%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     90000 | PA      | $79665.82     | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fulton County Residential Care Facilities for the Elderly Authority                                       | Fulton County Residential Care Facilities for the Elderly Authority                                       | CUSIP: 360059AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500866.30    | 0.47%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glynn-Brunswick Memorial Hospital Authority                                                               | Glynn-Brunswick Memorial Hospital Authority                                                               | CUSIP: 380037FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400319.12    | 0.38%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coweta County Water & Sewage Authority                                                                    | Coweta County Water & Sewage Authority, Series 2024                                                       | CUSIP: 223663MP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023865.70   | 0.97%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 626207Z23<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    750000 | PA      | $766954.50    | 0.72%             | 2039-01-01      | Fixed         | 5.00%                 | 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        |    350288 | PA      | $117031.36    | 0.11%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series RR                                                           | CUSIP: 74526QDH2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    490000 | PA      | $488746.34    | 0.46%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     59571 | PA      | $41183.24     | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Cobb County (The)                                                                | Development Authority of Cobb County (The)                                                                | CUSIP: 190778JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390159.28    | 0.37%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richmond County Hospital Authority                                                                        | Richmond County Hospital Authority                                                                        | CUSIP: 764603BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996486.30    | 0.94%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Classic Center Authority for Clarke County                                                                | Classic Center Authority for Clarke County, Series 2023A                                                  | CUSIP: 18274ABU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003624.90   | 0.95%             | 2043-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                                                 | City of Atlanta, Series 2024B                                                                             | CUSIP: 04780MX87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023253.60   | 0.97%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Development Authority of Gwinnett County                                                                  | Development Authority of Gwinnett County                                                                  | CUSIP: 403720FG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010116.30   | 0.95%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Development Authority                                                                       | DeKalb County Development Authority, Series 2024A                                                         | CUSIP: 240463KD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $455312.40    | 0.43%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                                               | Atlanta Urban Residential Finance Authority, Series 2024A                                                 | CUSIP: 04785WAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003139.30   | 0.95%             | 2043-09-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                                              | Metropolitan Atlanta Rapid Transit Authority                                                              | CUSIP: 5917457Q1<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823348.90    | 0.78%             | 2040-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $68910.27     | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA                                                                                        | City of Atlanta                                                                                           | CUSIP: 047849EE0<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |    410000 | PA      | $414248.01    | 0.39%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia                                                                   | CUSIP: 62620HEM0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918383.20    | 0.87%             | 2063-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    695000 | PA      | $608869.83    | 0.57%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Savannah Housing Authority                                                                                | Savannah Housing Authority, Series BDS 2025A                                                              | CUSIP: 80483HAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503902.55    | 0.48%             | 2042-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     25000 | PA      | $20919.84     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                                  | Metropolitan Pier & Exposition Authority                                                                  | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $460469.66    | 0.43%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     83000 | PA      | $77880.88     | 0.07%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     45000 | PA      | $45370.77     | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                                   | Municipal Electric Authority of Georgia, Series 2024                                                      | CUSIP: 62620HJZ6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036786.20   | 0.98%             | 2054-01-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     82000 | PA      | $75388.11     | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | Board of Water Light & Sinking Fund Commissioners of The City of Dalton (The)                             | CUSIP: 235586CF9<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493863.60    | 0.47%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     46290 | PA      | $45161.86     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dalton Whitfield County Joint Development Authority                                                       | Dalton Whitfield County Joint Development Authority, Series 2024 B                                        | CUSIP: 235641BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $464198.81    | 0.44%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority                                                                           | DeKalb County Housing Authority, Series 2024                                                              | CUSIP: 240471PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982762.30    | 0.93%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Roswell GA                                                                                        | City of Roswell                                                                                           | CUSIP: 778535GM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $457248.35    | 0.43%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    585000 | PA      | $613034.14    | 0.58%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                                                   | Development Authority for Fulton County                                                                   | CUSIP: 36005FBU8<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523461.65    | 0.49%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    171495 | PA      | $146528.02    | 0.14%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $273625.32    | 0.26%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Upper Oconee Basin Water Authority                                                                        | Upper Oconee Basin Water Authority, Series 2024                                                           | CUSIP: 916281DH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035470.80   | 0.98%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                                               | George L Smith II Congress Center Authority                                                               | CUSIP: 37255MAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895144.80    | 0.84%             | 2054-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    191510 | PA      | $117778.77    | 0.11%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    150816 | PA      | $162673.91    | 0.15%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer