# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-004589
**Filing Date:** 2026-2
**Character Count:** 173895
**Document Hash:** 04387e2c71d9f231a5e096479a9ba758
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-004589.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-004589

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26679550

**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 Virginia Municipal Bond Fund (Series ID: S000002527)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006971 | A            | MSVAX           |
| C000006972 | B            | MBVAX           |
| C000006973 | C            | MVACX           |
| C000169764 | I            | MIVAX           |
| C000194238 | R6           | MPVOX           |

## Nport-Ex

MVA-Q3

![](imgce1a1b9e1.gif)

**Quarterly Report**

December 31, 2025

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

![](img1355e0172.gif)

------

**Portfolio of Investments**

12/31/25 (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 – 98.3%  | Municipal Bonds – 98.3%  | Municipal Bonds – 98.3%  |
| Airport Revenue – 3.3% | Airport Revenue – 3.3% | Airport Revenue – 3.3% |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2037  | $1000000 | &nbsp;&nbsp;&nbsp; $1033226 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5%, 10/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1030850 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 4%, 10/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 966659 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5.25%, 10/01/2048  | 3600000 | &nbsp;&nbsp;&nbsp; 3730126 |
| Metropolitan Washington, D.C., Airport Authority System Refunding Rev., "A", 5.5%, 10/01/2055 (u) | 2000000 | &nbsp;&nbsp;&nbsp; 2114628 |
| 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>| 1650000 | &nbsp;&nbsp;&nbsp; 1672708 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2034 <br>| 995000 | &nbsp;&nbsp;&nbsp; 995682 |
|  |  | &nbsp;&nbsp;&nbsp; $11543879 |
| General Obligations - General Purpose – 8.2% | General Obligations - General Purpose – 8.2% | General Obligations - General Purpose – 8.2% |
| Alexandria, VA, General Obligation, 5%, 12/15/2037  | $2080000 | &nbsp;&nbsp;&nbsp; $2429789 |
| Alexandria, VA, General Obligation, 5%, 12/15/2038  | 3585000 | &nbsp;&nbsp;&nbsp; 4159954 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2043  | 1375000 | &nbsp;&nbsp;&nbsp; 1377235 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2044  | 1430000 | &nbsp;&nbsp;&nbsp; 1415912 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2045  | 1485000 | &nbsp;&nbsp;&nbsp; 1450551 |
| Alexandria, VA, General Obligation, "B", 4%, 12/15/2046  | 1550000 | &nbsp;&nbsp;&nbsp; 1500565 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 775000 | &nbsp;&nbsp;&nbsp; 724877 |
| Chesterfield County, VA, Public Improvement, "A", 4%, 1/01/2036  | 1570000 | &nbsp;&nbsp;&nbsp; 1600444 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 1300000 | &nbsp;&nbsp;&nbsp; 1347788 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 318785 | &nbsp;&nbsp;&nbsp; 350219 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 133501 | &nbsp;&nbsp;&nbsp; 133461 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 251000 | &nbsp;&nbsp;&nbsp; 246654 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 102991 | &nbsp;&nbsp;&nbsp; 99839 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 140029 | &nbsp;&nbsp;&nbsp; 129470 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 476628 | &nbsp;&nbsp;&nbsp; 415834 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 171803 | &nbsp;&nbsp;&nbsp; 124324 |
| Fairfax County, VA, Public Improvement, "A", 5%, 10/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 1062548 |
| Norfolk, VA, General Obligation Capital Improvement, "A", 5%, 9/01/2039  | 800000 | &nbsp;&nbsp;&nbsp; 886512 |
| Norfolk, VA, General Obligation Capital Improvement, "A", 5%, 9/01/2040  | 925000 | &nbsp;&nbsp;&nbsp; 1016585 |
| Petersburg, VA, General Obligation, 4.25%, 9/01/2048  | 1160000 | &nbsp;&nbsp;&nbsp; 1158991 |
| Petersburg, VA, General Obligation, 4.25%, 9/01/2053  | 1500000 | &nbsp;&nbsp;&nbsp; 1483292 |
| Petersburg, VA, General Obligation Refunding, 4.125%, 12/01/2054  | 3000000 | &nbsp;&nbsp;&nbsp; 2904309 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 270000 | &nbsp;&nbsp;&nbsp; 288907 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 245000 | &nbsp;&nbsp;&nbsp; 258467 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 280000 | &nbsp;&nbsp;&nbsp; 293434 |
| Suffolk, VA, General Obligation Capital Improvement, "A", 2%, 2/01/2039  | 1675000 | &nbsp;&nbsp;&nbsp; 1322551 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 365000 | &nbsp;&nbsp;&nbsp; 353125 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 145000 | &nbsp;&nbsp;&nbsp; 138699 |
|  |  | &nbsp;&nbsp;&nbsp; $28674336 |
| Healthcare Revenue - Hospitals – 14.1% | Healthcare Revenue - Hospitals – 14.1% | Healthcare Revenue - Hospitals – 14.1% |
| Albany-Dougherty County, GA, Hospital Authority Rev. (Phoebe Putney Health System), "A", 5%, 9/01/2044  | $1280000 | &nbsp;&nbsp;&nbsp; $1322762 |
| Arlington County, VA, Industrial Development Authority, Hospital Rev. (Virginia Hospital Center), 5%, 7/01/2037  | 2800000 | &nbsp;&nbsp;&nbsp; 2992976 |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 5%, 7/01/2034  | 1475000 | &nbsp;&nbsp;&nbsp; 1564209 |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2043  | 625000 | &nbsp;&nbsp;&nbsp; 586710 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 40000 | &nbsp;&nbsp;&nbsp; 37417 |
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), 5%, 5/15/2051  | 3000000 | &nbsp;&nbsp;&nbsp; 3090041 |
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), "A", 4%, 5/15/2044  | 2000000 | &nbsp;&nbsp;&nbsp; 1931551 |
| Fairfax County, VA, Industrial Development Authority Health Care Rev. (Inova Health System Project), "A", 4%, 5/15/2048  | 4000000 | &nbsp;&nbsp;&nbsp; 3690328 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 1835000 | &nbsp;&nbsp;&nbsp; 1663916 |
| Henrico County, VA, Economic Development Authority Rev., Health Facilities (Bon Secours Mercy Health, Inc.), "A", <br> 5%, 11/01/2048 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1549836 |

---

------

*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 |
| Isle of Wright County, VA, Economic Development Authority, Health System Rev. (Riverside Health System), AGM, <br> 5.25%, 7/01/2043 <br>| $1000000 | &nbsp;&nbsp;&nbsp; $1089802 |
| Isle of Wright County, VA, Economic Development Authority, Health System Rev. (Riverside Health System), AGM, <br> 5.25%, 7/01/2048 <br>| 4000000 | &nbsp;&nbsp;&nbsp; 4239760 |
| Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2038  | 2200000 | &nbsp;&nbsp;&nbsp; 2212272 |
| Lynchburg, VA, Economic Development Authority Hospital Refunding Rev. (Centra Health Obligated Group), 4%, 1/01/2039  | 1320000 | &nbsp;&nbsp;&nbsp; 1321602 |
| Lynchburg, VA, Economic Development Authority Rev. (Centra Health), "A", 5%, 1/01/2047  | 3000000 | &nbsp;&nbsp;&nbsp; 3005921 |
| Norfolk, VA, Economic Development Authority, Hospital Facilities Refunding Rev. (Sentara Healthcare), "B", 4%, 11/01/2048  | 3000000 | &nbsp;&nbsp;&nbsp; 2751847 |
| Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), "A", 5%, 7/01/2036  | 1125000 | &nbsp;&nbsp;&nbsp; 1282824 |
| Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), "A", 5%, 7/01/2037  | 500000 | &nbsp;&nbsp;&nbsp; 564646 |
| Roanoke, VA, Economic Development Authority, Hospital Rev. (Carilion Medical Center), "A", 5%, 7/01/2047  | 1625000 | &nbsp;&nbsp;&nbsp; 1763729 |
| Rockingham County, VA, Economic Development Authority, Health Care Facilities Rev. (Sentara RMH Medical Center), "A", <br> 3%, 11/01/2046 <br>| 2255000 | &nbsp;&nbsp;&nbsp; 1781972 |
| Virginia Small Business Financing Authority Rev. (Sentara Healthcare), 3%, 11/01/2040  | 3370000 | &nbsp;&nbsp;&nbsp; 3037843 |
| Virginia Small Business Financing Authority, Health Care Facilities Refunding Rev. (Mary Washington Healthcare Obligated <br> Group), "A", 5.25%, 6/15/2055 <br>| 2500000 | &nbsp;&nbsp;&nbsp; 2582173 |
| Virginia Small Business Financing Authority, Health Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", 4%, 12/01/2049  | 3445000 | &nbsp;&nbsp;&nbsp; 3013922 |
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2028  | 600000 | &nbsp;&nbsp;&nbsp; 601017 |
| Winchester, VA, Economic Development Authority Hospital Rev. (Valley Health System Obligated Group), 5%, 1/01/2030  | 400000 | &nbsp;&nbsp;&nbsp; 400619 |
| Winchester, VA, Economic Development Authority Rev. (Valley Health System Obligated Group), "A", 5%, 1/01/2043  | 1065000 | &nbsp;&nbsp;&nbsp; 1127368 |
|  |  | &nbsp;&nbsp;&nbsp; $49207063 |
| Healthcare Revenue - Long Term Care – 3.5% | Healthcare Revenue - Long Term Care – 3.5% | Healthcare Revenue - Long Term Care – 3.5% |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Lifespire of Virginia), "C", 5%, 12/01/2037  | $765000 | &nbsp;&nbsp;&nbsp; $778460 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), <br> 4%, 10/01/2040 <br>| 500000 | &nbsp;&nbsp;&nbsp; 496659 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), <br> 4%, 10/01/2045 <br>| 720000 | &nbsp;&nbsp;&nbsp; 656873 |
| Henrico County, VA, Economic Development Authority Rev., Residential Care Facility (Westminster-Canterbury of Richmond), <br> "A", 5%, 10/01/2052 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1505139 |
| Lexington, VA, Industrial Development Authority Residential Care Facilities Rev. (Kendal at Lexington), 4%, 1/01/2037  | 1000000 | &nbsp;&nbsp;&nbsp; 981671 |
| Prince William County, VA, Industrial Development Authority, Residential Care Facilities Rev. (Westminster at Lake Ridge), <br> 5%, 1/01/2037 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1002503 |
| Suffolk, VA, Economic Development Facilities First Mortgage Rev. (Lake Prince Center, Inc.), 5%, 9/01/2031  | 1000000 | &nbsp;&nbsp;&nbsp; 1001159 |
| Virginia Beach, VA, Development Authority, Residential Care Facility Rev. (Westminster - Canterbury on Chesapeake Bay), <br> 7%, 9/01/2053 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 2194939 |
| Virginia Small Business Financing Authority Rev. (Obligated Group of National Senior Campuses, Inc.), "A", 5%, 1/01/2033  | 1750000 | &nbsp;&nbsp;&nbsp; 1840727 |
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Lifespire of Virginia), 5.5%, 12/01/2054  | 750000 | &nbsp;&nbsp;&nbsp; 766522 |
| Virginia Small Business Financing Authority, Residential Care Facility Rev. (Pinnacle Living), "C", 5%, 6/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 1000487 |
|  |  | &nbsp;&nbsp;&nbsp; $12225139 |
| Industrial Revenue - Environmental Services – 0.6% | Industrial Revenue - Environmental Services – 0.6% | Industrial Revenue - Environmental Services – 0.6% |
| Charles City County, VA, Industrial Development Authority, Solid Waste Disposal Rev. (Waste Management, Inc. Project), "A", <br> 4.25%, 8/01/2027 (Put Date 8/01/2027) <br>| $1000000 | &nbsp;&nbsp;&nbsp; $1004362 |
| Virginia Small Business Financing Authority, Solid Water Disposal Rev. (Covanta Project), 5%, 1/01/2048 (Put Date <br> 7/01/2038) (n)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 953130 |
|  |  | &nbsp;&nbsp;&nbsp; $1957492 |
| Miscellaneous Revenue - Other – 1.2% | Miscellaneous Revenue - Other – 1.2% | Miscellaneous Revenue - Other – 1.2% |
| Loudoun County, VA, Economic Development Authority Rev. (Howard Hughes Medical Institute), Capital Appreciation, "A", <br> 0%, 7/01/2049 <br>| $7500000 | &nbsp;&nbsp;&nbsp; $2348400 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 845000 | &nbsp;&nbsp;&nbsp; 843652 |
| Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), "A-1", 6%, 12/01/2055 (w) | 1015000 | &nbsp;&nbsp;&nbsp; 997374 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 130000 | &nbsp;&nbsp;&nbsp; 131159 |
|  |  | &nbsp;&nbsp;&nbsp; $4320585 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Multi-Family Housing Revenue – 14.6% | Multi-Family Housing Revenue – 14.6% | Multi-Family Housing Revenue – 14.6% |
| Arlington County, VA, Industrial Development Authority, Multi-Family Housing Rev. (Park Shirlington Apartments), "A", <br> 5%, 1/01/2026 <br>| $2000000 | &nbsp;&nbsp;&nbsp; $2000000 |
| Chesapeake, VA, Redevelopment & Housing Authority, Multi-Family Housing Rev. (Forest Cove II Project), 4.5%, 10/01/2040 (Put <br> Date 7/01/2040) <br>| 2965000 | &nbsp;&nbsp;&nbsp; 3134199 |
| Fairfax County, VA, Redevelopment and Housing Authority Multi-Family Housing Rev. (Residences at Government Center 2 - <br> NW4 Project), "A", FHLMC, 4.7%, 12/01/2044 <br>| 3000000 | &nbsp;&nbsp;&nbsp; 3009991 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 957172 | &nbsp;&nbsp;&nbsp; 974393 |
| Norfolk, VA, Economic Redevelopment and Housing Authority Multi-Family (Oak Park and Colonial Hall), FNMA, <br> 4.25%, 9/01/2042 (Put Date 2/01/2041) <br>| 3984681 | &nbsp;&nbsp;&nbsp; 4008279 |
| Richmond, VA, Redevelopment & Housing Authority, Multi-Family Tax-Exempt Mortgage Backed, MTEMS (Chippenham Place <br> Apartments), FNMA, 4.5%, 5/01/2040 <br>| 3961084 | &nbsp;&nbsp;&nbsp; 4127956 |
| Virginia Housing Development Authority, Rental Housing, "A", 3.8%, 9/01/2044  | 2000000 | &nbsp;&nbsp;&nbsp; 1910248 |
| Virginia Housing Development Authority, Rental Housing, "A", 4.6%, 9/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 981681 |
| Virginia Housing Development Authority, Rental Housing, "A", 4.8%, 9/01/2059  | 1000000 | &nbsp;&nbsp;&nbsp; 998671 |
| Virginia Housing Development Authority, Rental Housing, "B", 4.4%, 3/01/2043  | 710000 | &nbsp;&nbsp;&nbsp; 719812 |
| Virginia Housing Development Authority, Rental Housing, "B", 4.45%, 3/01/2045  | 1535000 | &nbsp;&nbsp;&nbsp; 1545433 |
| Virginia Housing Development Authority, Rental Housing, "B", 4.55%, 3/01/2048  | 2580000 | &nbsp;&nbsp;&nbsp; 2557209 |
| Virginia Housing Development Authority, Rental Housing, "C", 4.8%, 12/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 999654 |
| Virginia Housing Development Authority, Rental Housing, "D", 1.8%, 5/01/2033  | 500000 | &nbsp;&nbsp;&nbsp; 428188 |
| Virginia Housing Development Authority, Rental Housing, "D", 3.7%, 10/01/2038  | 3000000 | &nbsp;&nbsp;&nbsp; 2988425 |
| Virginia Housing Development Authority, Rental Housing, "D", 4.75%, 8/01/2053  | 4000000 | &nbsp;&nbsp;&nbsp; 3931378 |
| Virginia Housing Development Authority, Rental Housing, "D", 4%, 10/01/2053  | 2875000 | &nbsp;&nbsp;&nbsp; 2596366 |
| Virginia Housing Development Authority, Rental Housing, "E", 3.15%, 12/01/2049  | 1635000 | &nbsp;&nbsp;&nbsp; 1280409 |
| Virginia Housing Development Authority, Rental Housing, "E", 4.25%, 6/01/2052  | 3000000 | &nbsp;&nbsp;&nbsp; 2859110 |
| Virginia Housing Development Authority, Rental Housing, "F", 1.6%, 7/01/2033  | 770000 | &nbsp;&nbsp;&nbsp; 644568 |
| Virginia Housing Development Authority, Rental Housing, "F", HUD Section 8, 5.15%, 11/01/2048  | 4000000 | &nbsp;&nbsp;&nbsp; 4086390 |
| Virginia Housing Development Authority, Rental Housing, "G", 5.05%, 11/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 1020375 |
| Virginia Housing Development Authority, Rental Housing, "G", 5.15%, 11/01/2052  | 2680000 | &nbsp;&nbsp;&nbsp; 2737174 |
| Virginia Housing Development Authority, Rental Housing, "G", 5.375%, 11/01/2064  | 1250000 | &nbsp;&nbsp;&nbsp; 1295887 |
|  |  | &nbsp;&nbsp;&nbsp; $50835796 |
| Parking – 0.5% | Parking – 0.5% | Parking – 0.5% |
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2036  | $1000000 | &nbsp;&nbsp;&nbsp; $1021515 |
| Fairfax County, VA, Economic Development Authority Metrorail Parking System Project Rev., 5%, 4/01/2037  | 750000 | &nbsp;&nbsp;&nbsp; 765076 |
|  |  | &nbsp;&nbsp;&nbsp; $1786591 |
| Port Revenue – 2.0% | Port Revenue – 2.0% | Port Revenue – 2.0% |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044  | $590000 | &nbsp;&nbsp;&nbsp; $448206 |
| Virginia Port Authority Facilities Refunding Rev., "B", 5%, 7/01/2041  | 750000 | &nbsp;&nbsp;&nbsp; 757031 |
| Virginia Port Authority Facilities Rev., 5.25%, 7/01/2050  | 1500000 | &nbsp;&nbsp;&nbsp; 1591238 |
| Virginia Port Authority Facilities Rev., 5.25%, 7/01/2055  | 4000000 | &nbsp;&nbsp;&nbsp; 4218985 |
|  |  | &nbsp;&nbsp;&nbsp; $7015460 |
| Sales & Excise Tax Revenue – 6.0% | Sales & Excise Tax Revenue – 6.0% | Sales & Excise Tax Revenue – 6.0% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $245000 | &nbsp;&nbsp;&nbsp; $236219 |
| Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., "A", 5%, 7/01/2054  | 2765000 | &nbsp;&nbsp;&nbsp; 2875776 |
| Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., "A", 4%, 7/01/2057  | 4000000 | &nbsp;&nbsp;&nbsp; 3609460 |
| Hampton Roads, VA, Transportation Accountability Commission, Senior Lien Rev., "A", 5.25%, 7/01/2064  | 4000000 | &nbsp;&nbsp;&nbsp; 4207255 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 6000 | &nbsp;&nbsp;&nbsp; 5435 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 77000 | &nbsp;&nbsp;&nbsp; 77029 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 249000 | &nbsp;&nbsp;&nbsp; 234698 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 6292000 | &nbsp;&nbsp;&nbsp; 6057656 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 476000 | &nbsp;&nbsp;&nbsp; 465710 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 251000 | &nbsp;&nbsp;&nbsp; 245574 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 122000 | &nbsp;&nbsp;&nbsp; 113903 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 26000 | &nbsp;&nbsp;&nbsp; 23093 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 1212000 | &nbsp;&nbsp;&nbsp; 995741 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 1160000 | &nbsp;&nbsp;&nbsp; 878401 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 556000 | &nbsp;&nbsp;&nbsp; 185715 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| $650000 | &nbsp;&nbsp;&nbsp; $520000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 345000 | &nbsp;&nbsp;&nbsp; 310500 |
|  |  | &nbsp;&nbsp;&nbsp; $21042165 |
| Secondary Schools – 0.1% | Secondary Schools – 0.1% | Secondary Schools – 0.1% |
| District of Columbia Rev. (Rocketship D.C. Obligated Group - Issue No. 1), "A", 5%, 6/01/2056 (n) | $325000 | &nbsp;&nbsp;&nbsp; $280629 |
| Single Family Housing - State – 2.3% | Single Family Housing - State – 2.3% | Single Family Housing - State – 2.3% |
| Virginia Housing Development Authority, Commonwealth Mortgage, "E-1", 4.55%, 10/01/2049  | $1500000 | &nbsp;&nbsp;&nbsp; $1482656 |
| Virginia Housing Development Authority, Commonwealth Mortgage, "E-2", 4.4%, 10/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 1002865 |
| Virginia Housing Development Authority, Commonwealth Mortgage, "E-2", 4.55%, 10/01/2049  | 1100000 | &nbsp;&nbsp;&nbsp; 1087281 |
| Virginia Housing Development Authority, Commonwealth Mortgage, "E-3", 4.6%, 10/01/2049  | 1500000 | &nbsp;&nbsp;&nbsp; 1478507 |
| Virginia Housing Development Authority, Commonwealth Mortgage, "F-3", 5%, 7/01/2050  | 3000000 | &nbsp;&nbsp;&nbsp; 3036816 |
|  |  | &nbsp;&nbsp;&nbsp; $8088125 |
| State & Local Agencies – 8.8% | State & Local Agencies – 8.8% | State & Local Agencies – 8.8% |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | $1170000 | &nbsp;&nbsp;&nbsp; $1054313 |
| Campbell County, VA, Industrial Development Authority, 4%, 6/01/2040  | 1000000 | &nbsp;&nbsp;&nbsp; 1005776 |
| Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), <br> 5%, 10/01/2038 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1579621 |
| Fairfax County, VA, Redevelopment and Housing Authority Refunding Rev. (Wedgewood Affordable Housing Acquisition), <br> 5%, 10/01/2039 <br>| 1765000 | &nbsp;&nbsp;&nbsp; 1835697 |
| Franklin County, VA, Industrial Development Authority, 3%, 10/15/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 960531 |
| Franklin County, VA, Industrial Development Authority, 3%, 10/15/2037  | 580000 | &nbsp;&nbsp;&nbsp; 551015 |
| Henry County, VA, Industrial Development Authority, Public Facility Leave Rev., 4%, 11/01/2045  | 3000000 | &nbsp;&nbsp;&nbsp; 2879815 |
| Loudoun County, VA, Economic Development Authority Rev. (Public Facilities Project), "A", 3%, 12/01/2037  | 2000000 | &nbsp;&nbsp;&nbsp; 1859175 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/1932)  | 200000 | &nbsp;&nbsp;&nbsp; 238252 |
| New River Valley, VA, Regional Jail Authority Rev., 5%, 10/01/2036  | 3205000 | &nbsp;&nbsp;&nbsp; 3240065 |
| Virginia College Building Authority, Educational Facilities Rev. (21st Century College and Equipment Programs), "A", <br> 5%, 2/01/2038 <br>| 4000000 | &nbsp;&nbsp;&nbsp; 4402158 |
| Virginia Public Building Authority, Facilities Rev., "A", 4%, 8/01/2039 (Prerefunded 8/01/2029)  | 30000 | &nbsp;&nbsp;&nbsp; 31401 |
| Virginia Public Building Authority, Facilities Rev., "A", 4%, 8/01/2039  | 2000000 | &nbsp;&nbsp;&nbsp; 2020114 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., "A", 5%, 7/15/2045  | 5000000 | &nbsp;&nbsp;&nbsp; 5139387 |
| Washington, D.C., Metropolitan Area Transit Authority Dedicated Rev., "A", 5.25%, 7/15/2059 (u) | 3685000 | &nbsp;&nbsp;&nbsp; 3850277 |
|  |  | &nbsp;&nbsp;&nbsp; $30647597 |
| Student Loan Revenue – 0.4% | Student Loan Revenue – 0.4% | Student Loan Revenue – 0.4% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039  | $5000 | &nbsp;&nbsp;&nbsp; $4880 |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | 385000 | &nbsp;&nbsp;&nbsp; 304702 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | 1110000 | &nbsp;&nbsp;&nbsp; 1104415 |
|  |  | &nbsp;&nbsp;&nbsp; $1413997 |
| Tax - Other – 1.1% | Tax - Other – 1.1% | Tax - Other – 1.1% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $1525000 | &nbsp;&nbsp;&nbsp; $1559768 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 245000 | &nbsp;&nbsp;&nbsp; 245119 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 635000 | &nbsp;&nbsp;&nbsp; 666416 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051  | 1965000 | &nbsp;&nbsp;&nbsp; 1441856 |
|  |  | &nbsp;&nbsp;&nbsp; $3913159 |
| Tax Assessment – 0.4% | Tax Assessment – 0.4% | Tax Assessment – 0.4% |
| Peninsula Town Center Community Development Authority, VA, Special Obligation Refunding, 5%, 9/01/2045 (n) | $1000000 | &nbsp;&nbsp;&nbsp; $989818 |
| Prince William County, VA, Cherry Hill Community Development Authority Rev. (Potomac Shores Project), 5.15%, 3/01/2035 (n) | 500000 | &nbsp;&nbsp;&nbsp; 500671 |
|  |  | &nbsp;&nbsp;&nbsp; $1490489 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Tobacco – 0.3% | Tobacco – 0.3% | Tobacco – 0.3% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | $610000 | &nbsp;&nbsp;&nbsp; $493773 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 760000 | &nbsp;&nbsp;&nbsp; 694603 |
|  |  | &nbsp;&nbsp;&nbsp; $1188376 |
| Toll Roads – 6.9% | Toll Roads – 6.9% | Toll Roads – 6.9% |
| Chesapeake Bay, VA, Bridge & Tunnel District First Tier General Resolution Rev., 5%, 7/01/2051  | $3000000 | &nbsp;&nbsp;&nbsp; $3001769 |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), <br> "A", AGM, 4%, 10/01/2052 <br>| 4180000 | &nbsp;&nbsp;&nbsp; 3708293 |
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital <br> Improvement Project), "B", 4%, 10/01/2044 <br>| 3000000 | &nbsp;&nbsp;&nbsp; 2786958 |
| Metropolitan Washington, D.C., Airport Authority, Toll Road Subordinate Lien Refunding Rev. (Dulles Metrorail and Capital <br> Improvement Project), "B", AGM, 4%, 10/01/2053 <br>| 2830000 | &nbsp;&nbsp;&nbsp; 2501904 |
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035  | 3000000 | &nbsp;&nbsp;&nbsp; 3213562 |
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (Elizabeth River Crossings Opco LLC Project), <br> 4%, 1/01/2040 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1937550 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | 3000000 | &nbsp;&nbsp;&nbsp; 2468770 |
| Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2052  | 2000000 | &nbsp;&nbsp;&nbsp; 1915175 |
| Virginia Small Business Financing Authority, Senior Lien Private Activity Rev. (Transform 66 P3 Project), 5%, 12/31/2056  | 1000000 | &nbsp;&nbsp;&nbsp; 947705 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 1470000 | &nbsp;&nbsp;&nbsp; 1513624 |
|  |  | &nbsp;&nbsp;&nbsp; $23995310 |
| Transportation - Special Tax – 2.8% | Transportation - Special Tax – 2.8% | Transportation - Special Tax – 2.8% |
| Commonwealth of Virginia, Transportation Capital Projects Refunding Rev., "A", 4%, 5/15/2035  | $2750000 | &nbsp;&nbsp;&nbsp; $2794437 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037  | 1560000 | &nbsp;&nbsp;&nbsp; 1598389 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038  | 1560000 | &nbsp;&nbsp;&nbsp; 1596023 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2043  | 3860000 | &nbsp;&nbsp;&nbsp; 3912186 |
|  |  | &nbsp;&nbsp;&nbsp; $9901035 |
| Universities - Colleges – 6.2% | Universities - Colleges – 6.2% | Universities - Colleges – 6.2% |
| Amherst, VA, Industrial Development Authority Rev. (Educational Facilities Sweet Briar), 5%, 9/01/2026  | $265000 | &nbsp;&nbsp;&nbsp; $264557 |
| Commonwealth of Virginia, University General Pledge Refunding Rev., "A", 4%, 11/01/2037  | 745000 | &nbsp;&nbsp;&nbsp; 754300 |
| Commonwealth of Virginia, University General Pledge Refunding Rev., "A", 4%, 5/01/2048  | 2475000 | &nbsp;&nbsp;&nbsp; 2289889 |
| Lexington, VA, Industrial Development Authority Educational Facilities Rev. (Washington and Lee Universities), "A", <br> 5%, 1/01/2043 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1021315 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities <br> Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 <br>| 325000 | &nbsp;&nbsp;&nbsp; 325735 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 595000 | &nbsp;&nbsp;&nbsp; 595668 |
| Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 4%, 4/01/2040  | 250000 | &nbsp;&nbsp;&nbsp; 233957 |
| Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 5%, 4/01/2049  | 800000 | &nbsp;&nbsp;&nbsp; 766497 |
| Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 6%, 4/01/2050  | 500000 | &nbsp;&nbsp;&nbsp; 525751 |
| Salem, VA, Economic Development Authority, Educational Facilities Rev. (Roanoke College), 6%, 4/01/2055  | 500000 | &nbsp;&nbsp;&nbsp; 523482 |
| University of Virginia, General Rev. Pledge Refunding, "B", 5%, 4/01/2046  | 2500000 | &nbsp;&nbsp;&nbsp; 2532397 |
| Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2054  | 2000000 | &nbsp;&nbsp;&nbsp; 2094469 |
| Virginia College Building Authority, Educational Facilities Refunding Rev. (University of Richmond), 5%, 3/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1053175 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "A", 5%, 7/01/2035 (n) | 1000000 | &nbsp;&nbsp;&nbsp; 855456 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | 1000000 | &nbsp;&nbsp;&nbsp; 872501 |
| Virginia College Building Authority, Educational Facilities Rev. (Randolph-Macon College), 4%, 1/15/2041  | 1600000 | &nbsp;&nbsp;&nbsp; 1601066 |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2036  | 1280000 | &nbsp;&nbsp;&nbsp; 1269114 |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 3%, 6/01/2041  | 470000 | &nbsp;&nbsp;&nbsp; 374862 |
| Virginia College Building Authority, Educational Facilities Rev. (Regent University Project), 4%, 6/01/2046  | 1250000 | &nbsp;&nbsp;&nbsp; 1070784 |
| Virginia College Building Authority, Educational Facilities Rev. (Washington & Lee University), NPFG, 5.25%, 1/01/2031  | 1000000 | &nbsp;&nbsp;&nbsp; 1081998 |
| Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William <br> & Mary Project), "B", AGM, 4.125%, 7/01/2048 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 957809 |
| Williamsburg, VA, Economic Development Authority, Dining Lease Rev. (Provident Group - Williamsburg Properties LLC - William <br> & Mary Project), "B", AGM, 4.25%, 7/01/2058 <br>| 755000 | &nbsp;&nbsp;&nbsp; 715631 |
|  |  | &nbsp;&nbsp;&nbsp; $21780413 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Universities - Dormitories – 0.6% | Universities - Dormitories – 0.6% | Universities - Dormitories – 0.6% |
| Williamsburg, VA, Economic Development Authority, Student Housing Rev. (Provident Group - Williamsburg Properties LLC - <br> William & Mary Project), "B", AGM, 4%, 7/01/2048 <br>| $2245000 | &nbsp;&nbsp;&nbsp; $2081374 |
| Utilities - Investor Owned – 1.2% | Utilities - Investor Owned – 1.2% | Utilities - Investor Owned – 1.2% |
| Louisa, VA, Industrial Development Authority, Pollution Control Refunding Rev. (Virginia Electric and Power Co. Project), "A", <br> 3.65%, 11/01/2035 (Put Date 10/01/2027) <br>| $4000000 | &nbsp;&nbsp;&nbsp; $4049080 |
| Utilities - Municipal Owned – 1.1% | Utilities - Municipal Owned – 1.1% | Utilities - Municipal Owned – 1.1% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | $320000 | &nbsp;&nbsp;&nbsp; $213600 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 535000 | &nbsp;&nbsp;&nbsp; 357113 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030  | 45000 | &nbsp;&nbsp;&nbsp; 44219 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 430000 | &nbsp;&nbsp;&nbsp; 287025 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027  | 185000 | &nbsp;&nbsp;&nbsp; 183418 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 340000 | &nbsp;&nbsp;&nbsp; 343794 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 35000 | &nbsp;&nbsp;&nbsp; 35494 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 225000 | &nbsp;&nbsp;&nbsp; 150188 |
| Richmond, VA, Public Utility Refunding Rev., "C", 4%, 1/15/2045  | 1000000 | &nbsp;&nbsp;&nbsp; 980072 |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033  | 1455000 | &nbsp;&nbsp;&nbsp; 1297683 |
|  |  | &nbsp;&nbsp;&nbsp; $3892606 |
| Utilities - Other – 3.2% | Utilities - Other – 3.2% | Utilities - Other – 3.2% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | $2020000 | &nbsp;&nbsp;&nbsp; $2132723 |
| Kentucky Public Energy Authority, Gas Supply Rev., "B", 5%, 12/01/2033  | 1715000 | &nbsp;&nbsp;&nbsp; 1777907 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 1300000 | &nbsp;&nbsp;&nbsp; 1405368 |
| Southeast Alabama Energy Authority (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 1850000 | &nbsp;&nbsp;&nbsp; 1949305 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 1980000 | &nbsp;&nbsp;&nbsp; 2102381 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 1115000 | &nbsp;&nbsp;&nbsp; 1195971 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, 9/01/2026  | 625000 | &nbsp;&nbsp;&nbsp; 631359 |
|  |  | &nbsp;&nbsp;&nbsp; $11195014 |
| Water & Sewer Utility Revenue – 8.9% | Water & Sewer Utility Revenue – 8.9% | Water & Sewer Utility Revenue – 8.9% |
| Fairfax County, VA, Water Authority Rev., 5%, 4/01/2041  | $3000000 | &nbsp;&nbsp;&nbsp; $3056618 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2040  | 1045000 | &nbsp;&nbsp;&nbsp; 1059857 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 430000 | &nbsp;&nbsp;&nbsp; 432519 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "A", 5%, 8/01/2034 (Prerefunded 8/01/2026)  | 3000000 | &nbsp;&nbsp;&nbsp; 3043432 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "A", 4%, 10/01/2038  | 1265000 | &nbsp;&nbsp;&nbsp; 1279134 |
| Hampton Roads, VA, Sanitation District Wastewater Rev., "B", 5%, 7/01/2054  | 2000000 | &nbsp;&nbsp;&nbsp; 2091659 |
| Henrico County, VA, Water & Sewer System Rev., 4%, 5/01/2046  | 1435000 | &nbsp;&nbsp;&nbsp; 1381606 |
| Prince William County, VA, Water & Sewer Refunding Rev., 5%, 7/15/2055  | 1160000 | &nbsp;&nbsp;&nbsp; 1228620 |
| Prince William County, VA, Water & Sewer System Refunding Rev., 5%, 7/15/2050  | 750000 | &nbsp;&nbsp;&nbsp; 796838 |
| Spotsylvania County, VA, Water and Sewer System Rev., 4.5%, 12/01/2046  | 3865000 | &nbsp;&nbsp;&nbsp; 3925312 |
| Upper Occoquan, VA, Sewage Authority Regional Sewage Rev., 3%, 7/01/2044  | 2065000 | &nbsp;&nbsp;&nbsp; 1688049 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "B", 5%, 11/01/2027  | 45000 | &nbsp;&nbsp;&nbsp; 45084 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "B", 5%, 11/01/2028  | 40000 | &nbsp;&nbsp;&nbsp; 40074 |
| Virginia Resources Authority, Infrastructure Rev., Pooled Financing Program, "C", 4%, 11/01/2036  | 3450000 | &nbsp;&nbsp;&nbsp; 3534548 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "A", 5%, 11/01/2039  | 1610000 | &nbsp;&nbsp;&nbsp; 1762607 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "A", 5%, 11/01/2041  | 1030000 | &nbsp;&nbsp;&nbsp; 1113368 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "A", 5%, 11/01/2042  | 1330000 | &nbsp;&nbsp;&nbsp; 1425250 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "B", 5.25%, 11/01/2047  | 2350000 | &nbsp;&nbsp;&nbsp; 2501098 |
| Virginia Resources Authority, State Moral Obligation Rev., Pooled Financing Program, "B", 4.75%, 11/01/2052  | 750000 | &nbsp;&nbsp;&nbsp; 760995 |
|  |  | &nbsp;&nbsp;&nbsp; $31166668 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$343692378** |
| 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)  | $659596 | &nbsp;&nbsp;&nbsp; $226769 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| 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  | $514224 | &nbsp;&nbsp;&nbsp; $329104 |
| Mutual Funds (h) – 1.5%  | Mutual Funds (h) – 1.5%  | Mutual Funds (h) – 1.5%  |
| Money Market Funds – 1.5% | Money Market Funds – 1.5% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v)  | 5368814 | &nbsp;&nbsp;&nbsp; $5369888 |
| Other Assets, Less Liabilities – (0.0)% |  | &nbsp;&nbsp;&nbsp; (142429)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$349475710** |

---

&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 $5,369,888 and $344,248,251, 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 $6,353,126, representing 1.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Underlying security deposited into special purpose trust upon creation of self-deposited
 inverse floaters.

&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;(w) When-issued security.

&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 |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal 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**

12/31/25 (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 December 31, 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; $344021482 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $344021482 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 226769 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 226769 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 5369888 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5369888 |
| Total | &nbsp;&nbsp;&nbsp; $5369888 | &nbsp;&nbsp;&nbsp; $344248251 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $349618139 |

---

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. The following were affiliated issuers for the period ended December 31, 2025:

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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; $6659052 | &nbsp;&nbsp; $80244442 | &nbsp;&nbsp; $81536244 | &nbsp;&nbsp; $1852 | &nbsp;&nbsp; $786 | &nbsp;&nbsp; $5369888<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; $382200 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows:

---

| | |
|:---|:---|
| Virginia  | 75.1% |
| Washington DC | 9.1% |
| Puerto Rico  | 3.8% |
| Alabama  | 1.8% |
| Illinois  | 1.6% |
| New York  | 1.6% |
| Texas  | 1.2% |
| Wisconsin  | 0.7% |
| Tennessee  | 0.5% |
| Guam  | 0.5% |
| Kentucky  | 0.5% |
| New Jersey  | 0.4% |
| South Carolina  | 0.4% |
| Georgia  | 0.4% |
| U.S. Virgin Islands  | 0.3% |
| New Hampshire  | 0.3% |
| Florida  | 0.3% |
| California | 0.2% |
| Ohio | 0.1% |
| Iowa  | 0.1% |
| Pennsylvania (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 Virginia Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002527

- **c. LEI of Series:** ZBE08E46OUHKF4OZUH15

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $351665989.61

**Total Liabilities:** $2190284.24

**Net Assets:** $349475705.37

**Delayed Delivery Securities:** $980764.05

**Cash Not Reported:** $15096.08

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -503.30205310 | **1-Year:** -11767.48421840 | **5-Year:** -46637.25015970 | **10-Year:** -123929.70362550 | **30-Year:** -55878.98797400

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

- **3-Month:** -116.96557480 | **1-Year:** -1996.41923630 | **5-Year:** -5815.88067260 | **10-Year:** -9203.35355470 | **30-Year:** -4108.29186240

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006971 | 1.27%                | 0.18%                | -0.02%               |
| Class ID C000006972 | 1.21%                | 0.12%                | -0.09%               |
| Class ID C000006973 | 1.31%                | 0.12%                | -0.09%               |
| Class ID C000169764 | 1.33%                | 0.19%                | 0.06%                |
| Class ID C000194238 | 1.34%                | 0.19%                | 0.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-97932.84               | $3844348.23                                |
| Month 2  | $718.98                  | $-361016.54                                |
| Month 3  | $1154.50                 | $-1016963.71                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Albany-Dougherty County Hospital Authority                                                                | Albany-Dougherty County Hospital Authority                                                                | CUSIP: 012170FD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1322761.47   | 0.38%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1377234.93   | 0.39%             | 2043-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1415911.64   | 0.41%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1450550.82   | 0.42%             | 2045-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1500565.39   | 0.43%             | 2046-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria, Series 2025                                                                           | CUSIP: 015303GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2429789.02   | 0.70%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria, Series 2025                                                                           | CUSIP: 015303GE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3585000 | PA      | $4159954.05   | 1.19%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amherst Industrial Development Authority VA                                                               | Amherst Industrial Development Authority                                                                  | CUSIP: 031489BW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $264556.68    | 0.08%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington County Industrial Development Authority                                                         | Arlington County Industrial Development Authority                                                         | CUSIP: 041438GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2992975.72   | 0.86%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington County Industrial Development Authority                                                         | Arlington County Industrial Development Authority                                                         | CUSIP: 04144PDW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.57%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2132722.46   | 0.61%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $724876.49    | 0.21%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                                                      | County of Broward, Series 2021                                                                            | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1054313.44   | 0.30%             | 2047-09-01      | 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        |    610000 | PA      | $493772.37    | 0.14%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell County Industrial Development Authority                                                          | Campbell County Industrial Development Authority                                                          | CUSIP: 13432JAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005776.20   | 0.29%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $353124.69    | 0.10%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $138699.36    | 0.04%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Charles City County Economic Development Authority                                                        | Charles City County Economic Development Authority                                                        | CUSIP: 15976RAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004361.90   | 0.29%             | 2027-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Community Development Authority                                                               | Cherry Hill Community Development Authority                                                               | CUSIP: 164631AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500671.50    | 0.14%             | 2035-03-01      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                                                   | Chesapeake Bay Bridge & Tunnel District                                                                   | CUSIP: 16514PAE9<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001768.50   | 0.86%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Redevelopment & Housing Authority                                                              | Chesapeake Redevelopment & Housing Authority, Series 2024                                                 | CUSIP: 165328BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $3134198.91   | 0.90%             | 2040-10-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                                             | Chesapeake Hospital Authority                                                                             | CUSIP: 16532VBK9<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1564209.03   | 0.45%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                                             | Chesapeake Hospital Authority                                                                             | CUSIP: 16532VBR4<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |    625000 | PA      | $586709.81    | 0.17%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Chesterfield VA                                                                                 | County of Chesterfield                                                                                    | CUSIP: 1663937W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1600443.56   | 0.46%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1347788.13   | 0.39%             | 2040-01-01      | Fixed         | 5.50%                 | 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        |   1525000 | PA      | $1559767.56   | 0.45%             | 2035-04-01      | Fixed         | 5.75%                 | 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        |    245000 | PA      | $245119.39    | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $666416.43    | 0.19%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUX0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    325000 | PA      | $280629.34    | 0.08%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $37417.44     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority                                                           | CUSIP: 303823KY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1931551.00   | 0.55%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority                                                           | CUSIP: 303823MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3690327.60   | 1.06%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                                                      | County of Fairfax                                                                                         | CUSIP: 30382AHL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062547.70   | 0.30%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority, Series 2024                                              | CUSIP: 30382VAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3090041.40   | 0.88%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                                          | Fairfax County Redevelopment & Housing Authority, Series 2024A                                            | CUSIP: 303833LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009990.60   | 0.86%             | 2044-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                                          | Fairfax County Redevelopment & Housing Authority                                                          | CUSIP: 303835DQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1579620.75   | 0.45%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                                          | Fairfax County Redevelopment & Housing Authority                                                          | CUSIP: 303835DR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1835696.72   | 0.53%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 30384AAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021515.20   | 0.29%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 30384AAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $765076.05    | 0.22%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                                            | Fairfax County Water Authority                                                                            | CUSIP: 303891D28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3056617.80   | 0.87%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Industrial Development Authority VA                                                       | Franklin County Industrial Development Authority                                                          | CUSIP: 353384AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960531.50    | 0.27%             | 2036-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Industrial Development Authority VA                                                       | Franklin County Industrial Development Authority                                                          | CUSIP: 353384AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $551015.37    | 0.16%             | 2037-10-15      | Fixed         | 3.00%                 | 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        |    760000 | PA      | $694603.22    | 0.20%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1045000 | PA      | $1059856.66   | 0.30%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    430000 | PA      | $432519.37    | 0.12%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    245000 | PA      | $236218.86    | 0.07%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District                                                                         | CUSIP: 409327HM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3043432.50   | 0.87%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District                                                                         | CUSIP: 409327JL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1279133.72   | 0.37%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District, Series 2024B                                                           | CUSIP: 409327MU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091659.40   | 0.60%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                                    | Hampton Roads Transportation Accountability Commission                                                    | CUSIP: 409328BT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3609459.60   | 1.03%             | 2057-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                                    | Hampton Roads Transportation Accountability Commission, Series 2024A                                      | CUSIP: 409328CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2875776.41   | 0.82%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                                    | Hampton Roads Transportation Accountability Commission, Series 2024A                                      | CUSIP: 409328CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4207255.20   | 1.20%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1663916.34   | 0.48%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QFH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $778459.79    | 0.22%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QGX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496659.40    | 0.14%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QGY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $656873.21    | 0.19%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QHN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505139.45   | 0.43%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority, Series 2025A A                                             | CUSIP: 42605XAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549835.70   | 0.44%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henrico VA Water & Sewer Revenue                                                                | County of Henrico VA Water & Sewer Revenue                                                                | CUSIP: 426170PR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1381606.52   | 0.40%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henry County Industrial Development Authority VA                                                          | Henry County Industrial Development Authority                                                             | CUSIP: 42668CAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2879814.90   | 0.82%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    270000 | PA      | $288907.24    | 0.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    245000 | PA      | $258466.67    | 0.07%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    280000 | PA      | $293434.23    | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | 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      | $4879.80      | 0.00%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    385000 | PA      | $304701.40    | 0.09%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                                                        | Isle Wight County Industrial Development Authority, Series 2023                                           | CUSIP: 464637AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089802.20   | 0.31%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                                                        | Isle Wight County Industrial Development Authority, Series 2023                                           | CUSIP: 464637AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4239759.60   | 1.21%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                                                | Lexington Industrial Development Authority                                                                | CUSIP: 52976BBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981671.00    | 0.28%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                                                | Lexington Industrial Development Authority                                                                | CUSIP: 52976TBF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021314.50   | 0.29%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                                             | Loudoun County Economic Development Authority                                                             | CUSIP: 54589SGJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1859174.60   | 0.53%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                                             | Loudoun County Economic Development Authority                                                             | CUSIP: 54601TAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $2348400.00   | 0.67%             | 2049-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                                                   | Louisa Industrial Development Authority                                                                   | CUSIP: 546068AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4049079.60   | 1.16%             | 2035-11-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005920.80   | 0.86%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TBL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2212271.60   | 0.63%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TBM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1321602.08   | 0.38%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   5331192 | NS      | $5332258.15   | 1.53%             |  |  |  | No            |                  1 | 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        |    130000 | PA      | $131158.76    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | CUSIP: 592643DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2786958.00   | 0.80%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | CUSIP: 592643DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2501903.95   | 0.72%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4180000 | PA      | $3708293.27   | 1.06%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647FL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033226.40   | 0.30%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647FM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030849.90   | 0.29%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647KL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966658.80    | 0.28%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation                                                       | CUSIP: 592647MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3730125.96   | 1.07%             | 2048-10-01      | Fixed         | 5.25%                 | 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        |    957172 | PA      | $974392.62    | 0.28%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1104415.26   | 0.32%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    200000 | PA      | $238251.56    | 0.07%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New River Valley Regional Jail Authority                                                                  | New River Valley Regional Jail Authority                                                                  | CUSIP: 648470CJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3205000 | PA      | $3240065.26   | 0.93%             | 2036-10-01      | Fixed         | 5.00%                 | 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        |    845000 | PA      | $843652.14    | 0.24%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $448205.65    | 0.13%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2016 A                                                  | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $995681.58    | 0.28%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2024                                                    | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1672707.80   | 0.48%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA                                                                                        | City of Norfolk                                                                                           | CUSIP: 655867S26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $886512.24    | 0.25%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA                                                                                        | City of Norfolk                                                                                           | CUSIP: 655867S34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $1016585.45   | 0.29%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Economic Development Authority                                                                    | Norfolk Economic Development Authority                                                                    | CUSIP: 65588TAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2751847.20   | 0.79%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Redevelopment & Housing Authority                                                                 | Norfolk Redevelopment & Housing Authority, Series 2024                                                    | CUSIP: 655904BY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3984680 | PA      | $4008279.07   | 1.15%             | 2042-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                    | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                                               | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1405368.38   | 0.40%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Peninsula Town Center Community Development Authority                                                     | Peninsula Town Center Community Development Authority                                                     | CUSIP: 70718LAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989817.80    | 0.28%             | 2045-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Petersburg VA                                                                                     | City of Petersburg, Series 2023                                                                           | CUSIP: 716298RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1158991.03   | 0.33%             | 2048-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Petersburg VA                                                                                     | City of Petersburg, Series 2023                                                                           | CUSIP: 716298RX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1483292.25   | 0.42%             | 2053-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Petersburg VA                                                                                     | City of Petersburg, Series 2024                                                                           | CUSIP: 716298SV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2904308.70   | 0.83%             | 2054-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Prince William County Industrial Development Authority                                                    | Prince William County Industrial Development Authority                                                    | CUSIP: 741756CB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002502.70   | 0.29%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                                                                   | Prince William County Service Authority, Series 2025                                                      | CUSIP: 741765HY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $796838.10    | 0.23%             | 2050-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                                                                   | Prince William County Service Authority, Series 2025                                                      | CUSIP: 741765HZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1228619.57   | 0.35%             | 2055-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                          | Kentucky Public Energy Authority, Series 2025B                                                            | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1777906.71   | 0.51%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    650000 | PA      | $520000.00    | 0.15%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    345000 | PA      | $310500.00    | 0.09%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1513624.16   | 0.43%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    318785 | PA      | $350218.76    | 0.10%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    133501 | PA      | $133461.35    | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    251000 | PA      | $246654.26    | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    102991 | PA      | $99839.13     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    140029 | PA      | $129470.09    | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    476628 | PA      | $415833.81    | 0.12%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    171803 | PA      | $124324.28    | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    514224 | PA      | $329103.53    | 0.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series SS                                                           | CUSIP: 74526QEY4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     45000 | PA      | $44219.00     | 0.01%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    430000 | PA      | $287025.00    | 0.08%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QLW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    185000 | PA      | $183417.92    | 0.05%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    225000 | PA      | $150187.50    | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    320000 | PA      | $213600.00    | 0.06%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    535000 | PA      | $357112.50    | 0.10%             | 2022-07-01      | 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        |    340000 | PA      | $343794.13    | 0.10%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     35000 | PA      | $35494.01     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | 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        |    325000 | PA      | $325734.47    | 0.09%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     77000 | PA      | $77028.57     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | 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        |    249000 | PA      | $234698.34    | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | 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        |   6292000 | PA      | $6057655.72   | 1.73%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     26000 | PA      | $23093.09     | 0.01%             | 2029-07-01      | 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: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1212000 | PA      | $995741.26    | 0.28%             | 2031-07-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1160000 | PA      | $878400.95    | 0.25%             | 2033-07-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    556000 | PA      | $185715.06    | 0.05%             | 2046-07-01      | 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: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    476000 | PA      | $465710.31    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | 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        |    251000 | PA      | $245574.13    | 0.07%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      6000 | PA      | $5434.79      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | 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        |    122000 | PA      | $113903.14    | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                                         | Red River Education Finance Corp.                                                                         | CUSIP: 756870BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $595668.07    | 0.17%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                                                | City of Richmond, Series 2023 C                                                                           | CUSIP: 765433MY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980072.30    | 0.28%             | 2045-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Richmond Redevelopment & Housing Authority                                                                | Richmond Redevelopment & Housing Authority, Series MTEMS 2024                                             | CUSIP: 76543FAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3961084 | PA      | $4127955.73   | 1.18%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                                    | Roanoke Economic Development Authority                                                                    | CUSIP: 770082BZ7<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1763729.34   | 0.50%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                                    | Roanoke Economic Development Authority, Series 2025A                                                      | CUSIP: 770082CQ6<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1282824.34   | 0.37%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                                    | Roanoke Economic Development Authority, Series 2025A                                                      | CUSIP: 770082CR4<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $564645.90    | 0.16%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rockingham County Economic Development Authority                                                          | Rockingham County Economic Development Authority                                                          | CUSIP: 77345QAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $1781971.81   | 0.51%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority                                                                      | CUSIP: 794565AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $233957.43    | 0.07%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority                                                                      | CUSIP: 794565AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $766497.36    | 0.22%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority, Series 2025                                                         | CUSIP: 794565BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525751.00    | 0.15%             | 2050-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority, Series 2025                                                         | CUSIP: 794565BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523482.30    | 0.15%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1949305.23   | 0.56%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2024A                                           | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2102381.03   | 0.60%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spotsylvania VA Water & Sewer System Revenue                                                    | County of Spotsylvania                                                                                    | CUSIP: 849269KM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3865000 | PA      | $3925311.78   | 1.12%             | 2046-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Suffolk VA                                                                                        | City of Suffolk                                                                                           | CUSIP: 86481ACM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1322550.69   | 0.38%             | 2039-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Economic Development Authority                                                                    | Suffolk Economic Development Authority                                                                    | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001159.10   | 0.29%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035JPE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $2005277.41   | 0.57%             | 2059-07-15      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035PYT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113474.10   | 0.32%             | 2055-10-01      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1195971.19   | 0.34%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    625000 | PA      | $631358.63    | 0.18%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1297683.36   | 0.37%             | 2033-09-01      | Fixed         | 2.00%                 | 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        |    659596 | PA      | $226769.20    | 0.06%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1441855.50   | 0.41%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Virginia                                                                                    | University of Virginia                                                                                    | CUSIP: 915217WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2532397.00   | 0.72%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Occoquan Sewage Authority                                                                           | Upper Occoquan Sewage Authority                                                                           | CUSIP: 916277PC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1688048.71   | 0.48%             | 2044-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Hotel Development Financing Corp.                                                          | Virgin Islands Hotel Development Financing Corp., Series 2025A-1                                          | CUSIP: 92766AAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1015000 | PA      | $997373.71    | 0.29%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                                      | Virginia Beach Development Authority, Series 2023A                                                        | CUSIP: 92774NBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2194938.60   | 0.63%             | 2053-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 927780SK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081997.90   | 0.31%             | 2031-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277816E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $855456.30    | 0.24%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $872501.20    | 0.25%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1601066.08   | 0.46%             | 2041-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1269114.37   | 0.36%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FKP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $374861.57    | 0.11%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1070784.25   | 0.31%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority, Series 2024                                                          | CUSIP: 92778FLW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053175.20   | 0.30%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority, Series 2024                                                          | CUSIP: 92778FLX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2094469.40   | 0.60%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University                                                                          | Virginia Commonwealth University                                                                          | CUSIP: 92778REX1<br>LEI: 54930081U4ULRPR3MK80 | Long             | DBT              | MUN               | US        |    745000 | PA      | $754299.84    | 0.22%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University                                                                          | Virginia Commonwealth University                                                                          | CUSIP: 92778REZ6<br>LEI: 54930081U4ULRPR3MK80 | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2289888.56   | 0.66%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778VMA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4402157.60   | 1.26%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                                | Virginia Commonwealth Transportation Board                                                                | CUSIP: 927793E54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2794436.98   | 0.80%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                                   | Virginia Port Authority                                                                                   | CUSIP: 928077JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757030.88    | 0.22%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                                   | Virginia Port Authority, Series 2025                                                                      | CUSIP: 928077LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591238.55   | 0.46%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                                   | Virginia Port Authority, Series 2025                                                                      | CUSIP: 928077LB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4218985.20   | 1.21%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1915174.80   | 0.55%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2017                                                  | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947705.40    | 0.27%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928103AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000486.60   | 0.29%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2024 A                                                | CUSIP: 928103AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $766522.50    | 0.22%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1840726.83   | 0.53%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1937549.60   | 0.55%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2468769.90   | 0.71%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104PG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3213561.90   | 0.92%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928105BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3037842.69   | 0.87%             | 2040-11-01      | Fixed         | 3.00%                 | 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        |   3445000 | PA      | $3013921.98   | 0.86%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2025 A-1                                              | CUSIP: 928105CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2582173.25   | 0.74%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928106AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953130.40    | 0.27%             | 2048-01-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 E SUB E-1                                             | CUSIP: 92812U4H8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482656.55   | 0.42%             | 2049-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 E SUB E-2                                             | CUSIP: 92812U6J2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002865.00   | 0.29%             | 2044-10-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 E SUB E-2                                             | CUSIP: 92812U6K9<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1087281.47   | 0.31%             | 2049-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812V3N4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    770000 | PA      | $644568.54    | 0.18%             | 2033-07-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VTC0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2988424.80   | 0.86%             | 2038-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VTF3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2596366.21   | 0.74%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VVC7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1910248.00   | 0.55%             | 2044-09-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VYQ3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1280409.21   | 0.37%             | 2049-12-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VZ82<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    500000 | PA      | $428187.95    | 0.12%             | 2033-05-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WFM1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2859110.10   | 0.82%             | 2052-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WGS7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020375.20   | 0.29%             | 2047-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WGT5<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2737174.58   | 0.78%             | 2052-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WGV0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1295887.13   | 0.37%             | 2064-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WJG0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    710000 | PA      | $719811.77    | 0.21%             | 2043-03-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WJH8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1545433.55   | 0.44%             | 2045-03-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WJJ4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2557209.05   | 0.73%             | 2048-03-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 D                                                     | CUSIP: 92812WKW3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3931378.00   | 1.12%             | 2053-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 F                                                     | CUSIP: 92812WMR2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4086390.00   | 1.17%             | 2048-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2024 A                                                     | CUSIP: 92812WNV2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981680.60    | 0.28%             | 2049-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2024 A                                                     | CUSIP: 92812WNX8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998671.20    | 0.29%             | 2059-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2024C                                                      | CUSIP: 92812WQP2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999653.60    | 0.29%             | 2049-12-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 E SUB E-3                                             | CUSIP: 92812XBB7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1478506.65   | 0.42%             | 2049-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2024F SUB F-3                                              | CUSIP: 92812XNY4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3036815.70   | 0.87%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                                        | Virginia Public Building Authority                                                                        | CUSIP: 928173BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31400.87     | 0.01%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                                        | Virginia Public Building Authority                                                                        | CUSIP: 928173BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020114.00   | 0.58%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818L4U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45083.52     | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818MJH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40073.88     | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818MM64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3534547.77   | 1.01%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1762607.39   | 0.50%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1113367.69   | 0.32%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PKR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1425250.21   | 0.41%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PMU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2501098.19   | 0.72%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PMV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760995.30    | 0.22%             | 2052-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GM5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1598388.48   | 0.46%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GN3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1596023.05   | 0.46%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority, Series 2018                                               | CUSIP: 938782GP8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   3860000 | PA      | $3912186.43   | 1.12%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                                          | Washington Metropolitan Area Transit Authority Dedicated                                                  | CUSIP: 93878YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5139387.00   | 1.47%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williamsburg Economic Development Authority                                                               | Williamsburg Economic Development Authority                                                               | CUSIP: 969669AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957808.50    | 0.27%             | 2048-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Williamsburg Economic Development Authority                                                               | Williamsburg Economic Development Authority                                                               | CUSIP: 969669AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $715630.75    | 0.20%             | 2058-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Williamsburg Economic Development Authority                                                               | Williamsburg Economic Development Authority                                                               | CUSIP: 969671AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2081374.30   | 0.60%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                                 | Winchester Economic Development Authority                                                                 | CUSIP: 973121BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601017.18    | 0.17%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                                 | Winchester Economic Development Authority                                                                 | CUSIP: 973121BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400619.24    | 0.11%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                                 | Winchester Economic Development Authority, Series 2024A                                                   | CUSIP: 973122AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1127368.32   | 0.32%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer