# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-25-205206
**Filing Date:** 2025-8
**Character Count:** 160089
**Document Hash:** 5958bc9363cb8101c2ad5edaa86dc646
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205206.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205206

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251255749

**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 South Carolina Municipal Bond Fund (Series ID: S000002525)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006967 | A            | MFSCX           |
| C000006968 | B            | MBSCX           |
| C000169762 | I            | MTSCX           |
| C000194234 | R6           | MPOCX           |

## Nport-Ex

MSC-Q1

![](img5cdc531d1.gif)

**Quarterly Report**

June 30, 2025

MFS<sup>®</sup> South Carolina <br>Municipal Bond Fund

![](img227b88312.gif)

------

**Portfolio of Investments**

6/30/25 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 93.1%  | Municipal Bonds – 93.1%  | Municipal Bonds – 93.1%  |
| Airport Revenue – 5.0% | Airport Revenue – 5.0% | Airport Revenue – 5.0% |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2039  | $450000 | &nbsp;&nbsp;&nbsp; $463335 |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2043  | 1250000 | &nbsp;&nbsp;&nbsp; 1262886 |
| Charleston County, SC, Airport District Rev., 5%, 7/01/2048  | 1500000 | &nbsp;&nbsp;&nbsp; 1500310 |
| Charleston County, SC, Airport District Rev., "A", 5.25%, 7/01/2054  | 2000000 | &nbsp;&nbsp;&nbsp; 2025880 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047  | 160000 | &nbsp;&nbsp;&nbsp; 141456 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 150000 | &nbsp;&nbsp;&nbsp; 128866 |
| Greenville-Spartanburg, SC, Airport Rev., "A", 5.25%, 7/01/2054  | 2000000 | &nbsp;&nbsp;&nbsp; 2054974 |
| Horry County, SC, Airport Refunding Rev., 4%, 7/01/2040  | 2070000 | &nbsp;&nbsp;&nbsp; 1969359 |
| 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>| 1000000 | &nbsp;&nbsp;&nbsp; 1000605 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044  | 90000 | &nbsp;&nbsp;&nbsp; 90137 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039  | 75000 | &nbsp;&nbsp;&nbsp; 75002 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044  | 120000 | &nbsp;&nbsp;&nbsp; 119215 |
|  |  | &nbsp;&nbsp;&nbsp; $10832025 |
| General Obligations - General Purpose – 3.9% | General Obligations - General Purpose – 3.9% | General Obligations - General Purpose – 3.9% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $475000 | &nbsp;&nbsp;&nbsp; $434916 |
| Charleston, SC, Public Finance Corp., Installment Purchase Rev. (City of Charleston Project), 5%, 9/01/2039  | 750000 | &nbsp;&nbsp;&nbsp; 809630 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 785000 | &nbsp;&nbsp;&nbsp; 804476 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.625%, 7/01/2029  | 97904 | &nbsp;&nbsp;&nbsp; 103270 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 330093 | &nbsp;&nbsp;&nbsp; 356047 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 90173 | &nbsp;&nbsp;&nbsp; 87975 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 170651 | &nbsp;&nbsp;&nbsp; 164310 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 69565 | &nbsp;&nbsp;&nbsp; 66278 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 94583 | &nbsp;&nbsp;&nbsp; 84054 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 349365 | &nbsp;&nbsp;&nbsp; 298503 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 116044 | &nbsp;&nbsp;&nbsp; 80225 |
| Horry County, SC, Limited Obligation (Hospitality Fee & Local Accommodations Fee Pledge), 4.5%, 9/01/2052  | 2000000 | &nbsp;&nbsp;&nbsp; 1888032 |
| Lancaster County, SC, General Obligation Refunding, 3%, 3/01/2039  | 725000 | &nbsp;&nbsp;&nbsp; 619900 |
| Lancaster County, SC, Public Facilities Corp. Installment Purchase Rev. (Lancaster County Project), 5%, 6/01/2042  | 1500000 | &nbsp;&nbsp;&nbsp; 1543662 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 190000 | &nbsp;&nbsp;&nbsp; 199020 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 175000 | &nbsp;&nbsp;&nbsp; 181652 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 165000 | &nbsp;&nbsp;&nbsp; 168421 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040  | 340000 | &nbsp;&nbsp;&nbsp; 306136 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041  | 150000 | &nbsp;&nbsp;&nbsp; 132885 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 210000 | &nbsp;&nbsp;&nbsp; 185947 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 85000 | &nbsp;&nbsp;&nbsp; 74143 |
|  |  | &nbsp;&nbsp;&nbsp; $8589482 |
| General Obligations - Schools – 4.7% | General Obligations - Schools – 4.7% | General Obligations - Schools – 4.7% |
| Aiken County, SC, Consolidated School District Special Obligation, 3.125%, 6/01/2041  | $1400000 | &nbsp;&nbsp;&nbsp; $1176734 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | 770000 | &nbsp;&nbsp;&nbsp; 608024 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | 1925000 | &nbsp;&nbsp;&nbsp; 1373478 |
| Spartanburg County, SC, School District No. 4, General Obligation, "A", SCSDE, 5%, 3/01/2047  | 2000000 | &nbsp;&nbsp;&nbsp; 2053514 |
| Spartanburg County, SC, School District No. 4, General Obligation, "A", SCSDE, 5.25%, 3/01/2052  | 3000000 | &nbsp;&nbsp;&nbsp; 3111802 |
| Spartanburg County, SC, School District No. 7, General Obligation, "B", SCSDE, 5%, 3/01/2048  | 2000000 | &nbsp;&nbsp;&nbsp; 2023005 |
|  |  | &nbsp;&nbsp;&nbsp; $10346557 |
| Healthcare Revenue - Hospitals – 12.5% | Healthcare Revenue - Hospitals – 12.5% | Healthcare Revenue - Hospitals – 12.5% |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 4%, 4/01/2044  | $255000 | &nbsp;&nbsp;&nbsp; $223118 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 50000 | &nbsp;&nbsp;&nbsp; 41840 |
| Doylestown, PA, Hospital Authority Rev., "A", 4%, 7/01/2045  | 30000 | &nbsp;&nbsp;&nbsp; 26068 |
| Greenwood County, SC, Hospital Facilities Refunding Rev. (Self Regional Healthcare), 4%, 10/01/2036  | 1975000 | &nbsp;&nbsp;&nbsp; 1976864 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", <br> 4.125%, 7/01/2052 <br>| 1290000 | &nbsp;&nbsp;&nbsp; 1111175 |
| Lexington County, SC, Health Services District, Inc., Hospital Rev., 4%, 11/01/2031  | 1000000 | &nbsp;&nbsp;&nbsp; 1009807 |

---

------

*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 |
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), "A", 4.25%, 5/01/2052  | $1405000 | &nbsp;&nbsp;&nbsp; $1230881 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049  | 1530000 | &nbsp;&nbsp;&nbsp; 1386260 |
| South Carolina Jobs & Economic Development Authority, Health Care Facilities Rev. (Mcleod Health Project), <br> 5.25%, 11/01/2054 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1553721 |
| South Carolina Jobs & Economic Development Authority, Health Care Facilities Rev. (Novant Health Obligated Group), "A", <br> 5.5%, 11/01/2054 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1036037 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Anderson Area Medical Center, Inc.), <br> 5%, 2/01/2038 (Prerefunded 2/01/2026) <br>| 295000 | &nbsp;&nbsp;&nbsp; 298343 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Anderson Area Medical Center, Inc.), <br> 5%, 2/01/2038 <br>| 1205000 | &nbsp;&nbsp;&nbsp; 1205832 |
| South Carolina Jobs & Economic Development Authority, Healthcare Rev. (Beaufort Memorial Hospital & South of Broad <br> Healthcare Project), 5.75%, 11/15/2054 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 2019383 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", <br> 5.25%, 11/01/2044 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1037117 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", <br> 4%, 12/01/2044 <br>| 285000 | &nbsp;&nbsp;&nbsp; 251315 |
| South Carolina Jobs & Economic Development Authority, Hospital Facilities Rev. (Bon Secours Mercy Health, Inc.), "A", <br> 5%, 12/01/2046 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1991474 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (AnMed Health), 4.25%, 2/01/2048  | 2000000 | &nbsp;&nbsp;&nbsp; 1845250 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Conway Hospital, Inc.), 5.25%, 7/01/2047  | 2000000 | &nbsp;&nbsp;&nbsp; 1998078 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Hampton Regional Medical Center Project), <br> 5%, 11/01/2037 <br>| 500000 | &nbsp;&nbsp;&nbsp; 485252 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (McLeod Health Projects), 4%, 11/01/2048  | 2000000 | &nbsp;&nbsp;&nbsp; 1739817 |
| South Carolina Jobs & Economic Development Authority, Hospital Rev. (Prisma Health Obligated Group), 5%, 5/01/2037  | 2000000 | &nbsp;&nbsp;&nbsp; 2036866 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043  | 3000000 | &nbsp;&nbsp;&nbsp; 2728572 |
|  |  | &nbsp;&nbsp;&nbsp; $27233070 |
| Healthcare Revenue - Long Term Care – 2.1% | Healthcare Revenue - Long Term Care – 2.1% | Healthcare Revenue - Long Term Care – 2.1% |
| South Carolina Jobs & Economic Development Authority Rev. (Bishop Gadsden Episcopal Retirement Community), "A", <br> 5%, 4/01/2049 <br>| $1250000 | &nbsp;&nbsp;&nbsp; $1200308 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), <br> 5%, 5/01/2043 <br>| 750000 | &nbsp;&nbsp;&nbsp; 622220 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), <br> 5.125%, 5/01/2048 <br>| 250000 | &nbsp;&nbsp;&nbsp; 203398 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Lutheran Homes of South Carolina, Inc.), "B", <br> 5%, 5/01/2042 <br>| 750000 | &nbsp;&nbsp;&nbsp; 635859 |
| South Carolina Jobs & Economic Development Authority, Health Facilities Rev. (Wesley Commons), 5%, 10/01/2036 (n) | 1000000 | &nbsp;&nbsp;&nbsp; 944437 |
| South Carolina Jobs & Economic Development Authority, Residential Care Facilities Rev. (Episcopal Home at Still Hopes), <br> 5%, 4/01/2047 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 919621 |
|  |  | &nbsp;&nbsp;&nbsp; $4525843 |
| Industrial Revenue - Environmental Services – 0.5% | Industrial Revenue - Environmental Services – 0.5% | Industrial Revenue - Environmental Services – 0.5% |
| South Carolina Jobs & Economic Development Authority, Solid Waste Disposal Rev. (Enerra South Carolina Project), <br> 3.7%, 12/15/2027 (Put Date 12/01/2026) <br>| $1000000 | &nbsp;&nbsp;&nbsp; $998328 |
| Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", <br> 2.875%, 1/01/2041 (n)<br>| $260000 | &nbsp;&nbsp;&nbsp; $189694 |
| Miscellaneous Revenue - Other – 0.7% | Miscellaneous Revenue - Other – 0.7% | Miscellaneous Revenue - Other – 0.7% |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | $575000 | &nbsp;&nbsp;&nbsp; $561909 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5%, 12/31/2057 <br>| 795000 | &nbsp;&nbsp;&nbsp; 774981 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 100000 | &nbsp;&nbsp;&nbsp; 100824 |
|  |  | &nbsp;&nbsp;&nbsp; $1437714 |
| Multi-Family Housing Revenue – 4.2% | Multi-Family Housing Revenue – 4.2% | Multi-Family Housing Revenue – 4.2% |
| Charleston, SC, Housing Authority, General Rev. (Kiawah Homes), 5%, 12/01/2041  | $2500000 | &nbsp;&nbsp;&nbsp; $2449260 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 651302 | &nbsp;&nbsp;&nbsp; 630671 |
| North Carolina Housing Finance Agency (Multi-Family Tax-Exempt Mortgaged Back), FNMA, 4.45%, 5/01/2040  | 990780 | &nbsp;&nbsp;&nbsp; 1009443 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued |
| San Antonio, TX, Housing Trust Public Facility Corp., Multi-Family (Cedar Ridge Terrace Apartments), "A", FNMA, <br> 4.45%, 4/01/2043 <br>| $85000 | &nbsp;&nbsp;&nbsp; $81830 |
| South Carolina Housing & Finance Development Authority, Multi-Family Housing Rev. (Settlement Manor Apartments Project), <br> "A", FNMA, 4.8%, 5/01/2043 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 997140 |
| South Carolina Housing & Finance Development Authority, Multi-Family Mortgage Backed (Edgewood Place Apartments), "A", <br> FNMA, 4.8%, 7/01/2045 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1974731 |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - <br> Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035) <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1937057 |
|  |  | &nbsp;&nbsp;&nbsp; $9080132 |
| Port Revenue – 4.3% | Port Revenue – 4.3% | Port Revenue – 4.3% |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2045  | $1820000 | &nbsp;&nbsp;&nbsp; $1580581 |
| South Carolina Ports Authority Rev., 5%, 7/01/2036  | 3000000 | &nbsp;&nbsp;&nbsp; 3061546 |
| South Carolina Ports Authority Rev., 4%, 7/01/2055  | 2000000 | &nbsp;&nbsp;&nbsp; 1634746 |
| South Carolina Ports Authority Rev., "B", 5%, 7/01/2044  | 3000000 | &nbsp;&nbsp;&nbsp; 3002809 |
|  |  | &nbsp;&nbsp;&nbsp; $9279682 |
| Sales & Excise Tax Revenue – 3.3% | Sales & Excise Tax Revenue – 3.3% | Sales & Excise Tax Revenue – 3.3% |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding (McCormick Place Expansion Project), Capital Appreciation, <br> "B-1", AGM, 0%, 6/15/2044 <br>| $2485000 | &nbsp;&nbsp;&nbsp; $949599 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042  | 190000 | &nbsp;&nbsp;&nbsp; 168183 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 4000 | &nbsp;&nbsp;&nbsp; 3475 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 49000 | &nbsp;&nbsp;&nbsp; 46967 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 158000 | &nbsp;&nbsp;&nbsp; 145260 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 3599000 | &nbsp;&nbsp;&nbsp; 3383522 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 299000 | &nbsp;&nbsp;&nbsp; 280559 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 163000 | &nbsp;&nbsp;&nbsp; 152947 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 71000 | &nbsp;&nbsp;&nbsp; 64700 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 14000 | &nbsp;&nbsp;&nbsp; 11948 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 725000 | &nbsp;&nbsp;&nbsp; 565654 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 695000 | &nbsp;&nbsp;&nbsp; 494014 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 327000 | &nbsp;&nbsp;&nbsp; 103544 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 510000 | &nbsp;&nbsp;&nbsp; 493425 |
| 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>| 270000 | &nbsp;&nbsp;&nbsp; 261225 |
|  |  | &nbsp;&nbsp;&nbsp; $7125022 |
| Secondary Schools – 0.5% | Secondary Schools – 0.5% | Secondary Schools – 0.5% |
| District of Columbia Rev. (Rocketship DC Obligated Group), "A", 5%, 6/01/2049 (n) | $250000 | &nbsp;&nbsp;&nbsp; $220990 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Carolina Voyager Project), "A", <br> 5%, 6/15/2054 (n)<br>| 1000000 | &nbsp;&nbsp;&nbsp; 922644 |
|  |  | &nbsp;&nbsp;&nbsp; $1143634 |
| Single Family Housing - State – 10.3% | Single Family Housing - State – 10.3% | Single Family Housing - State – 10.3% |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | $130000 | &nbsp;&nbsp;&nbsp; $130168 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 4.45%, 9/01/2043 <br>| 1195000 | &nbsp;&nbsp;&nbsp; 1181322 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 4.5%, 9/01/2046 <br>| 400000 | &nbsp;&nbsp;&nbsp; 380720 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 3.75%, 7/01/2043  | 245000 | &nbsp;&nbsp;&nbsp; 205736 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 3.8%, 1/01/2049  | 240000 | &nbsp;&nbsp;&nbsp; 193574 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 4.95%, 7/01/2053  | 965000 | &nbsp;&nbsp;&nbsp; 962272 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 4.75%, 1/01/2054  | 900000 | &nbsp;&nbsp;&nbsp; 867961 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 5.75%, 1/01/2054  | 2720000 | &nbsp;&nbsp;&nbsp; 2932870 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 6.25%, 7/01/2054  | 1925000 | &nbsp;&nbsp;&nbsp; 2116290 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "A", 6.5%, 7/01/2055 (u) | 2000000 | &nbsp;&nbsp;&nbsp; 2260201 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 4.2%, 7/01/2042  | 1975000 | &nbsp;&nbsp;&nbsp; 1863682 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 4.6%, 7/01/2049  | 1945000 | &nbsp;&nbsp;&nbsp; 1853514 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Single Family Housing - State – continued | Single Family Housing - State – continued | Single Family Housing - State – continued |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 4.9%, 7/01/2053  | $1295000 | &nbsp;&nbsp;&nbsp; $1281605 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 6%, 1/01/2054  | 1845000 | &nbsp;&nbsp;&nbsp; 2008455 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", 6%, 1/01/2055  | 1970000 | &nbsp;&nbsp;&nbsp; 2162226 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", GNMA, 5%, 7/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 992759 |
| South Carolina Housing Finance & Development Authority, Mortgage Rev., "B", GNMA, 5%, 1/01/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 986739 |
|  |  | &nbsp;&nbsp;&nbsp; $22380094 |
| State & Local Agencies – 6.6% | State & Local Agencies – 6.6% | State & Local Agencies – 6.6% |
| Anderson County, SC, Detention Facilities Corp. Installment Purchase Rev. (Anderson County Jail Project), "A", <br> 4.375%, 10/01/2045 <br>| $1485000 | &nbsp;&nbsp;&nbsp; $1409018 |
| Broward County, FL, Tourist Development Rev. (Convention Center Expansion Project), 4%, 9/01/2047  | 745000 | &nbsp;&nbsp;&nbsp; 637623 |
| Columbia, SC, Facilities Corp. Installment Purchase Rev. (City of Columbia Project), "A", 5%, 6/01/2055  | 2000000 | &nbsp;&nbsp;&nbsp; 2001439 |
| Florence County, SC, School District No. 3 Special Obligation, 4.25%, 12/01/2044  | 1050000 | &nbsp;&nbsp;&nbsp; 963373 |
| Fort Mill, SC, Public Facilities Corp. Installment Purchase Rev. (Town of Fort Mill Project), "A", 4%, 8/01/2042  | 1090000 | &nbsp;&nbsp;&nbsp; 1014949 |
| Fort Mill, SC, Public Facilities Corp. Installment Purchase Rev. (Town of Fort Mill Project), "A", 4%, 8/01/2043  | 350000 | &nbsp;&nbsp;&nbsp; 325037 |
| Fort Mill, SC, Public Facilities Corp. Installment Purchase Rev. (Town of Fort Mill Project), "A", 4%, 8/01/2044  | 325000 | &nbsp;&nbsp;&nbsp; 299117 |
| Greenville, SC, Public Facilities Rev. (City of Greenville South Carolina Project), 5%, 4/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 1049550 |
| Greenville, SC, Public Facilities Rev. (City of Greenville South Carolina Project), 4%, 4/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 923695 |
| Greer, SC, Installment Purchase Rev. (City Improvement Project), "A", 4.125%, 9/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 895181 |
| Laurens County, SC, Public Facilities Corp. Installment Purchase Rev. (Laurens County Public Facilities Project), 5%, 9/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 1032074 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 120000 | &nbsp;&nbsp;&nbsp; 140461 |
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042  | 1975000 | &nbsp;&nbsp;&nbsp; 1764785 |
| Scago, SC, Educational Facilities Installment Purchase Rev. (Georgetown County Project), 4%, 6/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 937821 |
| Scago, SC, Educational Facilities Installment Purchase Rev. (Georgetown County Project), 4%, 6/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 931593 |
|  |  | &nbsp;&nbsp;&nbsp; $14325716 |
| Student Loan Revenue – 0.4% | Student Loan Revenue – 0.4% | Student Loan Revenue – 0.4% |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041  | $920000 | &nbsp;&nbsp;&nbsp; $907229 |
| Tax - Other – 3.5% | Tax - Other – 3.5% | Tax - Other – 3.5% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | $145000 | &nbsp;&nbsp;&nbsp; $142743 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 375000 | &nbsp;&nbsp;&nbsp; 387814 |
| Florence County, SC, Special Rev. (Savannah Grove Infrastructure Projects), 4%, 12/01/2040  | 920000 | &nbsp;&nbsp;&nbsp; 842447 |
| Florence County, SC, Special Rev. (Savannah Grove Infrastructure Projects), 4%, 12/01/2041  | 470000 | &nbsp;&nbsp;&nbsp; 423434 |
| Florence County, SC, Special Rev. (Savannah Grove Infrastructure Projects), 4.25%, 12/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 874692 |
| Greenville County, SC, Road Fee Rev., 4%, 4/01/2043  | 1000000 | &nbsp;&nbsp;&nbsp; 929508 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 95000 | &nbsp;&nbsp;&nbsp; 95671 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 285000 | &nbsp;&nbsp;&nbsp; 280657 |
| Myrtle Beach, SC, Limited Obligations (Hospitality Fee Pledge), "A", 4%, 6/01/2041  | 780000 | &nbsp;&nbsp;&nbsp; 731500 |
| Myrtle Beach, SC, Limited Obligations (Hospitality Fee Pledge), "A", 4%, 6/01/2042  | 500000 | &nbsp;&nbsp;&nbsp; 465796 |
| Myrtle Beach, SC, Limited Obligations (Hospitality Fee Pledge), "A", 4%, 6/01/2044  | 500000 | &nbsp;&nbsp;&nbsp; 455685 |
| North Charleston, SC, Limited Obligation Bond (Hospitality Fee Pledge), "A", 5%, 10/01/2040  | 2000000 | &nbsp;&nbsp;&nbsp; 2015065 |
|  |  | &nbsp;&nbsp;&nbsp; $7645012 |
| Tax Assessment – 0.8% | Tax Assessment – 0.8% | Tax Assessment – 0.8% |
| Berkeley County, SC, Assessment Rev. (Nexton Improvement District), 4.375%, 11/01/2049 (n) | $1000000 | &nbsp;&nbsp;&nbsp; $843416 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 4%, 7/01/2029  | 15000 | &nbsp;&nbsp;&nbsp; 14825 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036  | 17000 | &nbsp;&nbsp;&nbsp; 17078 |
| Dorchester County, SC, Summers Corner Improvement District Assessment Rev., 5.5%, 10/01/2051  | 1000000 | &nbsp;&nbsp;&nbsp; 933523 |
|  |  | &nbsp;&nbsp;&nbsp; $1808842 |
| Tobacco – 0.5% | Tobacco – 0.5% | Tobacco – 0.5% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020A-2, "1", 4%, 6/01/2048  | $280000 | &nbsp;&nbsp;&nbsp; $231990 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020B-2, "2", 5%, 6/01/2055  | 465000 | &nbsp;&nbsp;&nbsp; 396425 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 505000 | &nbsp;&nbsp;&nbsp; 459519 |
|  |  | &nbsp;&nbsp;&nbsp; $1087934 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Toll Roads – 0.6% | Toll Roads – 0.6% | Toll Roads – 0.6% |
| Virginia Small Business Financing Authority Senior Lien Refunding Rev. (95 Express Lanes LLC Project), 5%, 1/01/2035  | $800000 | &nbsp;&nbsp;&nbsp; $830969 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | 765000 | &nbsp;&nbsp;&nbsp; 588735 |
|  |  | &nbsp;&nbsp;&nbsp; $1419704 |
| Universities - Colleges – 6.4% | Universities - Colleges – 6.4% | Universities - Colleges – 6.4% |
| Clemson University, SC, Athletic Facilities Rev., "A", 3%, 5/01/2048  | $3000000 | &nbsp;&nbsp;&nbsp; $2116965 |
| Clemson University, SC, Athletic Facilities Rev., "A", 5%, 5/01/2050  | 500000 | &nbsp;&nbsp;&nbsp; 517702 |
| Clemson University, SC, Higher Education Rev. (Manning Hall Project), "A", 5%, 5/01/2054  | 1500000 | &nbsp;&nbsp;&nbsp; 1535545 |
| College of Charleston, SC, Higher Education Facilities Rev., "A", AGM, 4.25%, 4/01/2050  | 2000000 | &nbsp;&nbsp;&nbsp; 1800359 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (University of Sacred Heart), 4.375%, 10/01/2031 <br>| 55000 | &nbsp;&nbsp;&nbsp; 53032 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education <br> Rev. (University of Sacred Heart), 5%, 10/01/2042 <br>| 70000 | &nbsp;&nbsp;&nbsp; 62709 |
| Red River, TX, Education Finance Corp., Higher Education Rev. (Houston Baptist University Project), 5.5%, 10/01/2046  | 390000 | &nbsp;&nbsp;&nbsp; 390782 |
| South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2035  | 1515000 | &nbsp;&nbsp;&nbsp; 1525968 |
| South Carolina Jobs & Economic Development Authority (Wofford College), 5%, 4/01/2049  | 2000000 | &nbsp;&nbsp;&nbsp; 1988606 |
| South Carolina Jobs & Economic Development Authority Rev. (Charleston Southern University), "C", 5.75%, 9/01/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 992801 |
| South Carolina Jobs & Economic Development Authority, Educational Facilities Rev. (Oceanside Collegiate Academy Project), <br> "A", 5%, 6/15/2054 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 909280 |
| University of South Carolina, Higher Education Rev. (Campus Village Project), "A", 5%, 5/01/2046  | 1900000 | &nbsp;&nbsp;&nbsp; 1936472 |
|  |  | &nbsp;&nbsp;&nbsp; $13830221 |
| Utilities - Municipal Owned – 5.2% | Utilities - Municipal Owned – 5.2% | Utilities - Municipal Owned – 5.2% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | $330000 | &nbsp;&nbsp;&nbsp; $180263 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | 200000 | &nbsp;&nbsp;&nbsp; 109250 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | 100000 | &nbsp;&nbsp;&nbsp; 54625 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | 30000 | &nbsp;&nbsp;&nbsp; 16388 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 270000 | &nbsp;&nbsp;&nbsp; 147488 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 25000 | &nbsp;&nbsp;&nbsp; 24569 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 140000 | &nbsp;&nbsp;&nbsp; 76475 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | 60000 | &nbsp;&nbsp;&nbsp; 32775 |
| Rock Hill, SC, Combined Utility System Rev., 4%, 1/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 879275 |
| Rock Hill, SC, Combined Utility System Rev., 5%, 1/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 1005561 |
| Rock Hill, SC, Utility Systems Rev., 5%, 1/01/2041  | 1000000 | &nbsp;&nbsp;&nbsp; 1002474 |
| Rock Hill, SC, Utility Systems Rev., "A", BAM, 4%, 1/01/2049  | 650000 | &nbsp;&nbsp;&nbsp; 571529 |
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., "A", 4%, 6/01/2035  | 500000 | &nbsp;&nbsp;&nbsp; 500583 |
| South Carolina Patriots Energy Group Gas System Improvement Refunding Rev., "A", 4%, 6/01/2036  | 500000 | &nbsp;&nbsp;&nbsp; 495894 |
| South Carolina Public Service Authority Improvement Rev., "B", 5%, 12/01/2051  | 2055000 | &nbsp;&nbsp;&nbsp; 2055061 |
| South Carolina Public Service Authority Improvement Rev., "E", AGM, 5.25%, 12/01/2038  | 2000000 | &nbsp;&nbsp;&nbsp; 2148255 |
| South Carolina Public Service Authority Obligation Refunding Rev., "B", AGM, 5%, 12/01/2049  | 2000000 | &nbsp;&nbsp;&nbsp; 2011192 |
|  |  | &nbsp;&nbsp;&nbsp; $11311657 |
| Utilities - Other – 4.2% | Utilities - Other – 4.2% | Utilities - Other – 4.2% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | $1230000 | &nbsp;&nbsp;&nbsp; $1293484 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 1195000 | &nbsp;&nbsp;&nbsp; 1252266 |
| Patriots Energy Group Financing Agency, SC, Gas Supply Rev., "B-1", 5.25%, 2/01/2054 (Put Date 3/01/2031)  | 2000000 | &nbsp;&nbsp;&nbsp; 2147156 |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.25%, 11/15/2028  | 110000 | &nbsp;&nbsp;&nbsp; 115151 |
| Southeast Alabama Energy Authority Commodity Supply Rev. (Project No. 5), "A", 5.25%, 1/01/2054 (Put Date 7/01/2029)  | 1090000 | &nbsp;&nbsp;&nbsp; 1143333 |
| Southeast Alabama Energy Authority, Cooperative District Energy Supply Rev., "A", 5%, 11/01/2035  | 855000 | &nbsp;&nbsp;&nbsp; 883337 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 685000 | &nbsp;&nbsp;&nbsp; 718951 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A", 5.25%, 9/01/2026  | 570000 | &nbsp;&nbsp;&nbsp; 578697 |
| Tennessee Energy Acquisition Corp., Gas Project Rev., "A-1", 5%, 5/01/2053 (Put Date 5/01/2028)  | 1065000 | &nbsp;&nbsp;&nbsp; 1098112 |
|  |  | &nbsp;&nbsp;&nbsp; $9230487 |
| Water & Sewer Utility Revenue – 12.8% | Water & Sewer Utility Revenue – 12.8% | Water & Sewer Utility Revenue – 12.8% |
| Aiken County, SC, County Administration Building Project, 4%, 8/01/2049  | $1000000 | &nbsp;&nbsp;&nbsp; $877778 |
| Aiken County, SC, County Administration Building Project, 5%, 8/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 1022902 |
| Beaufort-Jasper Counties, SC, Waterworks & Sewer System Rev., "A", 4%, 3/01/2050  | 4000000 | &nbsp;&nbsp;&nbsp; 3523878 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Charleston, SC, Waterworks & Sewer System Capital Improvement Rev., "A", 5%, 1/01/2054  | $2000000 | &nbsp;&nbsp;&nbsp; $2070489 |
| Columbia, SC, Waterworks & Sewer System Rev., 5%, 2/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 1026652 |
| Columbia, SC, Waterworks & Sewer System Rev., 5%, 2/01/2050  | 2000000 | &nbsp;&nbsp;&nbsp; 2058135 |
| Columbia, SC, Waterworks & Sewer System Rev., 5.25%, 2/01/2052  | 500000 | &nbsp;&nbsp;&nbsp; 520799 |
| Columbia, SC, Waterworks & Sewer System Rev., "A", 5%, 2/01/2048  | 1100000 | &nbsp;&nbsp;&nbsp; 1127629 |
| Columbia, SC, Waterworks & Sewer System Rev., "A", 5.25%, 2/01/2053  | 2335000 | &nbsp;&nbsp;&nbsp; 2430211 |
| Dorchester County, SC, Waterworks & Sewer Systems Rev., 4.25%, 10/01/2048  | 2250000 | &nbsp;&nbsp;&nbsp; 2076368 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 410000 | &nbsp;&nbsp;&nbsp; 406567 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 300000 | &nbsp;&nbsp;&nbsp; 296352 |
| Inman-Campobello Water District, SC, Waterworks System Improvement Rev., BAM, 5%, 6/01/2048  | 1000000 | &nbsp;&nbsp;&nbsp; 1017932 |
| Metropolitan, SC, Sewer System Rev., 4%, 6/01/2049  | 500000 | &nbsp;&nbsp;&nbsp; 439114 |
| Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., "C", 5%, 3/01/2043  | 325000 | &nbsp;&nbsp;&nbsp; 339831 |
| Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., "C", 5%, 3/01/2045  | 1350000 | &nbsp;&nbsp;&nbsp; 1400245 |
| Myrtle Beach, SC, Waterworks & Sewer System Improvement Refunding Rev., "C", 4%, 3/01/2048  | 1645000 | &nbsp;&nbsp;&nbsp; 1459256 |
| South Island Public Service District, SC, Waterworks & Sewer System Improvement Rev., 4.5%, 4/01/2052  | 5000000 | &nbsp;&nbsp;&nbsp; 4830933 |
| West Columbia, SC, Water & Sewer System Improvement Rev., 5%, 6/01/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 1003048 |
|  |  | &nbsp;&nbsp;&nbsp; $27928119 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$202656198** |
| Bonds – 0.0%  | Bonds – 0.0%  | Bonds – 0.0%  |
| Transportation - Services – 0.0% | Transportation - Services – 0.0% | Transportation - Services – 0.0% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)  | $439731 | &nbsp;&nbsp;&nbsp; $146914 |
| 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  | $373062 | &nbsp;&nbsp;&nbsp; $229433 |
| Mutual Funds (h) – 4.4%  | Mutual Funds (h) – 4.4%  | Mutual Funds (h) – 4.4%  |
| Money Market Funds – 4.4% | Money Market Funds – 4.4% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v)  | 9522968 | &nbsp;&nbsp;&nbsp; $9523921 |
| Other Assets, Less Liabilities – 2.4% |  | &nbsp;&nbsp;&nbsp; 5159310 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$217715776** |

---

&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 $9,523,921 and $203,032,545, 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 $4,584,654, representing 2.1% 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;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

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

------

**Supplemental Information**

6/30/25 (unaudited)

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

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

**(1) Investment Valuations**

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

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

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

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

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

asset value per share.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $202885631 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $202885631 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 146914 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 146914 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 9523921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9523921 |
| Total | &nbsp;&nbsp;&nbsp; $9523921 | &nbsp;&nbsp;&nbsp; $203032545 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $212556466 |

---

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

------

*Supplemental Information (unaudited) – continued*

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

**(2) Investments in Affiliated Issuers**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $3272621 | &nbsp;&nbsp; $21737648 | &nbsp;&nbsp; $15486803 | &nbsp;&nbsp; $(328)<br>| &nbsp;&nbsp; $783 | &nbsp;&nbsp; $9523921<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; $44468 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

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

---

| | |
|:---|:---|
| South Carolina  | 77.0% |
| Puerto Rico  | 3.5% |
| New York  | 2.0% |
| Illinois  | 2.0% |
| Alabama  | 1.5% |
| Tennessee  | 1.1% |
| North Carolina  | 1.1% |
| Texas  | 1.0% |
| California  | 0.8% |
| Virginia | 0.8% |
| Maryland | 0.7% |
| Guam  | 0.6% |
| Arkansas  | 0.6% |
| Pennsylvania  | 0.5% |
| New Jersey  | 0.5% |
| Wisconsin  | 0.3% |
| Ohio  | 0.3% |
| New Hampshire  | 0.3% |
| Florida  | 0.3% |
| Colorado  | 0.2% |
| Washington DC | 0.1% |
| Connecticut  | 0.1% |
| Michigan  | 0.1% |
| U.S. Virgin Islands (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 South Carolina Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002525

- **c. LEI of Series:** 08HGTHG281BFQRFCD148

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $218550822.90

**Total Liabilities:** $747901.40

**Net Assets:** $217802921.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -246.31082000 | **1-Year:** -5852.94537590 | **5-Year:** -29442.23808500 | **10-Year:** -85105.38513140 | **30-Year:** -35870.72050210

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

- **3-Month:** -37.04065430 | **1-Year:** -860.67374200 | **5-Year:** -3249.81618760 | **10-Year:** -7437.58058390 | **30-Year:** -4783.08876480

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194234 | -0.72%               | -0.71%               | 0.66%                |
| Class ID C000006968 | -0.89%               | -0.80%               | 0.60%                |
| Class ID C000006967 | -0.73%               | -0.73%               | 0.56%                |
| Class ID C000169762 | -0.84%               | -0.61%               | 0.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-119015.78              | $-2330551.32                               |
| Month 2  | $-112494.81              | $-2005374.14                               |
| Month 3  | $-856230.84              | $1623606.30                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2023A                                                                            | CUSIP: 198504N57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2430211.26   | 1.12%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    270000 | PA      | $261225.00    | 0.12%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2025 B                               | CUSIP: 83712D8S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992759.10    | 0.46%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2025A                                | CUSIP: 83712EHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997139.50    | 0.46%             | 2043-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $26067.94     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC Water & Sewer Revenue                                                             | City of Myrtle Beach, Series 2023 C                                                                       | CUSIP: 628577MY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $339830.82    | 0.16%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    285000 | PA      | $280657.08    | 0.13%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 4/SC                                                               | Spartanburg County School District No. 4                                                                  | CUSIP: 847031CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3111801.90   | 1.43%             | 2052-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill                                                                                         | CUSIP: 772249RJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $571529.01    | 0.26%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712D2X3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2932869.65   | 1.35%             | 2054-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach, Series 2024 A                                                                       | CUSIP: 628571FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $455685.15    | 0.21%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      4000 | PA      | $3474.82      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DZQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $205736.47    | 0.09%             | 2043-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    725000 | PA      | $565654.57    | 0.26%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024B                                | CUSIP: 83712D6K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2162225.71   | 0.99%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     17000 | PA      | $17077.90     | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2023 B                               | CUSIP: 83712D4A1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $2008454.64   | 0.92%             | 2054-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    340000 | PA      | $306136.51    | 0.14%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   9499627 | NS      | $9500576.61   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $380720.28    | 0.17%             | 2046-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024A                                | CUSIP: 83712D5F9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2116289.75   | 0.97%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    260000 | PA      | $189694.18    | 0.09%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025C                                          | CUSIP: 837036GP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992800.60    | 0.46%             | 2055-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lancaster County Public Facilities Corp.                                                                  | Lancaster County Public Facilities Corp., Series 2023                                                     | CUSIP: 514116AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543661.85   | 0.71%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia                                                                                          | CUSIP: 198504K50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026651.50   | 0.47%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024B                                | CUSIP: 83712D6H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $1853513.62   | 0.85%             | 2049-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    330000 | PA      | $180262.50    | 0.08%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville County Metropolitan Sewer Subdistrict                                                          | Greenville County Metropolitan Sewer Subdistrict, Series 2024                                             | CUSIP: 592549AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $439114.05    | 0.20%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC                                                                                     | County of Berkeley                                                                                        | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $843416.30    | 0.39%             | 2049-11-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Charleston Public Facilities Corp.                                                                        | Charleston Public Facilities Corp., Series 2023                                                           | CUSIP: 160396DE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $809629.73    | 0.37%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charleston SC Waterworks & Sewer System Revenue                                                   | City of Charleston, Series 2024 A                                                                         | CUSIP: 160429E77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070488.80   | 0.95%             | 2054-01-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2147156.20   | 0.99%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035J7Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1259945.20   | 0.58%             | 2055-07-01      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $774980.63    | 0.36%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                                           | Lexington County Health Services District, Inc.                                                           | CUSIP: 529050ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009806.80   | 0.46%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024A                                          | CUSIP: 83704MEG7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922644.10    | 0.42%             | 2054-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703EMR3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1991474.40   | 0.91%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     97904 | PA      | $103269.98    | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | 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        |     14000 | PA      | $11947.65     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Island Public Service District/SC                                                                   | South Island Public Service District                                                                      | CUSIP: 838466DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4830933.00   | 2.22%             | 2052-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series M TEMS BDS 2023 A FN                 | CUSIP: 83712LAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1974731.40   | 0.91%             | 2045-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 7                                                                  | Spartanburg County School District No. 7                                                                  | CUSIP: 847082LK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023004.80   | 0.93%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070EB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $463334.67    | 0.21%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FJN3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998077.60   | 0.92%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of West Columbia SC                                                                                  | City of West Columbia, Series 2025                                                                        | CUSIP: 952258JS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003048.10   | 0.46%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                                                      | Public Authority for Colorado Energy                                                                      | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    110000 | PA      | $115151.21    | 0.05%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Anderson County Detention Facilities Corp.                                                                | Anderson County Detention Facilities Corp., Series 2025 A                                                 | CUSIP: 033700AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1409017.90   | 0.65%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill, Series 2024 A                                                                          | CUSIP: 772249SD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $879275.40    | 0.40%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $434916.37    | 0.20%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 4/SC                                                               | Spartanburg County School District No. 4                                                                  | CUSIP: 847031CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053514.40   | 0.94%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inman Campobello Water District                                                                           | Inman Campobello Water District, Series 2023                                                              | CUSIP: 457561AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017932.40   | 0.47%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    785000 | PA      | $804475.69    | 0.37%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017                                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130168.10    | 0.06%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14825.07     | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $24568.54     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712D2W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $962271.95    | 0.44%             | 2053-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| County of Lancaster SC                                                                                    | County of Lancaster                                                                                       | CUSIP: 514084ML3<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    725000 | PA      | $619899.72    | 0.28%             | 2039-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     49000 | PA      | $46966.96     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Florence County School District No. 3                                                                     | Florence County School District No. 3, Series 2025                                                        | CUSIP: 34015QAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $963372.80    | 0.44%             | 2044-12-01      | Fixed         | 4.25%                 | 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        |    920000 | PA      | $907228.84    | 0.42%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2016                                           | CUSIP: 83703FMJ8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    295000 | PA      | $298342.94    | 0.14%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1181321.79   | 0.54%             | 2043-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    651302 | PA      | $630670.90    | 0.29%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University, Series 2024 A                                                                         | CUSIP: 185633EB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535544.45   | 0.71%             | 2054-05-01      | Fixed         | 5.00%                 | 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        |    505000 | PA      | $459518.69    | 0.21%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC Water & Sewer Revenue                                                             | City of Myrtle Beach, Series 2023 C                                                                       | CUSIP: 628577NA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1459255.98   | 0.67%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aiken County Consolidated School District SC                                                              | Aiken County Consolidated School District                                                                 | CUSIP: 008775AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1176734.58   | 0.54%             | 2041-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031YQ0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1988606.40   | 0.91%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill Public Facilities Corp.                                                                         | Fort Mill Public Facilities Corp., Series 2024 A                                                          | CUSIP: 34802AAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $325037.37    | 0.15%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151YZ6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2055061.44   | 0.94%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031VF7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1525968.30   | 0.70%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     30000 | PA      | $16387.50     | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025                                           | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1937057.40   | 0.89%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| College of Charleston                                                                                     | College of Charleston, Series 2025A                                                                       | CUSIP: 194208JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1800359.00   | 0.83%             | 2050-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series M TEMS 2024                                                 | CUSIP: 65821GAA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    990780 | PA      | $1009443.27   | 0.46%             | 2040-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach, Series 2024 A                                                                       | CUSIP: 628571FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $731500.22    | 0.34%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1373478.07   | 0.63%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2016                                           | CUSIP: 83703FMK5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1205832.53   | 0.55%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2023A                                                                            | CUSIP: 198504N40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1127629.14   | 0.52%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024                                           | CUSIP: 837032CT6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553721.45   | 0.71%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    165000 | PA      | $168421.36    | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | 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        |    210000 | PA      | $185946.96    | 0.09%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greenville Public Facilities Corp.                                                                        | Greenville Public Facilities Corp., Series 2024                                                           | CUSIP: 396549CF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923695.30    | 0.42%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC Waterworks & Sewer System Revenue                                                 | County of Dorchester, Waterworks and Sewer System                                                         | CUSIP: 258193EN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2076367.95   | 0.95%             | 2048-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KR9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $944436.90    | 0.43%             | 2036-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia                                                                                          | CUSIP: 198504K68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520798.65    | 0.24%             | 2052-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group                                                                                     | Patriots Energy Group                                                                                     | CUSIP: 70338JBZ6<br>LEI: 549300NJ5PDRH6328F32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500583.25    | 0.23%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83704CAE8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919621.30    | 0.42%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $141456.34    | 0.06%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2023                                           | CUSIP: 83703FMF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1845250.20   | 0.85%             | 2048-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of North Charleston SC                                                                               | City of North Charleston                                                                                  | CUSIP: 65857PAC5<br>LEI: 549300Y9QXZ4L5X8SP87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015064.80   | 0.93%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Housing Authority/SC                                                                           | Charleston Housing Authority, Series 2024                                                                 | CUSIP: 160340AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2449259.75   | 1.12%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia Facilities Corp.                                                                                 | Columbia Facilities Corp., Series 2025 A                                                                  | CUSIP: 198436BH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001438.40   | 0.92%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2024A                                           | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    855000 | PA      | $883336.75    | 0.41%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    190000 | PA      | $199020.55    | 0.09%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fort Mill Public Facilities Corp.                                                                         | Fort Mill Public Facilities Corp., Series 2024 A                                                          | CUSIP: 34802AAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $299117.33    | 0.14%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $231990.39    | 0.11%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    200000 | PA      | $109250.00    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    170651 | PA      | $164310.09    | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90137.28     | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    510000 | PA      | $493425.00    | 0.23%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill SC Combined Utility System Revenue                                                      | CUSIP: 772249QC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002473.80   | 0.46%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123KG2<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3002808.60   | 1.38%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DZS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $193574.14    | 0.09%             | 2049-01-01      | Fixed         | 3.80%                 | 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        |    120000 | PA      | $140461.10    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2023 B                               | CUSIP: 83712D3Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1281605.04   | 0.59%             | 2053-07-01      | Fixed         | 4.90%                 | 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        |   1000000 | PA      | $1000604.70   | 0.46%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    770000 | PA      | $608023.65    | 0.28%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    685000 | PA      | $718950.59    | 0.33%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $396424.87    | 0.18%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1386259.56   | 0.64%             | 2049-07-01      | Fixed         | 4.00%                 | 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        |    800000 | PA      | $830969.12    | 0.38%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024 A                                         | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036037.20   | 0.48%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Greenville Public Facilities Corp.                                                                        | Greenville Public Facilities Corp., Series 2024                                                           | CUSIP: 396549CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049549.90   | 0.48%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Greenwood SC                                                                                    | County of Greenwood                                                                                       | CUSIP: 397090GN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1976863.61   | 0.91%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                                                     | County of Florence, Series 2024                                                                           | CUSIP: 34015TAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $423433.76    | 0.19%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University                                                                                        | CUSIP: 185630A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2116965.30   | 0.97%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FKV3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1739816.80   | 0.80%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123HH4<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3061546.50   | 1.41%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Housing Trust Public Facility Corp.                                                           | San Antonio Housing Trust Public Facility Corp., Series BDS 2024A                                         | CUSIP: 79626WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $81830.18     | 0.04%             | 2043-04-01      | Fixed         | 4.45%                 | 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        |     71000 | PA      | $64700.28     | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    300000 | PA      | $296351.70    | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025A                                          | CUSIP: 83703EMY8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037117.40   | 0.48%             | 2044-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Laurens County Public Facilities Authority                                                                | Laurens County Public Facilities Authority, Series 2024                                                   | CUSIP: 519079AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032073.50   | 0.47%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     55000 | PA      | $53031.84     | 0.02%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $119215.26    | 0.05%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill Public Facilities Corp.                                                                         | Fort Mill Public Facilities Corp., Series 2024 A                                                          | CUSIP: 34802AAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1014949.14   | 0.47%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2728571.70   | 1.25%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District, Series 2024A                                                          | CUSIP: 160070EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025880.20   | 0.93%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $32775.00     | 0.02%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach, Series 2024 A                                                                       | CUSIP: 628571FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465796.25    | 0.21%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                                                     | County of Florence, Series 2024                                                                           | CUSIP: 34015TAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $842446.39    | 0.39%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DY75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1863681.89   | 0.86%             | 2042-07-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUW2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $220989.43    | 0.10%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  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        |    695000 | PA      | $494014.20    | 0.23%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Corp. ForGreer                                                                                            | Corp. ForGreer, Series 2024A                                                                              | CUSIP: 397479AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895181.10    | 0.41%             | 2049-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Scago Public Facilities Corp. for Georgetown County                                                       | Scago Public Facilities Corp. for Georgetown County, Series 2024                                          | CUSIP: 80586ABK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931592.50    | 0.43%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1293483.99   | 0.59%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    270000 | PA      | $147487.50    | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $132884.57    | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $62709.02     | 0.03%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123HN1<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1634746.00   | 0.75%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orangeburg County Facilities Corp.                                                                        | Orangeburg County Facilities Corp.                                                                        | CUSIP: 685357AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1764785.15   | 0.81%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2025 B                               | CUSIP: 83712D8T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986739.40    | 0.45%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University, Series 2025A                                                                          | CUSIP: 185630E97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517702.40    | 0.24%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     69565 | PA      | $66278.26     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                                                     | County of Florence, Series 2024                                                                           | CUSIP: 34015TAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $874692.10    | 0.40%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1098112.23   | 0.50%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $588734.97    | 0.27%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Aiken SC                                                                                          | City of Aiken, Series 2024 A                                                                              | CUSIP: 008860FS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022902.30   | 0.47%             | 2053-08-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    327000 | PA      | $103543.80    | 0.05%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     94583 | PA      | $84053.90     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    299000 | PA      | $280558.85    | 0.13%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    410000 | PA      | $406567.23    | 0.19%             | 2046-01-01      | Fixed         | 5.00%                 | 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        |   1090000 | PA      | $1143333.16   | 0.52%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                                           | Allegheny County Hospital Development Authority                                                           | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    255000 | PA      | $223118.09    | 0.10%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    285000 | PA      | $251315.05    | 0.12%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2025                                                                             | CUSIP: 198504S78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2058134.80   | 0.94%             | 2050-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3599000 | PA      | $3383521.75   | 1.55%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500310.35   | 0.69%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75002.17     | 0.03%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group                                                                                     | Patriots Energy Group                                                                                     | CUSIP: 70338JCA0<br>LEI: 549300NJ5PDRH6328F32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495894.50    | 0.23%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $387814.28    | 0.18%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Greenville-Spartanburg Airport District                                                                   | Greenville-Spartanburg Airport District, Series 2024A                                                     | CUSIP: 396613DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054973.60   | 0.94%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     95000 | PA      | $95671.36     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KL2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $622220.10    | 0.29%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FLL4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036866.40   | 0.94%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    190000 | PA      | $168183.40    | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                                         | Red River Education Finance Corp.                                                                         | CUSIP: 756870BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390781.64    | 0.18%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700577 | PA      | $234062.72    | 0.11%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070EC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1262885.50   | 0.58%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC Water & Sewer Revenue                                                             | City of Myrtle Beach, Series 2023 C                                                                       | CUSIP: 628577MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1400245.25   | 0.64%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    116044 | PA      | $80224.74     | 0.04%             | 2033-07-01      | None          | 0.00%                 | 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        |   1290000 | PA      | $1111175.30   | 0.51%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                                              | University of South Carolina                                                                              | CUSIP: 913367FN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1936472.21   | 0.89%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    140000 | PA      | $76475.00     | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Horry SC Airport Revenue                                                                        | County of Horry                                                                                           | CUSIP: 44066MEW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $1969359.50   | 0.90%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                                                   | County of Dorchester, Series 2023                                                                         | CUSIP: 258149AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933523.00    | 0.43%             | 2051-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $128865.53    | 0.06%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031YY3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1200308.38   | 0.55%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville County SC Road Fee Revenue                                                                     | Greenville County                                                                                         | CUSIP: 396061AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $929507.90    | 0.43%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024                                           | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019382.60   | 0.93%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151T33<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2148255.40   | 0.99%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024A                                | CUSIP: 83712D5E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $867961.08    | 0.40%             | 2054-01-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 8371514X4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011192.00   | 0.92%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KU2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $635858.85    | 0.29%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Horry SC                                                                                        | County of Horry                                                                                           | CUSIP: 440671AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1888031.60   | 0.87%             | 2052-09-01      | Fixed         | 4.50%                 | 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        |    745000 | PA      | $637623.37    | 0.29%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $142742.70    | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1230880.74   | 0.57%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $181652.42    | 0.08%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $54625.00     | 0.03%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $41839.68     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                                  | Metropolitan Pier & Exposition Authority                                                                  | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $949599.26    | 0.44%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Beaufort-Jasper Water & Sewer Authority                                                                   | Beaufort-Jasper Water & Sewer Authority, Series 2025A                                                     | CUSIP: 074358HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3523878.40   | 1.62%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scago Public Facilities Corp. for Georgetown County                                                       | Scago Public Facilities Corp. for Georgetown County, Series 2024                                          | CUSIP: 80586ABJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937820.80    | 0.43%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    163000 | PA      | $152946.80    | 0.07%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    100000 | PA      | $100823.93    | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    158000 | PA      | $145260.02    | 0.07%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    570000 | PA      | $578696.49    | 0.27%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                                   | Port Authority of New York & New Jersey                                                                   | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1580580.64   | 0.73%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     90173 | PA      | $87975.38     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024                                           | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998328.10    | 0.46%             | 2027-12-15      | Variable      | 3.70%                 | 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        |     85000 | PA      | $74142.92     | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024A                                          | CUSIP: 83704MEL6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909279.60    | 0.42%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aiken SC                                                                                          | City of Aiken, Series 2024 A                                                                              | CUSIP: 008860FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $877777.70    | 0.40%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1252266.31   | 0.57%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    349365 | PA      | $298502.94    | 0.14%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FJV5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485252.00    | 0.22%             | 2037-11-01      | 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        |    575000 | PA      | $561909.15    | 0.26%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KM0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $203397.50    | 0.09%             | 2048-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    373062 | PA      | $229433.01    | 0.11%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    330093 | PA      | $356046.56    | 0.16%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill, Series 2024 A                                                                          | CUSIP: 772249SE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005561.20   | 0.46%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer