# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-011426
**Filing Date:** 2026-5
**Character Count:** 121904
**Document Hash:** 11a6b7b2c0b078cbc37602a72836ff55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-011426.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0002071691-26-011426

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 261018841

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE MUNICIPAL BOND TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MANAGED MULTI STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19890410

## Series and Classes Contracts Data

### MFS Virginia Municipal Bond Fund (Series ID: S000002527)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $346059990.30

**Total Liabilities:** $1241241.92

**Net Assets:** $344818748.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -541.62559920 | **1-Year:** -11454.91900160 | **5-Year:** -45796.82823370 | **10-Year:** -121387.37458040 | **30-Year:** -53632.46110140

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

- **3-Month:** -112.84977210 | **1-Year:** -1951.79169990 | **5-Year:** -5571.76647110 | **10-Year:** -8637.23773570 | **30-Year:** -3765.18295350

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169764 | 0.41%                | 1.50%                | -2.37%               |
| Class ID C000006971 | 0.47%                | 1.41%                | -2.42%               |
| Class ID C000006973 | 0.31%                | 1.45%                | -2.49%               |
| Class ID C000194238 | 0.41%                | 1.50%                | -2.35%               |
| Class ID C000006972 | 0.31%                | 1.45%                | -2.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-40578.37               | $545692.58                                 |
| Month 2  | $-52077.50               | $4299351.73                                |
| Month 3  | $-94036.09               | $-9419821.13                               |

### 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 Norfolk VA                                                                                        | City of Norfolk                                                                                           | CUSIP: 655867S26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $869180.72    | 0.25%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QGX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482293.45    | 0.14%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henry County Industrial Development Authority VA                                                          | Henry County Industrial Development Authority                                                             | CUSIP: 42668CAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2855236.20   | 0.83%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    345000 | PA      | $310500.00    | 0.09%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818MJH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40079.58     | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $36718.51     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818L4U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45087.51     | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                                          | Fairfax County Redevelopment & Housing Authority                                                          | CUSIP: 303835DQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1559676.75   | 0.45%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Suffolk VA                                                                                        | City of Suffolk                                                                                           | CUSIP: 86481ACM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1253376.37   | 0.36%             | 2039-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Redevelopment & Housing Authority                                                              | Chesapeake Redevelopment & Housing Authority, Series 2024                                                 | CUSIP: 165328BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $3050055.77   | 0.88%             | 2040-10-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                                    | Hampton Roads Transportation Accountability Commission, Series 2024A                                      | CUSIP: 409328CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4145218.40   | 1.20%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cherry Hill Community Development Authority                                                               | Cherry Hill Community Development Authority                                                               | CUSIP: 164631AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400531.92    | 0.12%             | 2035-03-01      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WGV0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1281018.50   | 0.37%             | 2064-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      6000 | PA      | $5361.71      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1212000 | PA      | $1007411.01   | 0.29%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 74528NAU1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |    325000 | PA      | $325235.56    | 0.09%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                                                | Lexington Industrial Development Authority                                                                | CUSIP: 52976BBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969442.20    | 0.28%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                                             | Loudoun County Economic Development Authority                                                             | CUSIP: 54601TAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $2293131.00   | 0.67%             | 2049-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 927780SK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067803.50   | 0.31%             | 2031-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority, Series 2024                                                          | CUSIP: 92778FLW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043185.30   | 0.30%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   7156754 | NS      | $7156754.28   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Williamsburg Economic Development Authority                                                               | Williamsburg Economic Development Authority                                                               | CUSIP: 969671AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2058360.13   | 0.60%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 30384AAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016550.10   | 0.29%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1834903.18   | 0.53%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1440167.36   | 0.42%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority, Series 2024                                                          | CUSIP: 92778FLX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063810.00   | 0.60%             | 2054-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                                 | Winchester Economic Development Authority                                                                 | CUSIP: 973121BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400634.60    | 0.12%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                                        | Virginia Public Building Authority                                                                        | CUSIP: 928173BX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004828.40   | 0.58%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Virginia                                                                                    | University of Virginia                                                                                    | CUSIP: 915217WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2526072.00   | 0.73%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                                 | Winchester Economic Development Authority, Series 2024A                                                   | CUSIP: 973122AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1121420.19   | 0.33%             | 2043-01-01      | 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        |   1300000 | PA      | $1387754.81   | 0.40%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647FM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025535.00   | 0.30%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria, Series 2025                                                                           | CUSIP: 015303GE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3585000 | PA      | $4044553.26   | 1.17%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2024C                                                      | CUSIP: 92812WQP2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996805.00    | 0.29%             | 2049-12-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812V3N4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    770000 | PA      | $630445.59    | 0.18%             | 2033-07-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1045000 | PA      | $1055354.28   | 0.31%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rockingham County Economic Development Authority                                                          | Rockingham County Economic Development Authority                                                          | CUSIP: 77345QAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2255000 | PA      | $1759703.68   | 0.51%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority, Series 2024                                              | CUSIP: 30382VAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3092767.50   | 0.90%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928105BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3370000 | PA      | $2894089.61   | 0.84%             | 2040-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778VMA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4310952.40   | 1.25%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QHN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1438563.30   | 0.42%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 E SUB E-1                                             | CUSIP: 92812U4H8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1457839.20   | 0.42%             | 2049-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4874.44      | 0.00%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     26000 | PA      | $23361.96     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1105864.96   | 0.32%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                                    | Roanoke Economic Development Authority, Series 2025A                                                      | CUSIP: 770082CQ6<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1247806.58   | 0.36%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                                                      | County of Fairfax                                                                                         | CUSIP: 30382AHL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046401.80   | 0.30%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $723362.84    | 0.21%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2025 A-1                                              | CUSIP: 928105CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2554395.25   | 0.74%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2024 A                                                | CUSIP: 928103AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $770951.55    | 0.22%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                                             | Chesapeake Hospital Authority                                                                             | CUSIP: 16532VBR4<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |    625000 | PA      | $583313.13    | 0.17%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WGS7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013054.80   | 0.29%             | 2047-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1237608.00   | 0.36%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                                   | Virginia Port Authority                                                                                   | CUSIP: 928077JM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $753635.55    | 0.22%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QLW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    185000 | PA      | $184006.31    | 0.05%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     35000 | PA      | $34837.95     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928103AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000094.20   | 0.29%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VYQ3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1252553.23   | 0.36%             | 2049-12-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QFH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $777343.73    | 0.23%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     77000 | PA      | $76699.39     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VVC7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1887345.60   | 0.55%             | 2044-09-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| City of Petersburg VA                                                                                     | City of Petersburg, Series 2023                                                                           | CUSIP: 716298RX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1424108.10   | 0.41%             | 2053-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $437834.93    | 0.13%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2016 A                                                  | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $995763.66    | 0.29%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williamsburg Economic Development Authority                                                               | Williamsburg Economic Development Authority                                                               | CUSIP: 969669AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932877.20    | 0.27%             | 2048-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1093987.81   | 0.32%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016                                 | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1544727.86   | 0.45%             | 2035-04-01      | Fixed         | 5.75%                 | 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        |    953512 | PA      | $958911.60    | 0.28%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1515270.08   | 0.44%             | 2041-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $694468.16    | 0.20%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1458709.26   | 0.42%             | 2045-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lexington Industrial Development Authority                                                                | Lexington Industrial Development Authority                                                                | CUSIP: 52976TBF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016375.90   | 0.29%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928105BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $2937253.85   | 0.85%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 E SUB E-3                                             | CUSIP: 92812XBB7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1466312.10   | 0.43%             | 2049-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                                          | Washington Metropolitan Area Transit Authority Dedicated                                                  | CUSIP: 93878YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5116317.00   | 1.48%             | 2045-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richmond Redevelopment & Housing Authority                                                                | Richmond Redevelopment & Housing Authority, Series MTEMS 2024                                             | CUSIP: 76543FAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950815 | PA      | $3997195.33   | 1.16%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2024F SUB F-3                                              | CUSIP: 92812XNY4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3013354.50   | 0.87%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority, Series 2025A A                                             | CUSIP: 42605XAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512928.35   | 0.44%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PMU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2486125.40   | 0.72%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WJG0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    710000 | PA      | $714909.86    | 0.21%             | 2043-03-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series SS                                                           | CUSIP: 74526QEY4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     45000 | PA      | $44172.62     | 0.01%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    280000 | PA      | $290140.73    | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                                                        | Isle Wight County Industrial Development Authority, Series 2023                                           | CUSIP: 464637AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4175078.40   | 1.21%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Charles City County Economic Development Authority                                                        | Charles City County Economic Development Authority                                                        | CUSIP: 15976RAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008715.90   | 0.29%             | 2027-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2024 A                                                     | CUSIP: 92812WNX8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970603.10    | 0.28%             | 2059-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                                                | City of Richmond, Series 2023 C                                                                           | CUSIP: 765433MY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969862.40    | 0.28%             | 2045-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $345720.48    | 0.10%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 D                                                     | CUSIP: 92812WKW3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3807492.00   | 1.10%             | 2053-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Albany-Dougherty County Hospital Authority                                                                | Albany-Dougherty County Hospital Authority                                                                | CUSIP: 012170FD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1325847.30   | 0.38%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    385000 | PA      | $299670.10    | 0.09%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 F                                                     | CUSIP: 92812WMR2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4052210.40   | 1.18%             | 2048-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035PYT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110781.09   | 0.32%             | 2055-10-01      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| City of Norfolk VA                                                                                        | City of Norfolk                                                                                           | CUSIP: 655867S34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $998832.48    | 0.29%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell County Industrial Development Authority                                                          | Campbell County Industrial Development Authority                                                          | CUSIP: 13432JAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981629.60    | 0.28%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277816E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $855589.40    | 0.25%             | 2035-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4180000 | PA      | $3589037.45   | 1.04%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WJJ4<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2525592.44   | 0.73%             | 2048-03-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation                                                       | CUSIP: 592647MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3697021.08   | 1.07%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority, Series 2017                                                  | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949769.50    | 0.28%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amherst Industrial Development Authority VA                                                               | Amherst Industrial Development Authority                                                                  | CUSIP: 031489BW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $264780.63    | 0.08%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District                                                                         | CUSIP: 409327HM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3025379.10   | 0.88%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henrico VA Water & Sewer Revenue                                                                | County of Henrico VA Water & Sewer Revenue                                                                | CUSIP: 426170PR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1357309.96   | 0.39%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FKP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $364405.90    | 0.11%             | 2041-06-01      | Fixed         | 3.00%                 | 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        |   1980000 | PA      | $2022362.30   | 0.59%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1733075.97   | 0.50%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    270000 | PA      | $284496.57    | 0.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    251000 | PA      | $247299.06    | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    650000 | PA      | $474500.00    | 0.14%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PKR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1423101.86   | 0.41%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority                                                                      | CUSIP: 794565AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $227438.73    | 0.07%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                                      | Virginia Beach Development Authority, Series 2023A                                                        | CUSIP: 92774NBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2182463.60   | 0.63%             | 2053-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    200000 | PA      | $233149.18    | 0.07%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VTF3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2496274.53   | 0.72%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1410091.11   | 0.41%             | 2044-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2024                                                    | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1657495.29   | 0.48%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1888286.80   | 0.55%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1500105.89   | 0.44%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1185266.19   | 0.34%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $491870.27    | 0.14%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                                             | Fairfax County Economic Development Authority                                                             | CUSIP: 30384AAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761558.40    | 0.22%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104PG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3158552.10   | 0.92%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928106AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963238.90    | 0.28%             | 2048-01-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                                             | Henrico County Economic Development Authority                                                             | CUSIP: 42605QGY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $644567.40    | 0.19%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Economic Development Authority                                                                    | Suffolk Economic Development Authority                                                                    | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000132.30   | 0.29%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                                    | Hampton Roads Transportation Accountability Commission                                                    | CUSIP: 409328BT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3424960.40   | 0.99%             | 2057-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Petersburg VA                                                                                     | City of Petersburg, Series 2023                                                                           | CUSIP: 716298RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1126381.00   | 0.33%             | 2048-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                                                   | Chesapeake Bay Bridge & Tunnel District                                                                   | CUSIP: 16514PAE9<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2854426.20   | 0.83%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winchester Economic Development Authority                                                                 | Winchester Economic Development Authority                                                                 | CUSIP: 973121BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601057.02    | 0.17%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035JPE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1971749.06   | 0.57%             | 2059-07-15      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    122000 | PA      | $112642.37    | 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        |    430000 | PA      | $434934.64    | 0.13%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                                                                   | Prince William County Service Authority, Series 2025                                                      | CUSIP: 741765HZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1202663.18   | 0.35%             | 2055-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TAS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000458.70   | 0.87%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth University                                                                          | Virginia Commonwealth University                                                                          | CUSIP: 92778REX1<br>LEI: 54930081U4ULRPR3MK80 | Long             | DBT              | MUN               | US        |    745000 | PA      | $749568.64    | 0.22%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818MM64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3505580.54   | 1.02%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority                                                           | CUSIP: 303823MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3674940.00   | 1.07%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority, Series 2025                                                         | CUSIP: 794565BL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512970.85    | 0.15%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 E SUB E-2                                             | CUSIP: 92812U6J2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990067.50    | 0.29%             | 2044-10-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGU3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    340000 | PA      | $342967.04    | 0.10%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1275059.42   | 0.37%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria, Series 2025                                                                           | CUSIP: 015303GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2363118.58   | 0.69%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VZ82<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    500000 | PA      | $418914.85    | 0.12%             | 2033-05-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District                                                                         | CUSIP: 409327JL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1271005.21   | 0.37%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUX0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    325000 | PA      | $265941.13    | 0.08%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                          | Kentucky Public Energy Authority, Series 2025B                                                            | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1730785.55   | 0.50%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                                             | Loudoun County Economic Development Authority                                                             | CUSIP: 54589SGJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1809928.80   | 0.52%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1160000 | PA      | $891302.12    | 0.26%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1053384.00   | 0.31%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority, Series 2025                                                         | CUSIP: 794565BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516586.20    | 0.15%             | 2050-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1513619.95   | 0.44%             | 2046-12-15      | 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        |   2020000 | PA      | $2119125.24   | 0.61%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Upper Occoquan Sewage Authority                                                                           | Upper Occoquan Sewage Authority                                                                           | CUSIP: 916277PC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1669299.54   | 0.48%             | 2044-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Industrial Development Authority VA                                                       | Franklin County Industrial Development Authority                                                          | CUSIP: 353384AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924276.10    | 0.27%             | 2036-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    102991 | PA      | $99440.47     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington County Industrial Development Authority                                                         | Arlington County Industrial Development Authority                                                         | CUSIP: 041438GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2933740.32   | 0.85%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Norfolk Redevelopment & Housing Authority                                                                 | Norfolk Redevelopment & Housing Authority, Series 2024                                                    | CUSIP: 655904BY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3969360 | PA      | $3882068.21   | 1.13%             | 2042-09-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                                   | Virginia Port Authority, Series 2025                                                                      | CUSIP: 928077LB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4162214.80   | 1.21%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2407733.40   | 0.70%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    556000 | PA      | $194814.23    | 0.06%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                                    | Roanoke Economic Development Authority                                                                    | CUSIP: 770082BZ7<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1721434.81   | 0.50%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Industrial Development Authority VA                                                       | Franklin County Industrial Development Authority                                                          | CUSIP: 353384AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $529058.14    | 0.15%             | 2037-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    140029 | PA      | $129585.48    | 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        |    476000 | PA      | $469101.81    | 0.14%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1940320.89   | 0.56%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | CUSIP: 592643DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2418899.48   | 0.70%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation                                                       | CUSIP: 592647FL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027713.80   | 0.30%             | 2037-10-01      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   6292000 | PA      | $5981471.55   | 1.73%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GM5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1587810.43   | 0.46%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                                                    | Roanoke Economic Development Authority, Series 2025A                                                      | CUSIP: 770082CR4<br>LEI: 549300P5QQORJY0U4T83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549936.65    | 0.16%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                                          | Fairfax County Redevelopment & Housing Authority, Series 2024A                                            | CUSIP: 303833LK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2941515.00   | 0.85%             | 2044-12-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| County of Chesterfield VA                                                                                 | County of Chesterfield                                                                                    | CUSIP: 1663937W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1588166.63   | 0.46%             | 2036-01-01      | 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        |    635000 | PA      | $664359.42    | 0.19%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Williamsburg Economic Development Authority                                                               | Williamsburg Economic Development Authority                                                               | CUSIP: 969669AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $683440.87    | 0.20%             | 2058-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GN3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1586570.23   | 0.46%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2024 A                                                     | CUSIP: 92812WNV2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976570.00    | 0.28%             | 2049-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| County of Spotsylvania VA Water & Sewer System Revenue                                                    | County of Spotsylvania                                                                                    | CUSIP: 849269KM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3865000 | PA      | $3904738.77   | 1.13%             | 2046-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    245000 | PA      | $233099.66    | 0.07%             | 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        |    595000 | PA      | $595388.24    | 0.17%             | 2046-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                           | Fairfax County Industrial Development Authority                                                           | CUSIP: 303823KY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1930801.40   | 0.56%             | 2044-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New River Valley Regional Jail Authority                                                                  | New River Valley Regional Jail Authority                                                                  | CUSIP: 648470CJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3205000 | PA      | $3228872.12   | 0.94%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    559732 | PA      | $192407.75    | 0.06%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WGT5<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   2680000 | PA      | $2711923.09   | 0.79%             | 2052-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    171803 | PA      | $124683.04    | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                                    | Hampton Roads Transportation Accountability Commission, Series 2024A                                      | CUSIP: 409328CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2834071.91   | 0.82%             | 2054-07-01      | Fixed         | 5.00%                 | 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        |   1835000 | PA      | $1598627.96   | 0.46%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Petersburg VA                                                                                     | City of Petersburg, Series 2024                                                                           | CUSIP: 716298SV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2783439.90   | 0.81%             | 2054-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City of Alexandria VA                                                                                     | City of Alexandria                                                                                        | CUSIP: 015303CU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1362838.13   | 0.40%             | 2043-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                                              | Virginia Resources Authority                                                                              | CUSIP: 92818PMV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $748392.53    | 0.22%             | 2052-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 E SUB E-2                                             | CUSIP: 92812U6K9<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1071357.43   | 0.31%             | 2049-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Isle Wight County Industrial Development Authority                                                        | Isle Wight County Industrial Development Authority, Series 2023                                           | CUSIP: 464637AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077812.00   | 0.31%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                                                                   | Virginia Port Authority, Series 2025                                                                      | CUSIP: 928077LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578720.45   | 0.46%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TBL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2161730.56   | 0.63%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                                  | Lynchburg Economic Development Authority                                                                  | CUSIP: 55123TBM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1284178.50   | 0.37%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $872285.30    | 0.25%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Chesapeake Hospital Authority                                                                             | Chesapeake Hospital Authority                                                                             | CUSIP: 16532VBK9<br>LEI: 549300MDFV8QY288K198 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1543542.07   | 0.45%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                                        | Virginia Public Building Authority                                                                        | CUSIP: 928173BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31144.02     | 0.01%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                                                      | County of Broward, Series 2021                                                                            | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1048246.29   | 0.30%             | 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        |    245000 | PA      | $247940.56    | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Service Authority                                                                   | Prince William County Service Authority, Series 2025                                                      | CUSIP: 741765HY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $784589.10    | 0.23%             | 2050-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812VTC0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2923440.30   | 0.85%             | 2038-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WJH8<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1536710.76   | 0.45%             | 2045-03-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    245000 | PA      | $256470.95    | 0.07%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Norfolk Economic Development Authority                                                                    | Norfolk Economic Development Authority                                                                    | CUSIP: 65588TAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2695011.00   | 0.78%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 92778FKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1235332.61   | 0.36%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                                            | Minnesota Municipal Gas Agency, Series 2026A                                                              | CUSIP: 60406XAJ0<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1086997.94   | 0.32%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation Revenue                                               | CUSIP: 592647KL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955893.20    | 0.28%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Redevelopment & Housing Authority                                                          | Fairfax County Redevelopment & Housing Authority                                                          | CUSIP: 303835DR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1814594.21   | 0.53%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peninsula Town Center Community Development Authority                                                     | Peninsula Town Center Community Development Authority                                                     | CUSIP: 70718LAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996529.40    | 0.29%             | 2045-09-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Commonwealth University                                                                          | Virginia Commonwealth University                                                                          | CUSIP: 92778REZ6<br>LEI: 54930081U4ULRPR3MK80 | Long             | DBT              | MUN               | US        |   2475000 | PA      | $2235770.96   | 0.65%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    251000 | PA      | $247362.51    | 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        |    130000 | PA      | $130673.39    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority                                                                    | CUSIP: 92812WFM1<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2696737.20   | 0.78%             | 2052-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    249000 | PA      | $231865.91    | 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        |    625000 | PA      | $629838.56    | 0.18%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisa Industrial Development Authority                                                                   | Louisa Industrial Development Authority                                                                   | CUSIP: 546068AX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4048550.00   | 1.17%             | 2035-11-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Hotel Development Financing Corp.                                                          | Virgin Islands Hotel Development Financing Corp., Series 2025A-1                                          | CUSIP: 92766AAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |   1015000 | PA      | $986285.04    | 0.29%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    133501 | PA      | $133256.40    | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2731648.50   | 0.79%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Industrial Development Authority                                                    | Prince William County Industrial Development Authority                                                    | CUSIP: 741756CB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000663.50   | 0.29%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                                         | Hampton Roads Sanitation District, Series 2024B                                                           | CUSIP: 409327MU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055486.40   | 0.60%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $133758.35    | 0.04%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority, Series 2018                                               | CUSIP: 938782GP8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   3860000 | PA      | $3912809.82   | 1.13%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Economic Development Authority                                                                      | Salem Economic Development Authority                                                                      | CUSIP: 794565AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $743993.20    | 0.22%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                                            | Fairfax County Water Authority                                                                            | CUSIP: 303891D28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3038691.90   | 0.88%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    476628 | PA      | $409026.95    | 0.12%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                                | Virginia Commonwealth Transportation Board                                                                | CUSIP: 927793E54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2773881.83   | 0.80%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $845023.15    | 0.25%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928097AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1908668.00   | 0.55%             | 2052-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    514224 | PA      | $344530.25    | 0.10%             | 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        |    318785 | PA      | $348037.41    | 0.10%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer