# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-25-007820
**Filing Date:** 2025-11
**Character Count:** 82633
**Document Hash:** b75465f28e7f408e6b53082e2dca0c34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007820.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007820

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251530025

**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 Alabama Municipal Bond Fund (Series ID: S000002521)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006957 | A            | MFALX           |
| C000006958 | B            | MBABX           |
| C000169758 | I            | MLALX           |
| C000194226 | R6           | MPOLX           |

## 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 Alabama Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002521

- **c. LEI of Series:** M7CC6KLX5LX4YG4Z0676

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $68296431.21

**Total Liabilities:** $267100.05

**Net Assets:** $68029331.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -80.15214090 | **1-Year:** -1834.73592230 | **5-Year:** -9843.78426830 | **10-Year:** -29012.81903890 | **30-Year:** -11861.79094120

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

- **3-Month:** -7.73182980 | **1-Year:** -195.35743590 | **5-Year:** -717.66347480 | **10-Year:** -1267.57035270 | **30-Year:** -652.67312800

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169758 | -0.85%               | 0.89%                | 3.18%                |
| Class ID C000006957 | -0.81%               | 0.84%                | 3.14%                |
| Class ID C000006958 | -0.88%               | 0.77%                | 3.18%                |
| Class ID C000194226 | -0.84%               | 0.89%                | 3.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $15142.64                | $-744357.08                                |
| Month 2  | $-111078.11              | $470178.36                                 |
| Month 3  | $40.36                   | $1937675.63                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| East Alabama Health Care Authority (The)                                                                  | East Alabama Health Care Authority (The)                                                                  | CUSIP: 270416FJ4<br>LEI: 254900WODAI3WFO1QH51 | Long             | DBT              | MUN               | US        |    500000 | PA      | $460138.30    | 0.68%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mobile AL                                                                                         | City of Mobile                                                                                            | CUSIP: 6071144E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $808486.95    | 1.19%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     85000 | PA      | $85182.01     | 0.13%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cherokee County Board of Education AL                                                                     | Cherokee County Board of Education                                                                        | CUSIP: 16420CCL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009567.20   | 1.48%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Board of Education/AL                                                                          | Lee County Board of Education                                                                             | CUSIP: 523431AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $339956.18    | 0.50%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Special Care Facilities Financing Authority of the City of Pell City Alabama                              | Special Care Facilities Financing Authority of the City of Pell City Alabama                              | CUSIP: 705888CJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955141.00    | 1.40%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    247000 | PA      | $202045.28    | 0.30%             | 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        |     50000 | PA      | $50033.70     | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |    919680 | NS      | $919772.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $128518.08    | 0.19%             | 2046-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2024 B                                                             | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    310000 | PA      | $335149.56    | 0.49%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Marshall County Board of Education/AL                                                                     | Marshall County Board of Education                                                                        | CUSIP: 572024BM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $463876.00    | 0.68%             | 2049-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $68500.00     | 0.10%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Payne AL                                                                                     | City of Fort Payne                                                                                        | CUSIP: 348208SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756942.00    | 1.11%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                                        | Jacksonville Public Educational Building Authority, Series 2024 A                                         | CUSIP: 469480BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502993.95    | 0.74%             | 2056-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                                                  | DCH Healthcare Authority                                                                                  | CUSIP: 233091FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500517.20    | 0.74%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276911.39    | 0.41%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alabama Docks Department                                                                         | State of Alabama Docks Department                                                                         | CUSIP: 010604CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019239.40   | 1.50%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Board of Education/AL                                                                    | Jefferson County Board of Education                                                                       | CUSIP: 472649BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522062.55    | 0.77%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    345000 | PA      | $275458.76    | 0.40%             | 2051-07-01      | 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: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      4000 | PA      | $3538.60      | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Marshall AL                                                                                     | County of Marshall                                                                                        | CUSIP: 572002HG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512679.55    | 0.75%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lauderdale County Agriculture Center Authority                                                            | Lauderdale County Agriculture Center Authority, Series 2024                                               | CUSIP: 518481CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $771260.18    | 1.13%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                                      | County of Jefferson                                                                                       | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046980.80   | 1.54%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $148796.61    | 0.22%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                                                   | Homewood Educational Building Authority                                                                   | CUSIP: 437887FZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504289.05    | 0.74%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                                       | County of Mobile                                                                                          | CUSIP: 607341AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $437943.55    | 0.64%             | 2045-11-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Orange Beach Water Sewer & Fire Protection Authority                                                      | Orange Beach Water Sewer & Fire Protection Authority                                                      | CUSIP: 68407MAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907695.70    | 1.33%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of South Alabama                                                                               | University of South Alabama                                                                               | CUSIP: 914845RV6<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |    750000 | PA      | $759889.28    | 1.12%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    270000 | PA      | $275264.54    | 0.40%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                                             | Alabama Federal Aid Highway Finance Authority, Series 2025 A                                              | CUSIP: 010268DT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795690.98    | 1.17%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017                                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40079.36     | 0.06%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                                                | Industrial Development Board of the City of Mobile Alabama                                                | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501297.35    | 0.74%             | 2034-06-01      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QLW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $69355.62     | 0.10%             | 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        |     15000 | PA      | $14977.18     | 0.02%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     16000 | PA      | $15630.84     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile                             | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series 2021 A              | CUSIP: 45663NCA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935178.70    | 1.37%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Board of Education/AL                                                                    | Jefferson County Board of Education                                                                       | CUSIP: 472649BU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525186.90    | 0.77%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Pike Road AL                                                                                      | Town of Pike Road                                                                                         | CUSIP: 72129PGN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512227.75    | 0.75%             | 2052-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                                        | Jacksonville Public Educational Building Authority                                                        | CUSIP: 469480AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769141.73    | 1.13%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Prichard Water Works & Sewer Board                                                                        | Prichard Water Works & Sewer Board                                                                        | CUSIP: 741530JB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $455000.00    | 0.67%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Public Building Authority                                                                  | Baldwin County Public Building Authority                                                                  | CUSIP: 057864DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1191962.50   | 1.75%             | 2046-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $386091.21    | 0.57%             | 2043-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    214326 | PA      | $211877.15    | 0.31%             | 2036-09-20      | Fixed         | 4.38%                 | 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        |    170000 | PA      | $154891.93    | 0.23%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2023                                                             | CUSIP: 01025PPN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512094.15    | 0.75%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                                        | Jacksonville Public Educational Building Authority                                                        | CUSIP: 469480AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $584275.06    | 0.86%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                                                                         | Auburn University                                                                                         | CUSIP: 050589PV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1529243.25   | 2.25%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stadium Trace Village Improvement District (The)                                                          | Stadium Trace Village Improvement District (The)                                                          | CUSIP: 852351AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $180195.86    | 0.26%             | 2036-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Montevallo American Village Public Educational Building Authority                                         | Montevallo American Village Public Educational Building Authority                                         | CUSIP: 612685ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250066.78    | 0.37%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Oxford AL                                                                                         | City of Oxford                                                                                            | CUSIP: 6913952T3<br>LEI: 5493005JYPFOTDN7PT95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027745.50   | 1.51%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $484360.69    | 0.71%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series SS                                                           | CUSIP: 74526QEY4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14694.21     | 0.02%             | 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        |     55000 | PA      | $57563.22     | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Baldwin County Solid Waste Disposal Authority, Inc.                                                       | Baldwin County Solid Waste Disposal Authority, Inc., Series 2023                                          | CUSIP: 057861AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474560.35    | 0.70%             | 2048-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                                                    | County of Jefferson                                                                                       | CUSIP: 472628RH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478417.65    | 0.70%             | 2042-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Prattville AL                                                                                     | City of Prattville                                                                                        | CUSIP: 740019QE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512774.60    | 0.75%             | 2055-02-01      | Fixed         | 5.00%                 | 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        |     70000 | PA      | $63869.89     | 0.09%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |     90000 | PA      | $69590.84     | 0.10%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2024                                                             | CUSIP: 01025PQB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $715844.18    | 1.05%             | 2049-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| University of South Alabama                                                                               | University of South Alabama, Series 2024-A                                                                | CUSIP: 914845UZ3<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524288.10    | 0.77%             | 2054-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Walker County Board of Education/AL                                                                       | Walker County Board of Education                                                                          | CUSIP: 93154DAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $463619.10    | 0.68%             | 2054-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                                         | Alabama Special Care Facilities Financing Authority-Birmingham                                            | CUSIP: 091081DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $227403.28    | 0.33%             | 2045-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $50455.41     | 0.07%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024 D                                                          | CUSIP: 01030RMN9<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    745000 | PA      | $732171.47    | 1.08%             | 2049-10-01      | Fixed         | 4.50%                 | 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        |    300000 | PA      | $316209.72    | 0.46%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    120000 | PA      | $127364.33    | 0.19%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2025                                                             | CUSIP: 01025PSC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $772833.60    | 1.14%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                                                               | Birmingham-Jefferson Civic Center Authority, Series 2023A                                                 | CUSIP: 091158CT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $775015.73    | 1.14%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     57199 | PA      | $55784.44     | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2025 A                                                          | CUSIP: 01030RNU2<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    750000 | PA      | $830684.25    | 1.22%             | 2056-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $80000.00     | 0.12%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series BDS 2024 B                                                      | CUSIP: 01030UAD7<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985129.30    | 1.45%             | 2045-08-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2023 B                                          | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534780.05    | 0.79%             | 2054-01-01      | Variable      | 5.00%                 | 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        |     40000 | PA      | $47503.50     | 0.07%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                                                        | St Clair County Board of Education                                                                        | CUSIP: 788216EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466447.05    | 0.69%             | 2052-02-01      | Fixed         | 4.25%                 | 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        |    325000 | PA      | $329021.13    | 0.48%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                                         | Alabama Special Care Facilities Financing Authority-Birmingham                                            | CUSIP: 090929GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750974.40    | 1.10%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Board of Education/AL                                                                          | Lee County Board of Education                                                                             | CUSIP: 523431AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262821.70    | 0.39%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Prattville AL                                                                                     | City of Prattville                                                                                        | CUSIP: 740019QD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508405.15    | 0.75%             | 2050-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| City of Arab AL                                                                                           | City of Arab                                                                                              | CUSIP: 038429KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $822624.88    | 1.21%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    290000 | PA      | $298168.40    | 0.44%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    255000 | PA      | $194629.77    | 0.29%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    505000 | PA      | $490473.83    | 0.72%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County Board of Education/AL                                                                          | Lee County Board of Education                                                                             | CUSIP: 523431AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $370159.23    | 0.54%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    401000 | PA      | $372292.93    | 0.55%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Cooper Green Mercy Health Services Authority                                                              | Cooper Green Mercy Health Services Authority                                                              | CUSIP: 216662AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $833396.85    | 1.23%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     95000 | PA      | $95003.06     | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                                        | Selma Industrial Development Board, Series 2020A                                                          | CUSIP: 81647PAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512178.60    | 0.75%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Prattville Waterworks Board                                                                               | Prattville Waterworks Board, Series 2023                                                                  | CUSIP: 740053HY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $774252.75    | 1.14%             | 2053-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                                                        | St Clair County Board of Education                                                                        | CUSIP: 788216EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $467752.55    | 0.69%             | 2048-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Cullman City Board of Education                                                                           | Cullman City Board of Education                                                                           | CUSIP: 230041DN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $695323.58    | 1.02%             | 2054-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cherokee County Public Building Authority                                                                 | Cherokee County Public Building Authority                                                                 | CUSIP: 164198AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $708269.10    | 1.04%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Baldwin County Solid Waste Disposal Authority, Inc.                                                       | Baldwin County Solid Waste Disposal Authority, Inc., Series 2023                                          | CUSIP: 057861AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474204.70    | 0.70%             | 2053-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Mobile County Board of School Commissioners                                                               | Mobile County Board of School Commissioners                                                               | CUSIP: 607298BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936580.40    | 1.38%             | 2047-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024 C                                                          | CUSIP: 01030RLM2<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    745000 | PA      | $813465.35    | 1.20%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mobile County Board of School Commissioners                                                               | Mobile County Board of School Commissioners                                                               | CUSIP: 607298AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991906.00    | 1.46%             | 2039-03-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    237000 | PA      | $177990.48    | 0.26%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    425000 | PA      | $453923.93    | 0.67%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     95000 | PA      | $65075.00     | 0.10%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $44525.00     | 0.07%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                             | Texas Water Development Board, Series 2023 A                                                              | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207259.22    | 0.30%             | 2058-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     24283 | PA      | $23044.57     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $199343.68    | 0.29%             | 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        |    110000 | PA      | $37368.78     | 0.05%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     33016 | PA      | $29564.72     | 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        |    142000 | PA      | $135862.76    | 0.20%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    120000 | PA      | $120123.32    | 0.18%             | 2046-01-01      | 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        |    796000 | PA      | $768197.23    | 1.13%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alabama Docks Department                                                                         | State of Alabama Docks Department, Series 2017 A                                                          | CUSIP: 010604BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $630000.00    | 0.93%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129980.74    | 0.19%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2025 B                                                          | CUSIP: 01030RPV8<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513712.25    | 0.76%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $30291.75     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $55732.01     | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                          | Kentucky Public Energy Authority, Series 2022 A-1                                                         | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022817.90   | 1.50%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    109932 | PA      | $37256.03     | 0.05%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lawrence County Board of Education                                                                        | Lawrence County Board of Education                                                                        | CUSIP: 519648CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940042.60    | 1.38%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40508 | PA      | $28931.51     | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                                       | County of Mobile                                                                                          | CUSIP: 6072678N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $706116.69    | 1.04%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc.                                            | Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc., Series 2025                               | CUSIP: 41754MDS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $758141.63    | 1.11%             | 2045-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $34250.00     | 0.05%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Marshall County Board of Education/AL                                                                     | Marshall County Board of Education                                                                        | CUSIP: 572024BL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464503.95    | 0.68%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $44219.00     | 0.06%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                                                  | DCH Healthcare Authority                                                                                  | CUSIP: 23366AAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908337.70    | 1.34%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024A                                                           | CUSIP: 01030RJD5<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    495000 | PA      | $539773.69    | 0.79%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2023                                                             | CUSIP: 01025PPM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515908.55    | 0.76%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44314.48     | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huntsville AL Electric System Revenue                                                             | City of Huntsville                                                                                        | CUSIP: 447060HK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $787872.83    | 1.16%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     15000 | PA      | $12787.36     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                                  | Metropolitan Pier & Exposition Authority                                                                  | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    820000 | PA      | $334025.61    | 0.49%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Rainsville AL                                                                                     | City of Rainsville                                                                                        | CUSIP: 751005DB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461260.30    | 0.68%             | 2049-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Irondale Public Building Authority                                                                        | Irondale Public Building Authority, Series 2024                                                           | CUSIP: 463034AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047639.30   | 1.54%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                                   | New York City Housing Development Corp.                                                                   | CUSIP: 64972EA74<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    520000 | PA      | $364855.92    | 0.54%             | 2045-11-01      | Fixed         | 2.45%                 | 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        |     58000 | PA      | $55493.24     | 0.08%             | 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        |     35000 | PA      | $35271.46     | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ozark AL                                                                                          | City of Ozark                                                                                             | CUSIP: 692532MU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $139138.50    | 0.20%             | 2026-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024B                                                           | CUSIP: 01030RKH4<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    745000 | PA      | $820423.73    | 1.21%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     57000 | PA      | $53566.33     | 0.08%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Enterprise Board of Education                                                                             | Enterprise Board of Education                                                                             | CUSIP: 29365SAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534541.75    | 0.79%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Limestone County Water & Sewer Authority                                                                  | Limestone County Water & Sewer Authority, Series 2024                                                     | CUSIP: 532656CV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $687695.40    | 1.01%             | 2049-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     31477 | PA      | $31123.24     | 0.05%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health Care Authority for Baptist Health (The)                                                            | Health Care Authority for Baptist Health (The)                                                            | CUSIP: 42219UCG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $923290.99    | 1.36%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Water & Wastewater Board                                                                          | Madison Water & Wastewater Board                                                                          | CUSIP: 556589JF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $714556.00    | 1.05%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Town of Pike Road AL                                                                                      | Town of Pike Road                                                                                         | CUSIP: 72129PGM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514985.20    | 0.76%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System                                                                          | CUSIP: 01025PEA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898873.00    | 1.32%             | 2049-01-01      | Fixed         | 4.00%                 | 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        |     30000 | PA      | $26882.24     | 0.04%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    410000 | PA      | $437434.00    | 0.64%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024B                                                           | CUSIP: 01030RKE1<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    725000 | PA      | $725877.11    | 1.07%             | 2044-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    121336 | PA      | $104727.61    | 0.15%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $259998.54    | 0.38%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bessemer Public Educational Building Authority                                                            | Bessemer Public Educational Building Authority                                                            | CUSIP: 086413BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210308.32    | 0.31%             | 2030-07-01      | 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        |    130227 | PA      | $86112.32     | 0.13%             | 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        |    115194 | PA      | $127653.51    | 0.19%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer