# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-25-007819
**Filing Date:** 2025-11
**Character Count:** 118709
**Document Hash:** ef8f50eb20dd0d0a0f4ab1cfe79c947e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007819.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007819

**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:** 251530024

**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 Maryland Municipal Bond Fund (Series ID: S000002533)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006985 | A            | MFSMX           |
| C000006986 | B            | MBMDX           |
| C000169769 | I            | MMDIX           |
| C000194249 | R6           | MPMDX           |

## 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 Maryland Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002533

- **c. LEI of Series:** NDK106CDS4LPS37O1K93

**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:** $151998579.45

**Total Liabilities:** $2053504.42

**Net Assets:** $149945075.03

**Delayed Delivery Securities:** $1500000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -306.58179260 | **1-Year:** -4277.44491840 | **5-Year:** -19465.13199220 | **10-Year:** -54155.99977400 | **30-Year:** -24482.28656350

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

- **3-Month:** -21.62370440 | **1-Year:** -682.10077440 | **5-Year:** -1838.01445760 | **10-Year:** -2908.81398220 | **30-Year:** -1312.35135980

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169769 | -0.72%               | 0.77%                | 3.16%                |
| Class ID C000006986 | -0.80%               | 0.84%                | 3.00%                |
| Class ID C000194249 | -0.71%               | 0.77%                | 3.16%                |
| Class ID C000006985 | -0.74%               | 0.80%                | 3.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $14481.72                | $-1469366.55                               |
| Month 2  | $-15119.71               | $778238.10                                 |
| Month 3  | $-8.40                   | $4047268.23                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New York City Transitional Finance Authority Future Tax Secured Revenue                                   | New York City Transitional Finance Authority Future Tax Secured                                           | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $798592.26    | 0.53%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240881.78    | 0.16%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933956.60    | 0.62%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9188.47      | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 442593AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488459.40    | 0.33%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2020 B                                  | CUSIP: 5742187L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $905950.19    | 0.60%             | 2045-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574294BS2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1463111.85   | 0.98%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NBY6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    650000 | PA      | $674642.48    | 0.45%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation, Series 2021B                                              | CUSIP: 57421FBY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $441262.84    | 0.29%             | 2051-08-01      | 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        |    338000 | PA      | $276483.02    | 0.18%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2020 B                                  | CUSIP: 5742187N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $868136.00    | 0.58%             | 2050-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $414635.30    | 0.28%             | 2050-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506241.60    | 0.34%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    205000 | PA      | $191362.11    | 0.13%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   5164161 | NS      | $5164676.93   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TH38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024440.60   | 0.68%             | 2047-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881059.00    | 0.59%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05922KK57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $550945.40    | 0.37%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    600000 | PA      | $446352.24    | 0.30%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                               | New York City Industrial Development Agency                                                               | CUSIP: 64972PAL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250075.65    | 0.17%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TTM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1050309.90   | 0.70%             | 2041-09-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    160000 | PA      | $109600.00    | 0.07%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NCU3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494487.70    | 0.33%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 05914FU65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1468746.60   | 0.98%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2021 C                                         | CUSIP: 6133495Z8<br>LEI: 549300HDL0LLRHMDL092 | Long             |  | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.67%             | 2041-01-01      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571QAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246267.60    | 0.16%             | 2043-07-01      | Fixed         | 5.00%                 | Yes           |                  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        |    400000 | PA      | $436567.48    | 0.29%             | 2054-02-01      | Variable      | 5.25%                 | 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        |    490000 | PA      | $493405.75    | 0.33%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VJP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300183.48    | 0.20%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                                                   | Maryland State Transportation Authority, Series 2024 A                                                    | CUSIP: 574300PU7<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067104.10   | 0.71%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     45031 | PA      | $48172.33     | 0.03%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059151DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $441788.90    | 0.29%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $920823.54    | 0.61%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    420000 | PA      | $335341.10    | 0.22%             | 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        |      6000 | PA      | $5307.90      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296AW9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506988.30    | 0.34%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery, Series 2017 E                                                                       | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             |  | MUN               | US        |   1900000 | PA      | $1900000.00   | 1.27%             | 2037-11-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                                          | Washington Metropolitan Area Transit Authority Dedicated, Series 2025A                                    | CUSIP: 93878YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054123.60   | 0.70%             | 2055-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218B51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $608145.36    | 0.41%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025                                    | CUSIP: 57421CGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011426.20   | 0.67%             | 2054-10-01      | 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        |    225000 | PA      | $209245.23    | 0.14%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61336PEV9<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1247051.01   | 0.83%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority, Series 2024                                                                   | CUSIP: 574294CS1<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569587.40   | 1.05%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574294BM5<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025421.70   | 0.68%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2023E                                               | CUSIP: 57419T6W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $970225.49    | 0.65%             | 2054-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705HH3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047210.20   | 0.70%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2025 F-1                                            | CUSIP: 20364NEA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500016.80   | 1.00%             | 2046-06-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Anaheim City School District                                                                              | Anaheim City School District                                                                              | CUSIP: 032555QY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $385309.59    | 0.26%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1435748.60   | 0.96%             | 2049-07-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority, Series 2024 H                                            | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115630.80   | 0.74%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2024 D-1                                            | CUSIP: 20364NCJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1207941.63   | 0.81%             | 2044-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                                                        | Wisconsin Housing & Economic Development Authority, Series 2024E                                          | CUSIP: 97689RFB5<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031353.40   | 0.69%             | 2043-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9984.79      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NAW1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260163.88    | 0.17%             | 2029-04-01      | 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        |     21000 | PA      | $20515.48     | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $68500.00     | 0.05%             | 2021-07-01      | Fixed         | 5.00%                 | 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        |    190000 | PA      | $139459.56    | 0.09%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TH46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $841494.57    | 0.56%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035JPD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $723166.32    | 0.48%             | 2059-07-15      | Variable      | 7.14%                 | 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        |    345000 | PA      | $343345.90    | 0.23%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501417.15    | 0.33%             | 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        |    275524 | PA      | $272376.15    | 0.18%             | 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        |    245000 | PA      | $223226.61    | 0.15%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                                   | Washington Suburban Sanitary Commission, Series 2024                                                      | CUSIP: 940158GJ1<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930971.70    | 0.62%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61334PEV1<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121777.30   | 0.75%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218T52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005696.30   | 0.67%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $649225.35    | 0.43%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard, Series 2024                                                                             | CUSIP: 442599AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773587.50    | 0.52%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 613347HX4<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823424.90    | 0.55%             | 2044-07-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission                                                                          | CUSIP: 442577DT6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    750000 | PA      | $763844.33    | 0.51%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cheverly MD                                                                                       | Town of Cheverly                                                                                          | CUSIP: 16675BBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $491644.20    | 0.33%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2025                                                                       | CUSIP: 03588JLJ9<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578164.55   | 1.05%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $209683.90    | 0.14%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TVL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $666581.47    | 0.44%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2025                                                                       | CUSIP: 035898CG8<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955888.70    | 0.64%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2020 B                                  | CUSIP: 57421CJC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $834649.64    | 0.56%             | 2045-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CBT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $782714.18    | 0.52%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2025 D                                     | CUSIP: 57419UTD0<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020537.20   | 0.68%             | 2042-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 6133498R3<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1029631.57   | 0.69%             | 2054-07-01      | Fixed         | 5.75%                 | 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        |    130000 | PA      | $118615.51    | 0.08%             | 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        |    115000 | PA      | $88921.63     | 0.06%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TVF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $219309.23    | 0.15%             | 2033-03-01      | Fixed         | 2.10%                 | 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        |    500000 | PA      | $510413.55    | 0.34%             | 2048-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $444333.25    | 0.30%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VJN4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215158.73    | 0.14%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419R6S9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $457993.54    | 0.31%             | 2049-07-01      | Fixed         | 3.65%                 | 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        |     70000 | PA      | $64215.97     | 0.04%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority, Series 2018 A                                                                 | CUSIP: 574296BR9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1803102.83   | 1.20%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2024A                                           | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    485000 | PA      | $511205.71    | 0.34%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574217RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1395813.11   | 0.93%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    160000 | PA      | $169819.10    | 0.11%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $344192.54    | 0.23%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    250000 | PA      | $171250.00    | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority Sports Entertainment Facilities Revenue                                        | Maryland Stadium Authority Sports Entertainment Facilities Revenue, Series 2023 A                         | CUSIP: 57430AAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051276.20   | 0.70%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2023 C                                         | CUSIP: 613352CP6<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519272.80    | 0.35%             | 2053-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742162Z9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1290966.37   | 0.86%             | 2038-08-15      | 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        |     75390 | PA      | $73525.57     | 0.05%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VRL9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987230.50    | 0.66%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $96000.00     | 0.06%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2025                                                          | CUSIP: 57405EAK6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505658.85    | 0.34%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025A                                   | CUSIP: 57421CHU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $781442.25    | 0.52%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PCA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85958.08     | 0.06%             | 2034-09-01      | Fixed         | 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        |     75000 | PA      | $89069.06     | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2024D                                      | CUSIP: 57419UJD1<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |    975000 | PA      | $976420.28    | 0.65%             | 2026-04-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2023                                                                       | CUSIP: 03588JAY8<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1384053.15   | 0.92%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742184J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1119222.88   | 0.75%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027991.00   | 0.69%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration Local Government Infrastructure                             | Maryland Community Development Administration Local Government Infrastructure                             | CUSIP: 574039QU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1225419.27   | 0.82%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Washington MD                                                                                   | County of Washington                                                                                      | CUSIP: 937752AR4<br>LEI: 54930082U8LWBDMHXX31 | Long             | DBT              | MUN               | US        |    575000 | PA      | $618920.46    | 0.41%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502830.50    | 0.34%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2015                                    | CUSIP: 574218UW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $902978.37    | 0.60%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1092541.14   | 0.73%             | 2039-07-01      | 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        |    610000 | PA      | $627181.81    | 0.42%             | 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        |    325000 | PA      | $248057.55    | 0.17%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    410000 | PA      | $442481.18    | 0.30%             | 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        |    320000 | PA      | $272971.94    | 0.18%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296BU2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517535.90    | 0.35%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2024                                    | CUSIP: 57421CGA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003598.00   | 0.67%             | 2047-06-01      | Fixed         | 5.50%                 | 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        |    915000 | PA      | $969810.42    | 0.65%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2023                                                    | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $655310.93    | 0.44%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Hyattsville MD                                                                                    | City of Hyattsville, Series 2024                                                                          | CUSIP: 448600BL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995482.50    | 0.66%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2023E                                               | CUSIP: 57419T6V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023352.00   | 0.68%             | 2048-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2023 A                                         | CUSIP: 613352BX0<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505732.55    | 0.34%             | 2053-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DU0<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $471069.80    | 0.31%             | 2054-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    267000 | PA      | $247885.82    | 0.17%             | 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        |    130000 | PA      | $130004.19    | 0.09%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockville MD                                                                                      | City of Rockville                                                                                         | CUSIP: 774223BV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $329226.98    | 0.22%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2024                                    | CUSIP: 57421CGK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786020.33    | 0.52%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571LBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $822635.43    | 0.55%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2025A                                                         | CUSIP: 57420VTP8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093107.70   | 0.73%             | 2064-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |    630000 | PA      | $574065.26    | 0.38%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's, Series 2025 A                                                                  | CUSIP: 741702DT8<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1612389.75   | 1.08%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025                                    | CUSIP: 57421CKB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021066.40   | 0.68%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272FP4<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $65083.93     | 0.04%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore, Series 2019 A                                                                          | CUSIP: 05922KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1411272.22   | 0.94%             | 2049-07-01      | Fixed         | 4.00%                 | 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    | 0.31%             | 2048-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218E74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $452138.18    | 0.30%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $487960.94    | 0.33%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation, Series 2009D-2                                       | CUSIP: 592646N25<br>LEI: N/A                  | Long             |  | MUN               | US        |    340000 | PA      | $340000.00    | 0.23%             | 2039-10-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2024                                                          | CUSIP: 57420PHE9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018194.00   | 1.35%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2023 C                                         | CUSIP: 613352CN1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075077.20   | 0.72%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454411.70    | 0.30%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation, Series 2024 A                                             | CUSIP: 57421FBW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046563.50   | 0.70%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2024                                                          | CUSIP: 57420VTK9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $765494.40    | 0.51%             | 2064-07-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    332000 | PA      | $249336.88    | 0.17%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742188B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1279868.10   | 0.85%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                     | Metropolitan Transportation Authority                                                                     | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895126.90    | 0.60%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    125000 | PA      | $85625.00     | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     95000 | PA      | $87548.74     | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PTH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1427957.85   | 0.95%             | 2048-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     31997 | PA      | $30365.16     | 0.02%             | 2037-07-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    151000 | PA      | $51297.15     | 0.03%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                                          | Washington Metropolitan Area Transit Authority Dedicated                                                  | CUSIP: 93878YCN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1621333.65   | 1.08%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742182P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756070.13    | 0.50%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     43504 | PA      | $38956.37     | 0.03%             | 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        |    160000 | PA      | $153084.80    | 0.10%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation, Series 2024 A                                             | CUSIP: 57421FBX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040392.10   | 0.69%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    105000 | PA      | $105107.91    | 0.07%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571LCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $146430.83    | 0.10%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUV4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $246068.15    | 0.16%             | 2039-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218M42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501387.60    | 0.33%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    665000 | PA      | $704927.40    | 0.47%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035JVS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $834993.60    | 0.56%             | 2051-06-01      | Variable      | 7.14%                 | 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        |   1817000 | PA      | $1753535.64   | 1.17%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 613347LE1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $974047.83    | 0.65%             | 2036-07-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 442599AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $273589.41    | 0.18%             | 2047-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GM5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    440000 | PA      | $451766.08    | 0.30%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705JG3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895438.50    | 0.60%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $233965.33    | 0.16%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GN3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    440000 | PA      | $450728.70    | 0.30%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     75000 | PA      | $69665.02     | 0.05%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742185T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009007.10   | 0.67%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2025A                                                         | CUSIP: 57420PJA5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039715.60   | 0.69%             | 2048-06-01      | 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        |    219865 | PA      | $74512.39     | 0.05%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2024 E                                     | CUSIP: 57419UMP0<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1114836.82   | 0.74%             | 2055-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     53375 | PA      | $38121.34     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $490365.41    | 0.33%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                              | Mississippi Development Bank                                                                              | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50839.08     | 0.03%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2025A                                          | CUSIP: 613350BZ9<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039001.70   | 0.69%             | 2050-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation                                                            | CUSIP: 574204R96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492329.05    | 0.33%             | 2033-10-01      | Fixed         | 3.00%                 | 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        |     65000 | PA      | $57484.70     | 0.04%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PN58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $874595.57    | 0.58%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742184G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1394037.10   | 0.93%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 61334MVE7<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018851.60   | 0.68%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218VA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1031434.89   | 0.69%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $97761.88     | 0.07%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery, Series 2015MD                                                                       | CUSIP: 61336PET4<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    415000 | PA      | $383164.64    | 0.26%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059151CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $887509.00    | 0.59%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705HL4<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515072.75   | 1.01%             | 2048-10-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $890706.40    | 0.59%             | 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        |     90000 | PA      | $88628.96     | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419RZ65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471893.90    | 0.31%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    590000 | PA      | $530282.56    | 0.35%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2025A                                          | CUSIP: 613350BY2<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519291.40    | 0.35%             | 2045-07-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892437.30    | 0.60%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059134EM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010104.10   | 0.67%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420MAS2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1039447.31   | 0.69%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218Y80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762916.50    | 0.51%             | 2034-07-01      | 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        |    685000 | PA      | $480627.51    | 0.32%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VPB3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $755972.40    | 0.50%             | 2035-06-01      | 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: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     75000 | PA      | $71758.50     | 0.05%             | 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        |     40000 | PA      | $40310.24     | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025                                    | CUSIP: 57421CKA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030415.70   | 0.69%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218NS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $505094.13    | 0.34%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     81000 | PA      | $76120.58     | 0.05%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PCF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $68285.35     | 0.05%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     41476 | PA      | $41009.87     | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742182G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468311.35    | 0.31%             | 2044-07-01      | 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        |     50000 | PA      | $44803.74     | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation                                                       | CUSIP: 592647KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1525000.00   | 1.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission                                                                          | CUSIP: 442577BG6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500103.40    | 0.33%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority, Series 2018                                               | CUSIP: 938782GP8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1156914.86   | 0.77%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05923TCY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $255545.46    | 0.17%             | 2046-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Montgomery County Revenue Authority                                                                       | Montgomery County Revenue Authority                                                                       | CUSIP: 61336RBV8<br>LEI: 549300JQFJ2YGGW7AW57 | Long             | DBT              | MUN               | US        |    415000 | PA      | $415364.20    | 0.28%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    720000 | PA      | $768176.78    | 0.51%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742188D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524236.85    | 0.35%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                                   | Washington Suburban Sanitary Commission, Series 2025                                                      | CUSIP: 940158JV1<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946905.70    | 0.63%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    150243 | PA      | $129677.84    | 0.09%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 355612AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $236825.05    | 0.16%             | 2043-07-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $239998.66    | 0.16%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574294AV6<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1293104.82   | 0.86%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    171593 | PA      | $113465.87    | 0.08%             | 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        |    121739 | PA      | $134906.42    | 0.09%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission, Series 2024                                                             | CUSIP: 442577ET5<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511928.05    | 0.34%             | 2043-12-01      | Fixed         | 5.00%                 | 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