# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037570
**Filing Date:** 2023-2
**Character Count:** 138933
**Document Hash:** ead80a2f53334a44703d6fdedaaef665
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037570.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037570

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000751656
- **IRS NUMBER:** 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:** 23662623

**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 Mississippi Municipal Bond Fund (Series ID: S000002535)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006989 | A            | MISSX           |
| C000006990 | B            | MBMSX           |
| C000169771 | I            | MMSTX           |
| C000194252 | R6           | MPMSX           |

## Nport-Ex

![](imgc4547e711.gif)

### Quarterly Report
December 31, 2022

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

![](imgc94d2bed2.gif)

MMP-Q3

------

### Portfolio of Investments
12/31/22 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – 96.9% | Municipal Bonds – 96.9% | Municipal Bonds – 96.9% |
| Airport Revenue – 0.6% | Airport Revenue – 0.6% | Airport Revenue – 0.6% |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047 | $&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53880 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48217 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44717 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", BAM, 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232507 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35286 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "C", 5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$474607 |
| General Obligations - General Purpose – 20.4% | General Obligations - General Purpose – 20.4% | General Obligations - General Purpose – 20.4% |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | $&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;$195208 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52456 |
| Chicago, IL, General Obligation, "F", 5.5%, 1/01/2042 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136448 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;12674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;48848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26405 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.25%, 7/01/2023 | &nbsp;&nbsp;&nbsp;422090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422089 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;42274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42593 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;41891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42681 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;41212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42169 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41389 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;37958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32912 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;66803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56221 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;29283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23955 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;39814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31174 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;128406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96264 |
| Jackson, MS, General Obligation Refunding, 5%, 3/01/2027 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747059 |
| Mississippi Development Bank Special Obligation (Biloxi General Obligation), 4%, 3/01/2037 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503473 |
| Mississippi Development Bank Special Obligation (Harrison County Coliseum), "A", 5.25%, 1/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1165906 |
| Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2044 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106906 |
| Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 4%, 2/01/2045 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460137 |
| Mississippi Development Bank Special Obligation (Hattiesburg General Obligation), 5.25%, 2/01/2049 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795665 |
| Mississippi Development Bank Special Obligation (Hinds County), 5%, 11/01/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520584 |
| Mississippi Development Bank Special Obligation (Hinds County), 4%, 11/01/2042 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437186 |
| Mississippi Development Bank Special Obligation (Lauderdale County General Obligation Bond Project), 5%, 3/01/2031 | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218118 |
| Mississippi Development Bank Special Obligation (Rankin County General Obligation Bond Project), 5%, 8/01/2034 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391946 |
| Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1088381 |
| Mississippi Development Bank Special Obligation (Rankin County), 5%, 3/01/2032 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1084725 |
| Mississippi Development Bank Special Obligation (Vicksburg Sports Complex General Obligation Bond Project), BAM, 5%, 7/01/2048 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1061910 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154812 |
| State of Illinois, General Obligation, "A", 4%, 3/01/2040 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108617 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040 | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168291 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041 | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106565 |
| State of Mississippi, "A", 5%, 10/01/2033 (Prerefunded 10/01/2027) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1106331 |
| State of Mississippi, "A", 5%, 11/01/2036 (Prerefunded 11/01/2026) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1086999 |
| State of Mississippi, "B", 5%, 12/01/2033 (Prerefunded 12/01/2026) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1088795 |
| State of Mississippi, "B", 3%, 10/01/2035 | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794930 |
| State of Mississippi, "B", 4%, 10/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1007068 |
| State of Mississippi, "D", 4%, 12/01/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1053299 |
|  |  | $16511414 |
| General Obligations - Schools – 15.4% | General Obligations - Schools – 15.4% | General Obligations - Schools – 15.4% |
| Lamar County, MS, School District, 5%, 9/01/2031 (Prerefunded 9/01/2023) | $1095000 | &nbsp;&nbsp;&nbsp;$1109666 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048 | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541274 |
| Mississippi Development Bank Special Obligation (Canton Public School District), AGM, 5%, 12/01/2031 (Prerefunded 12/01/2025) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1066899 |
| Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506685 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| General Obligations - Schools – continued | General Obligations - Schools – continued | General Obligations - Schools – continued |
| Mississippi Development Bank Special Obligation (Clinton Public School District), 4%, 4/01/2037 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;$503512 |
| Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2031 (Prerefunded 4/01/2024) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513079 |
| Mississippi Development Bank Special Obligation (Gulfport School District), BAM, 5%, 4/01/2032 (Prerefunded 4/01/2024) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513079 |
| Mississippi Development Bank Special Obligation (Hinds County School District), 5%, 3/01/2043 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471876 |
| Mississippi Development Bank Special Obligation (Jackson Public School District Limited Tax Refunding Note Project), "B", 5%, 10/01/2023 | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277990 |
| Mississippi Development Bank Special Obligation (Jackson Public School District), BAM, 5.25%, 10/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1086391 |
| Mississippi Development Bank Special Obligation (Lafayette County School District General Obligation Bond Project), BAM, 5%, 4/01/2030 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110851 |
| Mississippi Development Bank Special Obligation (Rankin County), 4%, 6/01/2043 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713926 |
| Mississippi Development Bank Special Obligation (Vicksburg Warren School District General Obligation Project), BAM, 5%, 3/01/2048 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1536432 |
| Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2025 | &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488600 |
| Natchez-Adams, MS, School District Trust Certificates, 5%, 2/01/2030 | 1245000 | &nbsp;&nbsp;&nbsp;&nbsp;1393014 |
| San Diego, CA, Unified School District (Election of 2008), Capital Appreciation, "C", 0%, 7/01/2035 | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644976 |
| Sunflower County, MI, Consolidated School District, General Obligation, BAM, 4%, 6/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986490 |
|  |  | $12464740 |
| Healthcare Revenue - Hospitals – 8.3% | Healthcare Revenue - Hospitals – 8.3% | Healthcare Revenue - Hospitals – 8.3% |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43103 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16774 |
| Gulfport, MS, Hospital Facilities Rev. (Memorial Hospital at Gulfport Project), 5%, 7/01/2027 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509136 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, 7/01/2052 | &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442527 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), "A", 5%, 9/01/2030 | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488661 |
| Massachusetts Development Finance Agency Rev. (Partners Healthcare), "S", 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516547 |
| Mississippi Hospital Equipment & Facilities Authority Refunding Rev. (Forrest County General Hospital Refunding Project), "A", 5%, 1/01/2028 | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615204 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Baptist Memorial Healthcare), "A", 5%, 9/01/2044 (Put Date 9/01/2025) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517862 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (Forrest County General Hospital Refunding Project), "A", 4%, 1/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964603 |
| Mississippi Hospital Equipment & Facilities Authority Rev. (North Mississippi Health Services), "IV", 5%, 10/01/2037 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1557998 |
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), "A", 4.25%, 5/01/2052 | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460451 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043 | &nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595486 |
|  |  | &nbsp;&nbsp;&nbsp;$6728352 |
| Industrial Revenue - Other – 0.6% | Industrial Revenue - Other – 0.6% | Industrial Revenue - Other – 0.6% |
| Mississippi Development Bank Special Obligation (Jackson County Gomesa Project), 3.625%, 11/01/2036 (n) | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;$398347 |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", 2.875%, 1/01/2041 (n) | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$463826 |
| Industrial Revenue - Paper – 1.1% | Industrial Revenue - Paper – 1.1% | Industrial Revenue - Paper – 1.1% |
| Warren County, MS, Environmental Improvement Rev. (International Paper Co. Project), "B", 1.6%, 8/01/2027 (Put Date 6/16/2025) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$937396 |
| Miscellaneous Revenue - Other – 1.7% | Miscellaneous Revenue - Other – 1.7% | Miscellaneous Revenue - Other – 1.7% |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35921 |
| Mississippi Development Bank Special Obligation (Itawamba Community College Capital Improvement Project), 5%, 10/01/2030 | &nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817834 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190520 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307465 |
|  |  | &nbsp;&nbsp;&nbsp;$1351740 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Multi-Family Housing Revenue – 0.8% | Multi-Family Housing Revenue – 0.8% | Multi-Family Housing Revenue – 0.8% |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | $&nbsp;&nbsp;&nbsp;245195 | &nbsp;&nbsp;&nbsp;&nbsp;$236763 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, 2.45%, 11/01/2045 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$673564 |
| Sales & Excise Tax Revenue – 4.7% | Sales & Excise Tax Revenue – 4.7% | Sales & Excise Tax Revenue – 4.7% |
| Chicago, IL, Metropolitan Pier & Exposition Authority Refunding Bonds (McCormick Place Expansion Project), Capital Appreciation, "B-1", AGM, 0%, 6/15/2044 | $&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;$317941 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5346 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61006 |
| Guam Government Business Privilege Tax Rev., "D", 5%, 11/15/2031 | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276829 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85859 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33739 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28366 |
| Massachusetts Bay Transportation Authority, Sales Tax Rev., "A-1", 5.25%, 7/01/2029 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868993 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18348 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62760 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | &nbsp;&nbsp;&nbsp;929000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843467 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121613 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63959 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28630 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30743 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | &nbsp;&nbsp;&nbsp;346000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225392 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191962 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 1891000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465927 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, 8/01/2027 (a)(d)(n) | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94712 |
|  |  | &nbsp;&nbsp;&nbsp;$3843078 |
| Single Family Housing - State – 6.6% | Single Family Housing - State – 6.6% | Single Family Housing - State – 6.6% |
| Mississippi Home Corp., Single Family Mortgage Rev., "A", 3%, 6/01/2050 | $&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;$472568 |
| Mississippi Home Corp., Single Family Mortgage Rev., "A", GNMA, 3%, 12/01/2050 | 1355000 | &nbsp;&nbsp;&nbsp;&nbsp;1316290 |
| Mississippi Home Corp., Single Family Mortgage Rev., "B", GNMA, 2.875%, 12/01/2043 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764478 |
| Mississippi Home Corp., Single Family Mortgage Rev., "B", GNMA, 3%, 6/01/2051 | &nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925714 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 3.95%, 12/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975586 |
| Mississippi Home Corp., Single Family Mortgage Rev., "C", GNMA, 4.05%, 12/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901863 |
|  |  | &nbsp;&nbsp;&nbsp;$5356499 |
| State & Local Agencies – 3.3% | State & Local Agencies – 3.3% | State & Local Agencies – 3.3% |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27108 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27038 |
| Commonwealth of Pennsylvania, Tobacco Master Settlement Financing Authority Rev., 5%, 6/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10774 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234870 |
| Mississippi Development Bank Special Obligation (Montfort Jones Memorial Hospital Project), 5.75%, 5/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500565 |
| Mississippi Development Bank Special Obligation (Tupelo Public Improvement Rev. Project), 5%, 7/01/2049 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1575674 |
| Orangeburg County, SC, Facilities Corp. Installment Purchase Rev. (Detention Center Project), 4%, 12/01/2042 | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266637 |
|  |  | &nbsp;&nbsp;&nbsp;$2642666 |
| Student Loan Revenue – 0.6% | Student Loan Revenue – 0.6% | Student Loan Revenue – 0.6% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9315 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3.5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88467 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041 | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$511553 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tax - Other – 4.0% | Tax - Other – 4.0% | Tax - Other – 4.0% |
| Birmingham-Jefferson, AL, Civic Center Authority, "B", 5%, 7/01/2043 | $&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;$473410 |
| State of Mississippi, Gaming Tax Rev., "A", 4%, 10/15/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961500 |
| State of Mississippi, Gaming Tax Rev., "E", 5%, 10/15/2030 | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;1369507 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051 | &nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409599 |
|  |  | &nbsp;&nbsp;&nbsp;$3214016 |
| Tobacco – 0.3% | Tobacco – 0.3% | Tobacco – 0.3% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | $&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;$287344 |
| Toll Roads – 0.5% | Toll Roads – 0.5% | Toll Roads – 0.5% |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 7%, 12/31/2038 | $&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;$112032 |
| Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility), 6.75%, 6/30/2043 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86351 |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041 | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$410458 |
| Transportation - Special Tax – 0.7% | Transportation - Special Tax – 0.7% | Transportation - Special Tax – 0.7% |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045 | $&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;$215366 |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58351 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27397 |
| New Jersey Transportation Trust Fund Authority, "AA", 4%, 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48029 |
| New Jersey Transportation Trust Fund Authority, "AA", 5%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40467 |
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., "A-1", 5%, 6/15/2027 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$563902 |
| Universities - Colleges – 12.7% | Universities - Colleges – 12.7% | Universities - Colleges – 12.7% |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | $&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;$299342 |
| Massachusetts Health & Educational Facilities Authority Rev. (Massachusetts Institute of Technology), "I-1", 5.2%, 1/01/2028 | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;1035308 |
| Mississippi State University, Educational Building Corp. Refunding Rev. (Mississippi State University Facilities Refinancing), "A", 4%, 8/01/2043 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574936 |
| Mississippi State University, Educational Building Corp. Rev. (Mississippi State University Refunding and Improvements Project), 5.25%, 8/01/2038 (Prerefunded 8/01/2023) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1013336 |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), "A", 4%, 6/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921598 |
| University of Mississippi Medical Center, Educational Building Corp. Rev. (New Facilities & Refinancing Project), "A", 5%, 6/01/2047 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1285045 |
| University of Mississippi Medical Center, Educational Building Corp. Rev., "B", AAC, 5.5%, 12/01/2023 | &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168647 |
| University of Mississippi, Educational Building Corp. Rev. (New Facilities Project), 4.5%, 10/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1012197 |
| University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), 5%, 9/01/2034 | 1480000 | &nbsp;&nbsp;&nbsp;&nbsp;1573636 |
| University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), "A", 5%, 3/01/2028 | &nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776032 |
| University of Southern Mississippi, Educational Building Corp. Rev. (Facilities Refinancing Project), "A", 5%, 9/01/2035 | 1515000 | &nbsp;&nbsp;&nbsp;&nbsp;1609234 |
|  |  | $10269311 |
| Utilities - Electric Power – 0.4% | Utilities - Electric Power – 0.4% | Utilities - Electric Power – 0.4% |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;$293753 |
| Utilities - Investor Owned – 0.4% | Utilities - Investor Owned – 0.4% | Utilities - Investor Owned – 0.4% |
| Mississippi Business Finance Corp. Refunding Rev. (System Energy Resources, Inc. Project), 2.375%, 6/01/2044 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;$330322 |
| Utilities - Municipal Owned – 3.3% | Utilities - Municipal Owned – 3.3% | Utilities - Municipal Owned – 3.3% |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2033 | $&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;$325994 |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77065 |
| Guam Power Authority Rev., "A", AGM, 5%, 10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87150 |
| Mississippi Development Bank Special Obligation (Municipal Energy Agency Power Supply Project), AGM, 5%, 3/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523038 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64800 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175200 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued | Utilities - Municipal Owned – continued |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;$25550 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7325 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65925 |
| Puerto Rico Electric Power Authority Rev., "DDD", AGM, 3.625%, 7/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14908 |
| Puerto Rico Electric Power Authority Rev., "DDD", AGM, 3.65%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78524 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14393 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87600 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 5%, 7/01/2024 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523067 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58236 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105322 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10987 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43200 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47612 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43950 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2639387 |
| Utilities - Other – 0.3% | Utilities - Other – 0.3% | Utilities - Other – 0.3% |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | $&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;$280341 |
| Water & Sewer Utility Revenue – 10.2% | Water & Sewer Utility Revenue – 10.2% | Water & Sewer Utility Revenue – 10.2% |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;$30387 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142668 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30348 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30213 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118930 |
| Jackson County, MS, Utility Authority Rev. (Water and Wastewater Treatment System), AGM, 5%, 9/01/2040 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064355 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C-7", NPFG, 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25666 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), "D-6", NPFG, 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30650 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15347 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35712 |
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768161 |
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), "A", AGM, 5%, 9/01/2023 | 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221599 |
| Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2045 | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236415 |
| Mississippi Development Bank Special Obligation (Meridian Combined Water and Sewer Rev. Project), BAM, 4%, 7/01/2050 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400102 |
| West Rankin, MS, Utility Authority Rev., AGM, 5%, 1/01/2048 (Prerefunded 1/01/2028) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8261601 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$78509870** |
| Bonds – 0.3% | Bonds – 0.3% | Bonds – 0.3% |
| Consumer Services – 0.3% | Consumer Services – 0.3% | Consumer Services – 0.3% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;$137929 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | &nbsp;&nbsp;&nbsp;295249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74922 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$212851** |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $179722 | &nbsp;&nbsp;&nbsp;$78628 |
| Investment Companies (h) – 0.7% | Investment Companies (h) – 0.7% | Investment Companies (h) – 0.7% |
| Money Market Funds – 0.7% | Money Market Funds – 0.7% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 573259 | &nbsp;&nbsp;&nbsp;$573431 |
| Other Assets, Less Liabilities – 2.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633869 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$81008649** |

---

(a) Non-income producing security.

(d) In default.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $573,431 and $78,801,349, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $961,909, representing 1.2% of net assets.

(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.

---

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

---

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

------

### Supplemental Information
12/31/22 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2022 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$78588498 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$78588498 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212851 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212851 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;573431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573431 |
| Total | &nbsp;&nbsp;&nbsp;$573431 | &nbsp;&nbsp;&nbsp;$78801349 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$79374780 |

---

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

(2) Investments in Affiliated Issuers

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$2539919 | &nbsp;&nbsp;$21883506 | &nbsp;&nbsp;$23850258 | &nbsp;&nbsp;$148 | &nbsp;&nbsp;$116 | &nbsp;&nbsp;$573431 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$21204 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

Jurisdiction weighting percentages based on net assets, as of December 31, 2022, are as follows:

---

| | |
|:---|:---|
| Mississippi | 74.6% |
| Puerto Rico | 5.8% |
| Massachusetts | 3.4% |
| New York | 2.1% |
| Illinois | 1.7% |
| Guam | 1.5% |
| Texas | 1.3% |
| California | 1.2% |
| South Carolina | 1.1% |
| Tennessee | 1.0% |
| New Jersey | 0.9% |
| Arkansas | 0.7% |
| Alabama | 0.6% |
| Michigan | 0.6% |
| Pennsylvania | 0.5% |
| Virginia | 0.5% |
| New Hampshire | 0.3% |
| Maryland | 0.3% |
| Colorado | 0.2% |
| Wisconsin | 0.1% |
| Iowa | 0.1% |
| U.S. Virgin Islands (o) | 0.0% |

---

(o) Less than 0.1%

The jurisdiction weighting percentages include both accrued interest amounts and equivalent exposure from any derivatives holdings, if applicable.

(4) Russia and Ukraine Conflict

The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund's assets and thus the fund's performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.

## 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 Mississippi Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002535

- **c. LEI of Series:** 4GAB1OTSRRZ89GG72J95

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $81445252.42

**Total Liabilities:** $436603.75

**Net Assets:** $81008648.67

**Cash Not Reported:** $6718.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -92.86964560 | **1-Year:** -2691.37801080 | **5-Year:** -13280.21051420 | **10-Year:** -21061.70802670 | **30-Year:** -6528.51070820

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

- **3-Month:** -18.93790500 | **1-Year:** -179.11841530 | **5-Year:** -1055.54125060 | **10-Year:** -2128.70929220 | **30-Year:** -695.65825500

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169771 | -0.82%               | 5.13%                | -0.22%               |
| Class ID C000006989 | -0.71%               | 5.11%                | -0.22%               |
| Class ID C000006990 | -0.88%               | 5.04%                | -0.39%               |
| Class ID C000194252 | -0.82%               | 5.13%                | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-481247.80              | $-293941.16                                |
| Month 2  | $-166960.70              | $4170562.02                                |
| Month 3  | $-281110.09              | $-50119.07                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14650.00     | 0.02%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority               | CUSIP: 6461367H8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     30000 | PA      | $27397.24     | 0.03%             | 2040-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority                         | CUSIP: 40065FBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $30347.79     | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QPN6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    105000 | PA      | $105321.76    | 0.13%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                            | State of Illinois                                            | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $108616.54    | 0.13%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WK56<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503512.15    | 0.62%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Southern Mississippi (The)                     | University of Southern Mississippi (The)                     | CUSIP: 784532HA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1609234.21   | 1.99%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534R4K2<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1221598.57   | 1.51%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |      5000 | PA      | $3650.00      | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jackson MS                                           | City of Jackson                                              | CUSIP: 4684307E7<br>LEI: 549300XZ1LXKERRRSP27 | Long             | DBT              | MUN               | US        |    700000 | PA      | $747059.18    | 0.92%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                  | Birmingham-Jefferson Civic Center Authority                  | CUSIP: 091156NG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $473410.07    | 0.58%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi                                         | CUSIP: 605581JR9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106331.20   | 1.37%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $852.56       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Natchez-Adams School District                                | Natchez-Adams School District                                | CUSIP: 631768AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1393014.07   | 1.72%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    346000 | PA      | $225391.98    | 0.28%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                            | State of Illinois                                            | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    195000 | PA      | $168290.93    | 0.21%             | 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        |    569859 | NS      | $570029.62    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534XKC9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $398347.20    | 0.49%             | 2036-11-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority        | Mississippi Hospital Equipment & Facilities Authority        | CUSIP: 605360SV9<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964603.40    | 1.19%             | 2040-01-01      | 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        |    545000 | PA      | $409599.66    | 0.51%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Port Beaumont Navigation District                            | Port Beaumont Navigation District                            | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    100000 | PA      | $65478.79     | 0.08%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    150000 | PA      | $108000.00    | 0.13%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                        | Toll Road Investors Partnership II LP                        | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    161000 | PA      | $137929.16    | 0.17%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WE53<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    115000 | PA      | $106905.77    | 0.13%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority               | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    165000 | PA      | $174291.99    | 0.22%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp.                    | Medical Center Educational Building Corp.                    | CUSIP: 584556FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921597.70    | 1.14%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WJJ8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088380.80   | 1.34%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WH50<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    750000 | PA      | $713926.35    | 0.88%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority        | Pennsylvania Economic Development Financing Authority        | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $307465.07    | 0.38%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority                         | CUSIP: 40065FBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $30212.63     | 0.04%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                            | Territory of Guam                                            | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |      5000 | PA      | $5316.79      | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WYZ5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086390.50   | 1.34%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WV54<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    350000 | PA      | $391945.86    | 0.48%             | 2034-08-01      | 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        |     41212 | PA      | $42168.65     | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                      | State of Mississippi Gaming Tax                              | CUSIP: 605638AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1369506.67   | 1.69%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District CA                         | San Diego Unified School District                            | CUSIP: 797355M50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $644975.48    | 0.80%             | 2035-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                     | Massachusetts Development Finance Agency                     | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    370000 | PA      | $299341.73    | 0.37%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi                                         | CUSIP: 605581LX3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007068.30   | 1.24%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                            | Iowa Student Loan Liquidity Corp.                            | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9315.32      | 0.01%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      7000 | PA      | $5101.21      | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QXU1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14450.00     | 0.02%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                      | State of Mississippi Gaming Tax                              | CUSIP: 605638BR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961500.10    | 1.19%             | 2038-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534XDC7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    720000 | PA      | $817834.10    | 1.01%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority               | CUSIP: 6461367M7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40467.18     | 0.05%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                            | Territory of Guam                                            | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |      5000 | PA      | $5346.38      | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WK49<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506685.10    | 0.63%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WSZ2<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    450000 | PA      | $471875.99    | 0.58%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority               | CUSIP: 6461367J4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     55000 | PA      | $48029.06     | 0.06%             | 2045-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                               | Sales Tax Securitization Corp.                               | CUSIP: 79467BCZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $28365.66     | 0.04%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                         | Guam Power Authority                                         | CUSIP: 400653HP9<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |     85000 | PA      | $87149.92     | 0.11%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority                                   | CUSIP: 59447PD32<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35712.55     | 0.04%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                         | Guam Power Authority                                         | CUSIP: 400653HL8<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |    315000 | PA      | $325994.32    | 0.40%             | 2033-10-01      | 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        |    220000 | PA      | $195207.52    | 0.24%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QXR8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $43950.00     | 0.05%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    422090 | PA      | $422089.41    | 0.52%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                         | Colorado Health Facilities Authority                         | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $43103.38     | 0.05%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                             | Commonwealth Financing Authority                             | CUSIP: 20282EAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10774.07     | 0.01%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                               | Sales Tax Securitization Corp.                               | CUSIP: 79467BCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $33739.50     | 0.04%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534TYH2<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513078.80    | 0.63%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WRR1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $437186.25    | 0.54%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Authority                                         | Guam Power Authority                                         | CUSIP: 400653HN4<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | GU        |     75000 | PA      | $77065.13     | 0.10%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534XGC4<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    200000 | PA      | $218117.82    | 0.27%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QLW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $58235.51     | 0.07%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     20000 | PA      | $18348.36     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Jackson County Utility Authority                             | Jackson County Utility Authority                             | CUSIP: 467319AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2064354.80   | 2.55%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     90000 | PA      | $64800.00     | 0.08%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    179722 | PA      | $78628.45     | 0.10%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp.                    | Medical Center Educational Building Corp.                    | CUSIP: 584556FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1285045.25   | 1.59%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority, Series WW              | CUSIP: 74526QUY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7262.50      | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority     | New Jersey Higher Education Student Assistance Authority     | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    420000 | PA      | $413770.98    | 0.51%             | 2041-12-01      | Fixed         | 4.00%                 | 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        |    245194 | PA      | $236763.56    | 0.29%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $932.82       | 0.00%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp.                                       | CUSIP: 60535QZP8<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    490000 | PA      | $472567.66    | 0.58%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QZJ4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     80000 | PA      | $78523.52     | 0.10%             | 2024-07-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority        | Mississippi Hospital Equipment & Facilities Authority        | CUSIP: 605360UB0<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517861.85    | 0.64%             | 2044-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                    | Golden State Tobacco Securitization Corp.                    | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $287343.97    | 0.35%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.     | Texas Private Activity Bond Surface Transportation Corp.     | CUSIP: 882667AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86350.45     | 0.11%             | 2043-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi                                         | CUSIP: 605581MP9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    875000 | PA      | $794929.63    | 0.98%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Gulfport MS                                          | City of Gulfport                                             | CUSIP: 402682CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509135.70    | 0.63%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534XBJ4<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1236415.33   | 1.53%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                             | Commonwealth Financing Authority                             | CUSIP: 20282EAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27108.26     | 0.03%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WB98<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503473.45    | 0.62%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534XBK1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1400101.65   | 1.73%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7200.00      | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534T2R5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523037.70    | 0.65%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $29200.00     | 0.04%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9953.92      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board      | Knox County Health Educational & Housing Facility Board      | CUSIP: 49952MEH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $488660.83    | 0.60%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WN46<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110850.89    | 0.14%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                  | Little Rock School District                                  | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $541274.37    | 0.67%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534RZ36<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500565.25    | 0.62%             | 2036-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority, Series WW              | CUSIP: 74526QVB5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $10987.50     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority, Series SS              | CUSIP: 74526QEY4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14393.06     | 0.02%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority        | Mississippi Hospital Equipment & Facilities Authority        | CUSIP: 605360SH0<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |    575000 | PA      | $615204.17    | 0.76%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                            | Iowa Student Loan Liquidity Corp.                            | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    110000 | PA      | $88466.42     | 0.11%             | 2044-12-01      | Fixed         | 3.50%                 | 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        |     60000 | PA      | $53879.32     | 0.07%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority                                   | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15347.06     | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7325.00      | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QVU3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    500000 | PA      | $523067.15    | 0.65%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                            | State of Illinois                                            | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154812.41    | 0.19%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp.                                       | CUSIP: 60535QTW0<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $764477.70    | 0.94%             | 2043-12-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    240000 | PA      | $175200.00    | 0.22%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Southern Mississippi (The)                     | University of Southern Mississippi (The)                     | CUSIP: 784532GZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1573636.20   | 1.94%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     66803 | PA      | $56220.65     | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority                               | CUSIP: 944514QW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44717.29     | 0.06%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                     | Public Finance Authority                                     | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    115000 | PA      | $94711.63     | 0.12%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WJK5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084725.50   | 1.34%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                     | Massachusetts Development Finance Agency                     | CUSIP: 57584X8V6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    535000 | PA      | $516546.83    | 0.64%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Rankin Utility Authority                                | West Rankin Utility Authority                                | CUSIP: 955525BY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111048.20   | 1.37%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp.                    | Medical Center Educational Building Corp.                    | CUSIP: 584556CF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $168647.09    | 0.21%             | 2023-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                               | Tennergy Corp.                                               | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    265000 | PA      | $280340.77    | 0.35%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.     | Texas Private Activity Bond Surface Transportation Corp.     | CUSIP: 882667AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112032.04    | 0.14%             | 2038-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                   | Maryland Stadium Authority                                   | CUSIP: 574296DQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    225000 | PA      | $234869.40    | 0.29%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                            | Territory of Guam                                            | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |      5000 | PA      | $5281.52      | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi                                         | CUSIP: 605581KB2<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053298.70   | 1.30%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                           | Mississippi Business Finance Corp.                           | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $330321.90    | 0.41%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QZC9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14908.10     | 0.02%             | 2023-07-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority                                   | CUSIP: 59447PA27<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25666.56     | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     33000 | PA      | $28630.48     | 0.04%             | 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        |    120000 | PA      | $118929.76    | 0.15%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Natchez-Adams School District                                | Natchez-Adams School District                                | CUSIP: 631768AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $488600.20    | 0.60%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority                               | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.08     | 0.07%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority        | Mississippi Hospital Equipment & Facilities Authority        | CUSIP: 605360TX4<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557997.95   | 1.92%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                | Spartanburg Regional Health Services District                | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |    655000 | PA      | $595485.65    | 0.74%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp.                                       | CUSIP: 60535QXL9<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1316290.50   | 1.62%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mississippi State University Educational Building Corp.      | Mississippi State University Educational Building Corp.      | CUSIP: 605699LY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013336.30   | 1.25%             | 2038-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534TK87<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066899.40   | 1.32%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $36375.00     | 0.04%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WXL7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061909.80   | 1.31%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp.                                       | CUSIP: 60535QZZ6<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901862.90    | 1.11%             | 2047-12-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                 | Texas Municipal Power Agency                                 | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $293752.92    | 0.36%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     38000 | PA      | $30742.67     | 0.04%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WQ84<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536432.30   | 1.90%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     41891 | PA      | $42681.37     | 0.05%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     42274 | PA      | $42592.67     | 0.05%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority      | Massachusetts Health & Educational Facilities Authority      | CUSIP: 57585JVZ1<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |    920000 | PA      | $1035308.57   | 1.28%             | 2028-01-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Mississippi State University Educational Building Corp.      | Mississippi State University Educational Building Corp.      | CUSIP: 605699RW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $574935.66    | 0.71%             | 2043-08-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    330000 | PA      | $191962.09    | 0.24%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 605341AS5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1165906.20   | 1.44%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                        | Metropolitan Transportation Authority                        | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    255000 | PA      | $215365.58    | 0.27%             | 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        |    120000 | PA      | $87600.00     | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi                                         | CUSIP: 605581HW0<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088794.90   | 1.34%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                            | State of Illinois                                            | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $106564.89    | 0.13%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     90000 | PA      | $65925.00     | 0.08%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Orangeburg County Facilities Corp.                           | Orangeburg County Facilities Corp.                           | CUSIP: 685357AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $266636.92    | 0.33%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                               | Sales Tax Securitization Corp.                               | CUSIP: 79467BCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $85859.11     | 0.11%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     29283 | PA      | $23955.43     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                  | Virginia Small Business Financing Authority                  | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $212075.42    | 0.26%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1891000 | PA      | $465926.70    | 0.58%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     39814 | PA      | $31174.30     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    135000 | PA      | $121613.14    | 0.15%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue | Massachusetts Bay Transportation Authority Sales Tax Revenue | CUSIP: 575579QA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $868993.20    | 1.07%             | 2029-07-01      | 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        |    145000 | PA      | $142667.97    | 0.18%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority               | New Jersey Transportation Trust Fund Authority               | CUSIP: 64613CAV0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58350.73     | 0.07%             | 2037-06-15      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    929000 | PA      | $843466.97    | 1.04%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority                               | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35285.83     | 0.04%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WRF7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520584.30    | 0.64%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | Michigan Finance Authority                                   | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30650.21     | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                            | Territory of Guam                                            | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     70000 | PA      | $61005.71     | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534XAR7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $460136.50    | 0.57%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                               | Wayne County Airport Authority                               | CUSIP: 944514QV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $232506.86    | 0.29%             | 2039-12-01      | 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        |    295249 | PA      | $74921.29     | 0.09%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp.                                       | CUSIP: 60535QZY9<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975586.00    | 1.20%             | 2042-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     48848 | PA      | $26405.30     | 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        |    470000 | PA      | $442526.53    | 0.55%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sunflower County Consolidated School District                | Sunflower County Consolidated School District                | CUSIP: 86735PAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986490.30    | 1.22%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $47612.50     | 0.06%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Warren MS                                          | County of Warren                                             | CUSIP: 935027AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937396.30    | 1.16%             | 2027-08-01      | Variable      | 1.60%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    750000 | PA      | $768160.65    | 0.95%             | 2040-12-01      | Fixed         | 6.88%                 | 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        |     55000 | PA      | $48217.21     | 0.06%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| University of Mississippi Educational Building Corp.         | University of Mississippi Educational Building Corp.         | CUSIP: 914476WF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012196.60   | 1.25%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                         | Guam Government Waterworks Authority                         | CUSIP: 40065FCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $30387.26     | 0.04%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar County School District MS                              | Lamar County School District                                 | CUSIP: 51301LCN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1109665.44   | 1.37%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                             | Commonwealth Financing Authority                             | CUSIP: 20282EAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27037.90     | 0.03%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WT32<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1575673.95   | 1.95%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Southern Mississippi (The)                     | University of Southern Mississippi (The)                     | CUSIP: 784532FJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $776031.78    | 0.96%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534TYJ8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513078.80    | 0.63%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     35000 | PA      | $25550.00     | 0.03%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                           | New York State Dormitory Authority                           | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    505000 | PA      | $460451.32    | 0.57%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $28800.00     | 0.04%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                         | Colorado Health Facilities Authority                         | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     20000 | PA      | $16774.34     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                       | Mississippi Home Corp.                                       | CUSIP: 60535QYQ7<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    955000 | PA      | $925714.26    | 1.14%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                           | City of Chicago                                              | CUSIP: 167486VS5<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    135000 | PA      | $136448.48    | 0.17%             | 2042-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                     | Metropolitan Pier & Exposition Authority                     | CUSIP: 592248BB3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    905000 | PA      | $317941.16    | 0.39%             | 2044-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534TKU8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    275000 | PA      | $277989.69    | 0.34%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                      | New York City Housing Development Corp.                      | CUSIP: 64972EA74<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    650000 | PA      | $436800.59    | 0.54%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     71000 | PA      | $63959.51     | 0.08%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                            | Territory of Guam                                            | CUSIP: 40065NCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    270000 | PA      | $276828.76    | 0.34%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.           | Matching Fund Special Purpose Securitization Corp.           | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     35000 | PA      | $35920.99     | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                         | Puerto Rico Electric Power Authority                         | CUSIP: 74526QXB3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $43200.00     | 0.05%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue      | Puerto Rico Sales Tax Financing Corp. Sales Tax              | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     71000 | PA      | $62760.25     | 0.08%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     37958 | PA      | $32911.85     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                 | Mississippi Development Bank                                 | CUSIP: 60534WE61<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    750000 | PA      | $795664.95    | 0.98%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                         | State of Mississippi                                         | CUSIP: 605581LD7<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086999.10   | 1.34%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    128406 | PA      | $96264.27     | 0.12%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                           | New York Liberty Development Corp.                           | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $190520.19    | 0.24%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     12674 | PA      | $11746.54     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                           | City of Chicago                                              | CUSIP: 167486D71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52455.66     | 0.06%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                  | Commonwealth of Puerto Rico                                  | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40029 | PA      | $41388.71     | 0.05%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

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

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer