# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-004579
**Filing Date:** 2026-2
**Character Count:** 121546
**Document Hash:** 9c4271b6b6184c21b0a1f6128cc2e25c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-004579.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-004579

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 26679539

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

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

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

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

## Series and Classes Contracts Data

### MFS Alabama Municipal Bond Fund (Series ID: S000002521)

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

## Nport-Ex

MAL-Q3

![](img7851f2351.gif)

**Quarterly Report**

December 31, 2025

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

![](img205bd17d2.gif)

------

**Portfolio of Investments**

12/31/25 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 98.1%  | Municipal Bonds – 98.1%  | Municipal Bonds – 98.1%  |
| 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  | $55000 | &nbsp;&nbsp;&nbsp; $50403 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053  | 50000 | &nbsp;&nbsp;&nbsp; 44720 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.25%, 6/30/2060 <br>| 325000 | &nbsp;&nbsp;&nbsp; 329473 |
|  |  | &nbsp;&nbsp;&nbsp; $424596 |
| General Obligations - General Purpose – 16.8% | General Obligations - General Purpose – 16.8% | General Obligations - General Purpose – 16.8% |
| Arab, AL, General Obligation Warrants, "A", AGM, 3%, 12/01/2046  | $1120000 | &nbsp;&nbsp;&nbsp; $835117 |
| Birmingham-Jefferson, AL, Civic Center Authority Rev., "A", 5.25%, 6/01/2053  | 750000 | &nbsp;&nbsp;&nbsp; 777527 |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | 160000 | &nbsp;&nbsp;&nbsp; 149652 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040  | 270000 | &nbsp;&nbsp;&nbsp; 279925 |
| Clanton, AL, General Obligation Warrants, AGM, 5%, 10/01/2042  | 550000 | &nbsp;&nbsp;&nbsp; 595288 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 115194 | &nbsp;&nbsp;&nbsp; 126553 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 31477 | &nbsp;&nbsp;&nbsp; 31468 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 57199 | &nbsp;&nbsp;&nbsp; 56209 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 24283 | &nbsp;&nbsp;&nbsp; 23540 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 33016 | &nbsp;&nbsp;&nbsp; 30526 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 121336 | &nbsp;&nbsp;&nbsp; 105860 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 40508 | &nbsp;&nbsp;&nbsp; 29313 |
| Fort Payne, AL, General Obligation Warrants, "A", AGM, 5%, 5/01/2047  | 750000 | &nbsp;&nbsp;&nbsp; 757439 |
| Gadsen, AL, General Obligation Warrants, "A", BAM, 5%, 10/01/2044  | 500000 | &nbsp;&nbsp;&nbsp; 528902 |
| Gadsen, AL, General Obligation Warrants, "A", BAM, 5%, 10/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 524943 |
| Marshall County, AL, General Obligation Warrants, 5%, 11/01/2054  | 500000 | &nbsp;&nbsp;&nbsp; 516227 |
| Mobile County, AL, General Obligation Improvement Warrants, 5%, 2/01/2046  | 500000 | &nbsp;&nbsp;&nbsp; 527519 |
| Mobile County, AL, General Obligation Warrants, 5%, 2/01/2043  | 675000 | &nbsp;&nbsp;&nbsp; 717646 |
| Mobile, AL, General Obligation Warrants, "A", 5%, 2/15/2042  | 750000 | &nbsp;&nbsp;&nbsp; 821078 |
| Montevallo, AL, American Village Public Educational Building Authority Refunding Rev. (Alabama Veterans Living Legacy Project), <br> 4%, 12/01/2035 <br>| 250000 | &nbsp;&nbsp;&nbsp; 251952 |
| Oxford, AL, General Obligation Warrants, 2%, 5/01/2026  | 140000 | &nbsp;&nbsp;&nbsp; 139480 |
| Oxford, AL, General Obligation Warrants, "A", 5%, 7/01/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 1030849 |
| Pike Road, AL, General Obligation, 5%, 3/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 518543 |
| Pike Road, AL, General Obligation, 5%, 3/01/2052  | 500000 | &nbsp;&nbsp;&nbsp; 515505 |
| Prattville, AL, General Obligation Warrants, 4.85%, 2/01/2050  | 500000 | &nbsp;&nbsp;&nbsp; 510765 |
| Prattville, AL, General Obligation Warrants, 5%, 2/01/2055  | 500000 | &nbsp;&nbsp;&nbsp; 515131 |
| Rainsville, AL, General Obligation Warrants, AGM, 4.125%, 1/01/2049  | 500000 | &nbsp;&nbsp;&nbsp; 466155 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 120000 | &nbsp;&nbsp;&nbsp; 128403 |
| State of Illinois, General Obligation, "B", 5.5%, 5/01/2047  | 55000 | &nbsp;&nbsp;&nbsp; 57639 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2048  | 70000 | &nbsp;&nbsp;&nbsp; 67723 |
| Texas Cedar Port Navigation & Improvement District, Unlimited Tax, 4.5%, 9/01/2052  | 30000 | &nbsp;&nbsp;&nbsp; 28696 |
|  |  | &nbsp;&nbsp;&nbsp; $11665573 |
| General Obligations - Schools – 4.5% | General Obligations - Schools – 4.5% | General Obligations - Schools – 4.5% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047  | $255000 | &nbsp;&nbsp;&nbsp; $198555 |
| Little Rock, AR, School District & Construction, "A", BAM, 3%, 2/01/2048  | 625000 | &nbsp;&nbsp;&nbsp; 477057 |
| Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, 4%, 3/01/2039  | 1000000 | &nbsp;&nbsp;&nbsp; 1011784 |
| Mobile County, AL, Board of School Commissioners, Special Tax School Warrants, "B", BAM, 4.125%, 3/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 945999 |
| Walker County, AL, Board of Education, Special Tax School Warrants, AGM, 4.25%, 3/01/2054  | 500000 | &nbsp;&nbsp;&nbsp; 468995 |
|  |  | &nbsp;&nbsp;&nbsp; $3102390 |
| Healthcare Revenue - Hospitals – 7.3% | Healthcare Revenue - Hospitals – 7.3% | Healthcare Revenue - Hospitals – 7.3% |
| Alabama DCH Health Care Authority, "A", 4%, 6/01/2046  | $1000000 | &nbsp;&nbsp;&nbsp; $927601 |
| Alabama DCH Health Care Authority, Health Care Facilities Rev., 5%, 6/01/2033  | 500000 | &nbsp;&nbsp;&nbsp; 500554 |
| Alabama Health Care Authority (Baptist Health), "A", 5%, 11/15/2037  | 875000 | &nbsp;&nbsp;&nbsp; 935159 |
| Birmingham, AL, Special Care Facilities Financing Authority, Children's Hospital Health Care Facilities Rev., "A", <br> 5.25%, 6/01/2035 (u)<br>| 300000 | &nbsp;&nbsp;&nbsp; 316951 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Birmingham, AL, Special Care Facilities Financing Authority, Children's Hospital Health Care Facilities Rev., "A", <br> 5.25%, 6/01/2035 (u)<br>| $450000 | &nbsp;&nbsp;&nbsp; $472925 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2049  | 15000 | &nbsp;&nbsp;&nbsp; 12964 |
| East Alabama Health Care Authority, Health Care Facilities Rev., "A", 4%, 9/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 456183 |
| Mobile, AL, Infirmary Health System Special Care Facilities Financing Authority Rev. (Infirmary Health System, Inc.), "A", <br> 4%, 2/01/2040 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 970820 |
| North Carolina Medical Care Commission, Health Care Facilities Rev. (Rex Healthcare), "A", 4%, 7/01/2049  | 490000 | &nbsp;&nbsp;&nbsp; 459238 |
|  |  | &nbsp;&nbsp;&nbsp; $5052395 |
| Healthcare Revenue - Long Term Care – 1.8% | Healthcare Revenue - Long Term Care – 1.8% | Healthcare Revenue - Long Term Care – 1.8% |
| Birmingham, AL, Special Care Facilities Financing Authority Rev. (Methodist Home for the Aging), 5.75%, 6/01/2045  | $250000 | &nbsp;&nbsp;&nbsp; $238262 |
| Pell City, AL, Special Care Facilities Financing Authority Rev. (Noland Health Services, Inc.), "A", 4%, 12/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1007234 |
|  |  | &nbsp;&nbsp;&nbsp; $1245496 |
| Industrial Revenue - Other – 0.6% | Industrial Revenue - Other – 0.6% | Industrial Revenue - Other – 0.6% |
| Mobile County, AL, Limited Obligation Warrants (Gomesa Project), 4%, 11/01/2045 (n) | $500000 | &nbsp;&nbsp;&nbsp; $454619 |
| Industrial Revenue - Paper – 0.7% | Industrial Revenue - Paper – 0.7% | Industrial Revenue - Paper – 0.7% |
| Selma, AL, Industrial Development Board, Gulf Opportunity Zone Refunding Rev. (International Paper Co. Project), "A", <br> 4.2%, 5/01/2034 <br>| $500000 | &nbsp;&nbsp;&nbsp; $519156 |
| Miscellaneous Revenue - Other – 1.4% | Miscellaneous Revenue - Other – 1.4% | Miscellaneous Revenue - Other – 1.4% |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | $260000 | &nbsp;&nbsp;&nbsp; $259585 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), <br> AGM, 5%, 12/31/2057 <br>| 275000 | &nbsp;&nbsp;&nbsp; 271227 |
| Stadium Trace Village District, AL, Development Incentive Anticipation Bonds, 3.625%, 3/01/2036  | 200000 | &nbsp;&nbsp;&nbsp; 183644 |
| Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), "A-1", 6%, 12/01/2055 (w) | 200000 | &nbsp;&nbsp;&nbsp; 196527 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 35000 | &nbsp;&nbsp;&nbsp; 35312 |
|  |  | &nbsp;&nbsp;&nbsp; $946295 |
| Multi-Family Housing Revenue – 2.3% | Multi-Family Housing Revenue – 2.3% | Multi-Family Housing Revenue – 2.3% |
| Alabama Housing Finance Authority, Multi-Family Tax-Exempt (Cooper Green Homes Project), "B", 4.45%, 8/01/2045  | $1000000 | &nbsp;&nbsp;&nbsp; $1001630 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 213522 | &nbsp;&nbsp;&nbsp; 217363 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, <br> 2.45%, 11/01/2045 <br>| 520000 | &nbsp;&nbsp;&nbsp; 366574 |
|  |  | &nbsp;&nbsp;&nbsp; $1585567 |
| Port Revenue – 1.5% | Port Revenue – 1.5% | Port Revenue – 1.5% |
| Alabama Port Authority Docks Facilities Refunding Rev., "A", AGM, 5%, 10/01/2035  | $1000000 | &nbsp;&nbsp;&nbsp; $1020293 |
| Sales & Excise Tax Revenue – 8.4% | Sales & Excise Tax Revenue – 8.4% | Sales & Excise Tax Revenue – 8.4% |
| Cherokee County, AL, Board of Education Special Tax School Warrants (Sales Tax), 5%, 12/01/2048  | $1000000 | &nbsp;&nbsp;&nbsp; $1010751 |
| Enterprise, AL, Board of Education Special Tax School Warrants, BAM, 5%, 3/01/2040  | 500000 | &nbsp;&nbsp;&nbsp; 543242 |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | 60000 | &nbsp;&nbsp;&nbsp; 57850 |
| Jefferson County, AL, Cooper Green Mercy Health Services Authority Rev., "A", 5.25%, 9/01/2052  | 810000 | &nbsp;&nbsp;&nbsp; 833607 |
| Jefferson County, AL, Limited Obligation Refunding Warrants, 4%, 9/15/2042  | 500000 | &nbsp;&nbsp;&nbsp; 492180 |
| Lawrence County, AL, Board of Education Special Tax School Warrants, AGM, 4%, 2/01/2042  | 1000000 | &nbsp;&nbsp;&nbsp; 966290 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 16000 | &nbsp;&nbsp;&nbsp; 16006 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 57000 | &nbsp;&nbsp;&nbsp; 53726 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 796000 | &nbsp;&nbsp;&nbsp; 766353 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 142000 | &nbsp;&nbsp;&nbsp; 138930 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 58000 | &nbsp;&nbsp;&nbsp; 56746 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 401000 | &nbsp;&nbsp;&nbsp; 374387 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 4000 | &nbsp;&nbsp;&nbsp; 3553 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 247000 | &nbsp;&nbsp;&nbsp; 202928 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 237000 | &nbsp;&nbsp;&nbsp; 179466 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 110000 | &nbsp;&nbsp;&nbsp; 36742 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued | Sales & Excise Tax Revenue – continued |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| $100000 | &nbsp;&nbsp;&nbsp; $80000 |
|  |  | &nbsp;&nbsp;&nbsp; $5812757 |
| Single Family Housing - State – 6.8% | Single Family Housing - State – 6.8% | Single Family Housing - State – 6.8% |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "A", GNMA, 5.75%, 4/01/2055  | $475000 | &nbsp;&nbsp;&nbsp; $516838 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "A", GNMA, 5.75%, 4/01/2056  | 740000 | &nbsp;&nbsp;&nbsp; 812837 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "B", GNMA, 4.55%, 10/01/2044  | 725000 | &nbsp;&nbsp;&nbsp; 731528 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "B", GNMA, 5.05%, 10/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 510301 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "B", GNMA, 6%, 4/01/2055  | 725000 | &nbsp;&nbsp;&nbsp; 794764 |
| Alabama Housing Finance Authority, Collateralized Single Family Mortgage Rev., "C", GNMA, 5.75%, 4/01/2055  | 735000 | &nbsp;&nbsp;&nbsp; 800443 |
| Connecticut Housing Finance Authority Rev. (Housing Mortgage Finance Program), "C-1", 4%, 11/15/2047  | 25000 | &nbsp;&nbsp;&nbsp; 25059 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 4.45%, 9/01/2043 <br>| 385000 | &nbsp;&nbsp;&nbsp; 387070 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "A", <br> GNMA, 4.5%, 9/01/2046 <br>| 130000 | &nbsp;&nbsp;&nbsp; 130348 |
|  |  | &nbsp;&nbsp;&nbsp; $4709188 |
| State & Local Agencies – 4.6% | State & Local Agencies – 4.6% | State & Local Agencies – 4.6% |
| Baldwin County, AL, Public Building Authority Rev. (Jail Project), 4.375%, 3/01/2046  | $1250000 | &nbsp;&nbsp;&nbsp; $1205229 |
| Bessemer, AL, Public Educational Building Authority Rev. (DHR Building Project), "A", AGM, 5%, 7/01/2030  | 210000 | &nbsp;&nbsp;&nbsp; 210290 |
| Cherokee County, AL, Public Building Authority Rev., 4.5%, 7/01/2053  | 750000 | &nbsp;&nbsp;&nbsp; 716046 |
| Irondale, AL, Public Building Authority Lease Rev., 5%, 10/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 1056925 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 40000 | &nbsp;&nbsp;&nbsp; 47650 |
|  |  | &nbsp;&nbsp;&nbsp; $3236140 |
| Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% | Student Loan Revenue – 0.1% |
| Iowa Student Loan Liquidity Corp. Rev., "C", 3.5%, 12/01/2044  | $90000 | &nbsp;&nbsp;&nbsp; $71229 |
| Tax - Other – 8.2% | Tax - Other – 8.2% | Tax - Other – 8.2% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | $45000 | &nbsp;&nbsp;&nbsp; $45022 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 125000 | &nbsp;&nbsp;&nbsp; 131184 |
| Cullman, AL, Board of Education Special Tax School Warrants, "A", BAM, 4.25%, 3/01/2054  | 750000 | &nbsp;&nbsp;&nbsp; 703336 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 30000 | &nbsp;&nbsp;&nbsp; 30315 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 85000 | &nbsp;&nbsp;&nbsp; 85643 |
| Jefferson County, AL, Board of Education Public School Warrants, 5%, 2/01/2044  | 500000 | &nbsp;&nbsp;&nbsp; 529752 |
| Jefferson County, AL, Board of Education Public School Warrants, 5%, 2/01/2046  | 500000 | &nbsp;&nbsp;&nbsp; 524349 |
| Lauderdale County, AL, Agriculture Center Authority Rev., 5.25%, 7/01/2064  | 750000 | &nbsp;&nbsp;&nbsp; 774473 |
| Lee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2042  | 350000 | &nbsp;&nbsp;&nbsp; 375398 |
| Lee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2043  | 250000 | &nbsp;&nbsp;&nbsp; 265738 |
| Lee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2044  | 325000 | &nbsp;&nbsp;&nbsp; 342922 |
| Marshall County, AL, Board of Education, Special Tax School Warrants, BAM, 4%, 3/01/2044  | 500000 | &nbsp;&nbsp;&nbsp; 473457 |
| Marshall County, AL, Board of Education, Special Tax School Warrants, BAM, 4.125%, 3/01/2049  | 500000 | &nbsp;&nbsp;&nbsp; 470065 |
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), "A", BAM, 4.125%, 2/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 472572 |
| St. Clair County, AL, Board of Education, Special Tax School Warrants (15 Mill Moody Tax), "A", BAM, 4.25%, 2/01/2052  | 500000 | &nbsp;&nbsp;&nbsp; 477359 |
|  |  | &nbsp;&nbsp;&nbsp; $5701585 |
| Tobacco – 0.2% | Tobacco – 0.2% | Tobacco – 0.2% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | $170000 | &nbsp;&nbsp;&nbsp; $155372 |
| Toll Roads – 0.7% | Toll Roads – 0.7% | Toll Roads – 0.7% |
| Virginia Small Business Financing Authority Senior Lien Rev. (Elizabeth River Crossings Opco LLC Project), 3%, 1/01/2041  | $250000 | &nbsp;&nbsp;&nbsp; $205731 |
| Wisconsin Public Finance Authority, Senior Lien Toll Rev. (Georgia SR 400 Express Lanes Project), 5.75%, 12/31/2065  | 290000 | &nbsp;&nbsp;&nbsp; 298606 |
|  |  | &nbsp;&nbsp;&nbsp; $504337 |
| Transportation - Special Tax – 2.3% | Transportation - Special Tax – 2.3% | Transportation - Special Tax – 2.3% |
| Alabama Federal Aid Highway Finance Authority, Special Obligation Rev., "A", 5%, 3/01/2045  | $750000 | &nbsp;&nbsp;&nbsp; $803147 |
| Alabama Highway Authority, Special Obligation Rev., AGM, 5%, 9/01/2045  | 750000 | &nbsp;&nbsp;&nbsp; 808135 |
|  |  | &nbsp;&nbsp;&nbsp; $1611282 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Universities - Colleges – 12.8% | Universities - Colleges – 12.8% | Universities - Colleges – 12.8% |
| Alabama Community College System Board of Trustees Rev. (Bishop State Community College), BAM, 4%, 1/01/2049  | $1000000 | &nbsp;&nbsp;&nbsp; $892217 |
| Alabama Community College System Board of Trustees Rev. (Calhoun Community College), AGM, 4.125%, 5/01/2049  | 750000 | &nbsp;&nbsp;&nbsp; 714472 |
| Alabama Community College System Board of Trustees Rev. (Coastal Alabama Community College), BAM, 5%, 10/01/2050  | 750000 | &nbsp;&nbsp;&nbsp; 774339 |
| Alabama Community College System Board of Trustees Rev. (Gadsden State Community College), AGM, 5%, 6/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 518054 |
| Alabama Community College System Board of Trustees Rev. (Gadsden State Community College), AGM, 5%, 6/01/2053  | 500000 | &nbsp;&nbsp;&nbsp; 513344 |
| Auburn University, AL, General Fee Rev., "A", 5%, 6/01/2048  | 1500000 | &nbsp;&nbsp;&nbsp; 1527123 |
| Homewood, AL, Educational Building Authority, Facilities Rev. (Samford University), "A", 5%, 12/01/2034  | 500000 | &nbsp;&nbsp;&nbsp; 504046 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", 5%, 7/01/2036 <br>| 580000 | &nbsp;&nbsp;&nbsp; 585569 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", AGM, 5.25%, 8/01/2048 <br>| 750000 | &nbsp;&nbsp;&nbsp; 769595 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), <br> "A", BAM, 5%, 8/01/2056 <br>| 500000 | &nbsp;&nbsp;&nbsp; 504523 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051  | 345000 | &nbsp;&nbsp;&nbsp; 285282 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Educational Facilities <br> Rev. (University Plaza Project), NPFG, 5%, 7/01/2033 <br>| 50000 | &nbsp;&nbsp;&nbsp; 50113 |
| University of South Alabama Facilities Rev., "A", BAM, 5%, 4/01/2049  | 750000 | &nbsp;&nbsp;&nbsp; 762193 |
| University of South Alabama Facilities Rev., "A", BAM, 5.25%, 4/01/2054  | 500000 | &nbsp;&nbsp;&nbsp; 522085 |
|  |  | &nbsp;&nbsp;&nbsp; $8922955 |
| Utilities - Investor Owned – 0.7% | Utilities - Investor Owned – 0.7% | Utilities - Investor Owned – 0.7% |
| Mobile, AL, Industrial Development Board Pollution Control Rev. (Alabama Power Co. Barry Plant Project), "C", <br> 3.78%, 6/01/2034 (Put Date 6/16/2026) <br>| $500000 | &nbsp;&nbsp;&nbsp; $501033 |
| Utilities - Municipal Owned – 1.6% | Utilities - Municipal Owned – 1.6% | Utilities - Municipal Owned – 1.6% |
| Huntville, AL, Electric Rev. Warrants, 5%, 12/01/2043  | $750000 | &nbsp;&nbsp;&nbsp; $796387 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | 100000 | &nbsp;&nbsp;&nbsp; 66750 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 65000 | &nbsp;&nbsp;&nbsp; 43387 |
| Puerto Rico Electric Power Authority Rev., "SS", AGM, 4.375%, 7/01/2030  | 15000 | &nbsp;&nbsp;&nbsp; 14740 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | 95000 | &nbsp;&nbsp;&nbsp; 63412 |
| Puerto Rico Electric Power Authority Rev., "UU", AGM, 4.25%, 7/01/2027  | 70000 | &nbsp;&nbsp;&nbsp; 69401 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 15000 | &nbsp;&nbsp;&nbsp; 15212 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 50000 | &nbsp;&nbsp;&nbsp; 33375 |
|  |  | &nbsp;&nbsp;&nbsp; $1102664 |
| Utilities - Other – 4.4% | Utilities - Other – 4.4% | Utilities - Other – 4.4% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | $425000 | &nbsp;&nbsp;&nbsp; $448716 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "B", 5%, 10/01/2055 (Put Date 9/01/2032)  | 310000 | &nbsp;&nbsp;&nbsp; 333352 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 410000 | &nbsp;&nbsp;&nbsp; 435642 |
| Public Energy Authority of Kentucky, Gas Supply Rev., "A-1", 4%, 8/01/2052 (Put Date 8/01/2030)  | 1000000 | &nbsp;&nbsp;&nbsp; 1009690 |
| Southeast Alabama Energy Authority (Project No. 6), 5%, 1/01/2054 (Put Date 6/01/2030)  | 500000 | &nbsp;&nbsp;&nbsp; 528688 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 300000 | &nbsp;&nbsp;&nbsp; 318543 |
|  |  | &nbsp;&nbsp;&nbsp; $3074631 |
| Water & Sewer Utility Revenue – 9.8% | Water & Sewer Utility Revenue – 9.8% | Water & Sewer Utility Revenue – 9.8% |
| Alabama Harvest-Monrovia Water, Sewer & Fire Protection Authority, Inc. Rev., AGM, 4.5%, 4/01/2045  | $750000 | &nbsp;&nbsp;&nbsp; $763292 |
| Baldwin County, AL, Solid Waste Disposal Authority Rev., 4.25%, 12/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 479459 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046  | 120000 | &nbsp;&nbsp;&nbsp; 120056 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 95000 | &nbsp;&nbsp;&nbsp; 95557 |
| Jefferson County, AL, Sewer Rev. Warrants, 5.5%, 10/01/2053  | 1000000 | &nbsp;&nbsp;&nbsp; 1045709 |
| Limestone County, AL, Water & Sewer Authority Rev., 4.125%, 12/01/2049  | 750000 | &nbsp;&nbsp;&nbsp; 695213 |
| Madison, AL, Water & Wastewater Board Rev., 3%, 12/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 724162 |
| Montgomery AL, Water Works & Sanitary Sewer Board Rev., 5%, 9/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 534952 |
| Orange Beach, AL, Water Sewer & Fire Protection Authority Water Rev., 4%, 5/15/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 917369 |
| Prattville, AL, Water Works Board Rev., 5.125%, 8/01/2053  | 750000 | &nbsp;&nbsp;&nbsp; 777031 |
| Prichard, AL, Water Works & Sewer Board Rev., 4%, 11/01/2044 (a)(d) | 700000 | &nbsp;&nbsp;&nbsp; 455000 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued | Water & Sewer Utility Revenue – continued |
| Texas Water Development Board State Water Implementation Rev., "A", 5%, 10/15/2058  | $200000 | &nbsp;&nbsp;&nbsp; $206637 |
|  |  | &nbsp;&nbsp;&nbsp; $6814437 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$68233990** |
| Bonds – 0.1%  | Bonds – 0.1%  | Bonds – 0.1%  |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)  | $109932 | &nbsp;&nbsp;&nbsp; $37795 |
| 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  | $121245 | &nbsp;&nbsp;&nbsp; $77597 |
| Mutual Funds (h) – 1.0%  | Mutual Funds (h) – 1.0%  | Mutual Funds (h) – 1.0%  |
| Money Market Funds – 1.0% | Money Market Funds – 1.0% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v)  | 727864 | &nbsp;&nbsp;&nbsp; $728009 |
| Other Assets, Less Liabilities – 0.7% |  | &nbsp;&nbsp;&nbsp; 472942 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$69550333** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) In default.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $728,009 and $68,349,382, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $831,999, representing 1.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(u) Underlying security deposited into special purpose trust upon creation of self-deposited
 inverse floaters.

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

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| 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**

12/31/25 (unaudited)

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

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

**(1) Investment Valuations**

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

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

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

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

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

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of December 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $68311587 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $68311587 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37795 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37795 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 728009 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 728009 |
| Total | &nbsp;&nbsp;&nbsp; $728009 | &nbsp;&nbsp;&nbsp; $68349382 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $69077391 |

---

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

------

*Supplemental Information (unaudited) – continued*

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

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. The following were affiliated issuers for the period ended December 31, 2025:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $2171553 | &nbsp;&nbsp; $15266419 | &nbsp;&nbsp; $16710152 | &nbsp;&nbsp; $121 | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $728009<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $44010 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

Jurisdiction weighting percentages based on net assets, as of December 31, 2025, are as follows:

---

| | |
|:---|:---|
| Alabama | 83.4% |
| Puerto Rico | 3.9% |
| Kentucky | 1.5% |
| Illinois | 1.4% |
| New York | 1.4% |
| California | 0.9% |
| Maryland | 0.8% |
| Arkansas | 0.7% |
| North Carolina | 0.7% |
| Guam | 0.6% |
| Louisiana | 0.6% |
| Wisconsin | 0.5% |
| Texas | 0.4% |
| Massachusetts | 0.4% |
| Pennsylvania | 0.4% |
| Virginia | 0.4% |
| U.S. Virgin Islands | 0.3% |
| New Hampshire | 0.3% |
| Colorado | 0.2% |
| Iowa | 0.1% |
| New Jersey | 0.1% |

---

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $70051739.27

**Total Liabilities:** $501406.87

**Net Assets:** $69550332.40

**Delayed Delivery Securities:** $193254.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -87.92404240 | **1-Year:** -1927.29329760 | **5-Year:** -10290.56146710 | **10-Year:** -29930.81677990 | **30-Year:** -12083.39711880

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

- **3-Month:** -9.54078960 | **1-Year:** -218.90857360 | **5-Year:** -773.37368520 | **10-Year:** -1448.88749390 | **30-Year:** -742.78712780

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006957 | 1.46%                | 0.27%                | -0.04%               |
| Class ID C000006958 | 1.28%                | 0.31%                | -0.10%               |
| Class ID C000169758 | 1.42%                | 0.40%                | -0.03%               |
| Class ID C000194226 | 1.43%                | 0.40%                | -0.03%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-41615.30               | $783228.69                                 |
| Month 2  | $-1346.05                | $58986.99                                  |
| Month 3  | $-2713.33                | $-237693.33                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alabama Community College System                                                                          | Alabama Community College System                                                                          | CUSIP: 01025PEA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892216.90    | 1.28%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2023                                                             | CUSIP: 01025PPM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518054.50    | 0.74%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2023                                                             | CUSIP: 01025PPN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513344.30    | 0.74%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2024                                                             | CUSIP: 01025PQB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $714471.60    | 1.03%             | 2049-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                                          | Alabama Community College System, Series 2025                                                             | CUSIP: 01025PSC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $774338.93    | 1.11%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                                             | Alabama Federal Aid Highway Finance Authority, Series 2025 A                                              | CUSIP: 010268DT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $803147.48    | 1.15%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024A                                                           | CUSIP: 01030RJD5<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    475000 | PA      | $516837.86    | 0.74%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024B                                                           | CUSIP: 01030RKE1<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    725000 | PA      | $731528.34    | 1.05%             | 2044-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024B                                                           | CUSIP: 01030RKH4<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    725000 | PA      | $794764.43    | 1.14%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2024 C                                                          | CUSIP: 01030RLM2<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    735000 | PA      | $800443.52    | 1.15%             | 2055-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2025 A                                                          | CUSIP: 01030RNU2<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    740000 | PA      | $812837.16    | 1.17%             | 2056-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series 2025 B                                                          | CUSIP: 01030RPV8<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510300.70    | 0.73%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Alabama Housing Finance Authority                                                                         | Alabama Housing Finance Authority, Series BDS 2024 B                                                      | CUSIP: 01030UAD7<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001629.90   | 1.44%             | 2045-08-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Alabama Highway Authority                                                                                 | Alabama Highway Authority, Series 2025                                                                    | CUSIP: 010559AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $808134.53    | 1.16%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alabama Docks Department                                                                         | State of Alabama Docks Department                                                                         | CUSIP: 010604CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020292.80   | 1.47%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Arab AL                                                                                           | City of Arab                                                                                              | CUSIP: 038429KZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $835117.02    | 1.20%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                                                                         | Auburn University                                                                                         | CUSIP: 050589PV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527123.30   | 2.20%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Solid Waste Disposal Authority, Inc.                                                       | Baldwin County Solid Waste Disposal Authority, Inc., Series 2023                                          | CUSIP: 057861AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479458.60    | 0.69%             | 2048-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Baldwin County Public Building Authority                                                                  | Baldwin County Public Building Authority                                                                  | CUSIP: 057864DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1205228.50   | 1.73%             | 2046-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bessemer Public Educational Building Authority                                                            | Bessemer Public Educational Building Authority                                                            | CUSIP: 086413BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210289.82    | 0.30%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                                         | Alabama Special Care Facilities Financing Authority-Birmingham                                            | CUSIP: 091081DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $238261.65    | 0.34%             | 2045-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                                                               | Birmingham-Jefferson Civic Center Authority, Series 2023A                                                 | CUSIP: 091158CT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $777527.40    | 1.12%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    425000 | PA      | $448716.36    | 0.65%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District, Series 2024 B                                                             | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    310000 | PA      | $333352.05    | 0.48%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $149651.92    | 0.22%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    410000 | PA      | $435641.93    | 0.63%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $67722.54     | 0.10%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $28696.42     | 0.04%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cherokee County Public Building Authority                                                                 | Cherokee County Public Building Authority                                                                 | CUSIP: 164198AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $716046.38    | 1.03%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cherokee County Board of Education AL                                                                     | Cherokee County Board of Education                                                                        | CUSIP: 16420CCL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010750.80   | 1.45%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    270000 | PA      | $279925.23    | 0.40%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    255000 | PA      | $198554.60    | 0.29%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45021.93     | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131184.34    | 0.19%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Clanton AL                                                                                        | City of Clanton                                                                                           | CUSIP: 179824GB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $595287.94    | 0.86%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     15000 | PA      | $12964.04     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                                                     | Connecticut Housing Finance Authority, Series 2017                                                        | CUSIP: 20775CTX2<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25058.68     | 0.04%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cooper Green Mercy Health Services Authority                                                              | Cooper Green Mercy Health Services Authority                                                              | CUSIP: 216662AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $833607.45    | 1.20%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cullman City Board of Education                                                                           | Cullman City Board of Education                                                                           | CUSIP: 230041DN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $703336.28    | 1.01%             | 2054-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                                                  | DCH Healthcare Authority                                                                                  | CUSIP: 233091FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500553.60    | 0.72%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                                                  | DCH Healthcare Authority                                                                                  | CUSIP: 23366AAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $927601.50    | 1.33%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $50403.40     | 0.07%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $44719.48     | 0.06%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| East Alabama Health Care Authority (The)                                                                  | East Alabama Health Care Authority (The)                                                                  | CUSIP: 270416FJ4<br>LEI: 254900WODAI3WFO1QH51 | Long             | DBT              | MUN               | US        |    500000 | PA      | $456182.75    | 0.66%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Board of Education                                                                             | Enterprise Board of Education                                                                             | CUSIP: 29365SAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543242.25    | 0.78%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Payne AL                                                                                     | City of Fort Payne                                                                                        | CUSIP: 348208SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757439.03    | 1.09%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gadsden AL                                                                                        | City of Gadsden                                                                                           | CUSIP: 362460WK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528901.55    | 0.76%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gadsden AL                                                                                        | City of Gadsden                                                                                           | CUSIP: 362460WL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524943.25    | 0.75%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $155371.77    | 0.22%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    120000 | PA      | $120055.81    | 0.17%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     95000 | PA      | $95556.61     | 0.14%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     30000 | PA      | $30314.72     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     85000 | PA      | $85642.85     | 0.12%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     60000 | PA      | $57849.52     | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc.                                            | Harvest-Monrovia Water Sewer & Fire Protection Authority, Inc., Series 2025                               | CUSIP: 41754MDS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763292.18    | 1.10%             | 2045-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Health Care Authority for Baptist Health (The)                                                            | Health Care Authority for Baptist Health (The)                                                            | CUSIP: 42219UCG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $935159.05    | 1.34%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                                                   | Homewood Educational Building Authority                                                                   | CUSIP: 437887FZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504045.80    | 0.72%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huntsville AL Electric System Revenue                                                             | City of Huntsville                                                                                        | CUSIP: 447060HK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $796386.60    | 1.15%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    120000 | PA      | $128403.22    | 0.18%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57638.87     | 0.08%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile                             | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series 2021 A              | CUSIP: 45663NCA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970819.60    | 1.40%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |     90000 | PA      | $71228.90     | 0.10%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Irondale Public Building Authority                                                                        | Irondale Public Building Authority, Series 2024                                                           | CUSIP: 463034AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056925.40   | 1.52%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                                        | Jacksonville Public Educational Building Authority                                                        | CUSIP: 469480AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $585568.81    | 0.84%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                                        | Jacksonville Public Educational Building Authority                                                        | CUSIP: 469480AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $769594.88    | 1.11%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                                                        | Jacksonville Public Educational Building Authority, Series 2024 A                                         | CUSIP: 469480BV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504523.00    | 0.73%             | 2056-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                                                    | County of Jefferson                                                                                       | CUSIP: 472628RH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492179.60    | 0.71%             | 2042-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Board of Education/AL                                                                    | Jefferson County Board of Education                                                                       | CUSIP: 472649BU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529751.75    | 0.76%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Board of Education/AL                                                                    | Jefferson County Board of Education                                                                       | CUSIP: 472649BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524349.35    | 0.75%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                                                      | County of Jefferson                                                                                       | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045708.90   | 1.50%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lauderdale County Agriculture Center Authority                                                            | Lauderdale County Agriculture Center Authority, Series 2024                                               | CUSIP: 518481CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $774473.33    | 1.11%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lawrence County Board of Education                                                                        | Lawrence County Board of Education                                                                        | CUSIP: 519648CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966289.70    | 1.39%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County Board of Education/AL                                                                          | Lee County Board of Education                                                                             | CUSIP: 523431AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $375397.72    | 0.54%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Board of Education/AL                                                                          | Lee County Board of Education                                                                             | CUSIP: 523431AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265738.25    | 0.38%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Board of Education/AL                                                                          | Lee County Board of Education                                                                             | CUSIP: 523431AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $342921.38    | 0.49%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Limestone County Water & Sewer Authority                                                                  | Limestone County Water & Sewer Authority, Series 2024                                                     | CUSIP: 532656CV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $695212.58    | 1.00%             | 2049-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $477057.19    | 0.69%             | 2048-02-01      | Fixed         | 3.00%                 | 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        |    720807 | NS      | $720951.25    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Water & Wastewater Board                                                                          | Madison Water & Wastewater Board                                                                          | CUSIP: 556589JF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $724162.40    | 1.04%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Marshall AL                                                                                     | County of Marshall                                                                                        | CUSIP: 572002HG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516226.50    | 0.74%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marshall County Board of Education/AL                                                                     | Marshall County Board of Education                                                                        | CUSIP: 572024BL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $473457.20    | 0.68%             | 2044-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marshall County Board of Education/AL                                                                     | Marshall County Board of Education                                                                        | CUSIP: 572024BM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $470064.95    | 0.68%             | 2049-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $387069.53    | 0.56%             | 2043-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130347.83    | 0.19%             | 2046-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    345000 | PA      | $285281.54    | 0.41%             | 2051-07-01      | Fixed         | 4.00%                 | 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      | $35311.97     | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mobile AL                                                                                         | City of Mobile                                                                                            | CUSIP: 6071144E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $821077.80    | 1.18%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                                                | Industrial Development Board of the City of Mobile Alabama                                                | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501032.90    | 0.72%             | 2034-06-01      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                                       | County of Mobile                                                                                          | CUSIP: 6072678N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $717646.03    | 1.03%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                                       | County of Mobile                                                                                          | CUSIP: 607268AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527518.70    | 0.76%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Board of School Commissioners                                                               | Mobile County Board of School Commissioners                                                               | CUSIP: 607298AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011784.40   | 1.45%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Board of School Commissioners                                                               | Mobile County Board of School Commissioners                                                               | CUSIP: 607298BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945998.90    | 1.36%             | 2047-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                                       | County of Mobile                                                                                          | CUSIP: 607341AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $454619.50    | 0.65%             | 2045-11-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Montevallo American Village Public Educational Building Authority                                         | Montevallo American Village Public Educational Building Authority                                         | CUSIP: 612685ED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251952.35    | 0.36%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery Water Works & Sanitary Sewer Board                                                             | Montgomery Water Works & Sanitary Sewer Board, Series 2025                                                | CUSIP: 613105NG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534951.80    | 0.77%             | 2045-09-01      | Fixed         | 5.00%                 | 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        |    213522 | PA      | $217363.44    | 0.31%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     40000 | PA      | $47650.31     | 0.07%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $259585.27    | 0.37%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                                   | New York City Housing Development Corp.                                                                   | CUSIP: 64972EA74<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    520000 | PA      | $366573.74    | 0.53%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2024                                                    | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $329472.75    | 0.47%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    490000 | PA      | $459238.14    | 0.66%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orange Beach Water Sewer & Fire Protection Authority                                                      | Orange Beach Water Sewer & Fire Protection Authority                                                      | CUSIP: 68407MAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917369.40    | 1.32%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Oxford AL                                                                                         | City of Oxford                                                                                            | CUSIP: 6913952T3<br>LEI: 5493005JYPFOTDN7PT95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030849.40   | 1.48%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ozark AL                                                                                          | City of Ozark                                                                                             | CUSIP: 692532MU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $139480.45    | 0.20%             | 2026-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Special Care Facilities Financing Authority of the City of Pell City Alabama                              | Special Care Facilities Financing Authority of the City of Pell City Alabama                              | CUSIP: 705888CJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007234.30   | 1.45%             | 2038-12-01      | 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        |    275000 | PA      | $271226.78    | 0.39%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Pike Road AL                                                                                      | Town of Pike Road                                                                                         | CUSIP: 72129PGM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518543.15    | 0.75%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Pike Road AL                                                                                      | Town of Pike Road                                                                                         | CUSIP: 72129PGN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515504.70    | 0.74%             | 2052-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Prattville AL                                                                                     | City of Prattville                                                                                        | CUSIP: 740019QD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510765.00    | 0.73%             | 2050-02-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| City of Prattville AL                                                                                     | City of Prattville                                                                                        | CUSIP: 740019QE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515131.15    | 0.74%             | 2055-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prattville Waterworks Board                                                                               | Prattville Waterworks Board, Series 2023                                                                  | CUSIP: 740053HY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $777030.83    | 1.12%             | 2053-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Prichard Water Works & Sewer Board                                                                        | Prichard Water Works & Sewer Board                                                                        | CUSIP: 741530JB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $455000.00    | 0.65%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                          | Kentucky Public Energy Authority, Series 2022 A-1                                                         | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009690.50   | 1.45%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $80000.00     | 0.12%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    290000 | PA      | $298606.13    | 0.43%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    115194 | PA      | $126552.69    | 0.18%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     31477 | PA      | $31467.65     | 0.05%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     57199 | PA      | $56208.67     | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     24283 | PA      | $23539.86     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     33016 | PA      | $30526.42     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    121336 | PA      | $105859.52    | 0.15%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40508 | PA      | $29313.39     | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    121245 | PA      | $77597.08     | 0.11%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series SS                                                           | CUSIP: 74526QEY4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $14739.67     | 0.02%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     95000 | PA      | $63412.50     | 0.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QLW0<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $69401.37     | 0.10%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $33375.00     | 0.05%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $43387.50     | 0.06%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $66750.00     | 0.10%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $15211.72     | 0.02%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 74528NAU1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $50113.00     | 0.07%             | 2033-07-01      | 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: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     16000 | PA      | $16005.94     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     57000 | PA      | $53726.13     | 0.08%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    796000 | PA      | $766353.14    | 1.10%             | 2058-07-01      | 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: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      4000 | PA      | $3552.78      | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    247000 | PA      | $202927.47    | 0.29%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    237000 | PA      | $179466.40    | 0.26%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    110000 | PA      | $36742.19     | 0.05%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    142000 | PA      | $138930.39    | 0.20%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     58000 | PA      | $56746.21     | 0.08%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    401000 | PA      | $374386.55    | 0.54%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| City of Rainsville AL                                                                                     | City of Rainsville                                                                                        | CUSIP: 751005DB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466155.20    | 0.67%             | 2049-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                                                        | St Clair County Board of Education                                                                        | CUSIP: 788216EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $472572.00    | 0.68%             | 2048-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                                                        | St Clair County Board of Education                                                                        | CUSIP: 788216EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477359.15    | 0.69%             | 2052-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                                        | Selma Industrial Development Board, Series 2020A                                                          | CUSIP: 81647PAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519155.95    | 0.75%             | 2034-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2023 B                                          | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528688.05    | 0.76%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2024A                                           | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    300000 | PA      | $318542.58    | 0.46%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stadium Trace Village Improvement District (The)                                                          | Stadium Trace Village Improvement District (The)                                                          | CUSIP: 852351AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $183643.96    | 0.26%             | 2036-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035RY40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $166919.67    | 0.24%             | 2050-06-01      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035RY73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $247869.71    | 0.36%             | 2055-06-01      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                             | Texas Water Development Board, Series 2023 A                                                              | CUSIP: 88285ADU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206637.48    | 0.30%             | 2058-10-15      | 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        |    109932 | PA      | $37794.69     | 0.05%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| University of South Alabama                                                                               | University of South Alabama                                                                               | CUSIP: 914845RV6<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |    750000 | PA      | $762192.75    | 1.10%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of South Alabama                                                                               | University of South Alabama, Series 2024-A                                                                | CUSIP: 914845UZ3<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522085.50    | 0.75%             | 2054-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Hotel Development Financing Corp.                                                          | Virgin Islands Hotel Development Financing Corp., Series 2025A-1                                          | CUSIP: 92766AAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    200000 | PA      | $196526.84    | 0.28%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $205730.83    | 0.30%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Walker County Board of Education/AL                                                                       | Walker County Board of Education                                                                          | CUSIP: 93154DAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $468995.35    | 0.67%             | 2054-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer