# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0001752724-23-037573
**Filing Date:** 2023-2
**Character Count:** 189368
**Document Hash:** bd0b682a041a00fbebf1edf5cb667aef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037573.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037573

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS MUNICIPAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000751656
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 23662629

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

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

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

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

## Series and Classes Contracts Data

### MFS Maryland Municipal Bond Fund (Series ID: S000002533)

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

## Nport-Ex

![](img56da54201.gif)

### Quarterly Report
December 31, 2022

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

![](imgb0254e362.gif)

MMD-Q3

------

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – 98.5% | Municipal Bonds – 98.5% | Municipal Bonds – 98.5% |
| Airport Revenue – 2.1% | Airport Revenue – 2.1% | Airport Revenue – 2.1% |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2047 | $&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$62859 |
| Denver, CO, City & County Airport System Rev., "A", 4.125%, 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56984 |
| Maryland Department of Transportation Special Project Rev., "B", 4%, 8/01/2040 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925268 |
| Metropolitan Washington, D.C., Airport Authority, Airport System Refunding Rev., "A", 5%, 10/01/2025 | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2636718 |
| General Obligations - General Purpose – 26.1% | General Obligations - General Purpose – 26.1% | General Obligations - General Purpose – 26.1% |
| Anne Arundel County, MD, Consolidated Water & Sewer, 5%, 10/01/2040 | $&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$439624 |
| Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 10/01/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105955 |
| Anne Arundel County, MD, General Obligation, Consolidated Improvement, 5%, 4/01/2033 | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990355 |
| Baltimore County, MD, Metropolitan District (80th Issue), 5%, 3/01/2033 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389687 |
| Baltimore County, MD, Metropolitan District (80th Issue), 4%, 3/01/2045 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459196 |
| Baltimore County, MD, Public Improvement, 4%, 3/01/2037 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786215 |
| Baltimore, MD, General Obligation, Consolidated Public Improvement Refunding, "B", 5%, 10/15/2023 | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066595 |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199644 |
| Cheverly, MD, Public Improvement, 4.5%, 11/01/2047 | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502736 |
| Chicago, IL, General Obligation, "A", 5.5%, 1/01/2040 (w) | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502339 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;13849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12836 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Capital Appreciation, Series 2022A, 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;53375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28852 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.375%, 7/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;46192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46540 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46638 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.625%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46076 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 5.75%, 7/01/2031 | &nbsp;&nbsp;&nbsp;121739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125874 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;41476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35962 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63447 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;31997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26176 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;43504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34064 |
| Commonwealth of Puerto Rico, General Obligation Restructured Bonds, Series 2022A, 4%, 7/01/2046 | &nbsp;&nbsp;&nbsp;150243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112635 |
| Frederick County, MD, General Obligation, Public Facilities, "A", 5%, 8/01/2024 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551829 |
| Howard County, MD, Metropolitan District Project, "B", 3%, 8/15/2051 | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883036 |
| Howard County, MD, Metropolitan District Project, "C", 4%, 2/15/2048 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453146 |
| Maryland Community Development Administration, Local Government Infrastructure, "A-2", 4%, 6/01/2036 | 1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229925 |
| Maryland State & Local Facilities Loan, General Obligation, 4%, 6/01/2029 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528426 |
| Maryland State & Local Facilities Loan, General Obligation Refunding, "A", 5%, 8/01/2025 | 2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178067 |
| Maryland State & Local Facilities Loan, General Obligation, "A", 5%, 6/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154943 |
| Maryland State & Local Facilities Loan, General Obligation, "C", 5%, 8/01/2024 | 3580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706505 |
| Montgomery County, MD, Consolidated Public Improvement, "A", 5%, 11/01/2026 (Prerefunded 11/01/2024) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520413 |
| Montgomery County, MD, General Obligation, Consolidated Public Improvement, "A", 5%, 8/01/2035 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170598 |
| Oxford, AL, General Obligation Warrants, "A", 5%, 7/01/2052 | &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407229 |
| Prince George's County, MD, General Obligation Consolidated Public Improvement, "A", 5%, 7/01/2027 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551469 |
| Prince George's County, MD, General Obligation Consolidated Public Improvement, "A", 5%, 7/15/2030 | &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910104 |
| State of California, Various Purpose General Obligation, 4%, 3/01/2036 | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442802 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039 | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165133 |
| State of Illinois, General Obligation, "A", 4%, 3/01/2040 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165097 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2040 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258909 |
| State of Illinois, General Obligation, "C", 4%, 10/01/2041 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161979 |
| Washington Suburban Sanitary District, MD, General Obligation Multi-Modal Bond Anticipation Notes, "B-4", VRDN, 2.5%, 6/01/2023 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
|  |  | &nbsp;&nbsp;&nbsp;$33461056 |
| General Obligations - Schools – 0.5% | General Obligations - Schools – 0.5% | General Obligations - Schools – 0.5% |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Dedicated Rev., "A", 4%, 12/01/2047 | $&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$262453 |
| Orange County, CA, Anaheim Elementary School District, AGM, 4%, 8/01/2048 | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$653632 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Healthcare Revenue - Hospitals – 16.9% | Healthcare Revenue - Hospitals – 16.9% | Healthcare Revenue - Hospitals – 16.9% |
| Cobb County, GA, Kennestone Hospital Authority Rev. (WellStar Health System, Inc. Project), "A", 4%, 4/01/2052 | $&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$702859 |
| Colorado Health Facilities Authority Rev. (CommonSpirit Health), "A-2", 4%, 8/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47414 |
| Doylestown, PA, Hospital Rev., "A", 4%, 7/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879 |
| Harris County, TX, Cultural Education Facilities Finance Corp., Hospital Rev. (Memorial Hermann Health System), "A", 4.125%, 7/01/2052 | &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508435 |
| Knox County, TN, Health, Educational & Housing Facility Board Rev. (University Health Systems, Inc.), "A", 5%, 9/01/2030 | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514933 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Adventist Healthcare), 5%, 1/01/2036 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738164 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Doctors Community Hospital), "A", 5%, 7/01/2034 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775590 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Frederick Health System), 4%, 7/01/2045 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906117 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), "A", 4%, 7/01/2039 | 1145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092194 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Greater Baltimore Medical Center), "A", 4%, 7/01/2041 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942281 |
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2028 (Prerefunded 7/01/2025) | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792662 |
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 5%, 7/01/2033 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419373 |
| Maryland Health & Higher Educational Facilities Authority Rev. (LifeBridge Health), 4%, 7/01/2042 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972147 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Medlantic/Helix Parent, Inc.), "A", AGM, 5.25%, 8/15/2038 | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302991 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), 5%, 8/15/2033 | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060109 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), "A", 5%, 8/15/2041 | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506023 |
| Maryland Health & Higher Educational Facilities Authority Rev. (MedStar Health), "A", 5%, 5/15/2042 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770322 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Mercy Medical Center), "A", 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620003 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Meritus Medical Center), 5%, 7/01/2027 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514023 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), "A", 5%, 7/01/2033 | 1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295750 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Peninsula Regional Health System), "A", 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530991 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Trinity Health Credit Group), "MD", 5%, 12/01/2046 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020161 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), "B", 5%, 7/01/2034 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054643 |
| Maryland Health & Higher Educational Facilities Authority Rev. (University of Maryland Medical System), "D", 4%, 7/01/2048 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143587 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Western Maryland Health System), 5.25%, 7/01/2034 (Prerefunded 7/01/2024) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032642 |
| Montgomery County, MD, Rev. (Trinity Health Credit Group), 5%, 12/01/2045 | 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264861 |
| New York Dormitory Authority Rev. (Norwell Health Obligated Group), "A", 4.25%, 5/01/2052 | &nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537953 |
| Spartanburg County, SC, Regional Health Services District Hospital Rev., "A", 4%, 4/15/2043 | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577303 |
|  |  | &nbsp;&nbsp;&nbsp;$21654410 |
| Healthcare Revenue - Long Term Care – 2.8% | Healthcare Revenue - Long Term Care – 2.8% | Healthcare Revenue - Long Term Care – 2.8% |
| Baltimore County, MD, Rev. (Oak Crest Village, Inc.), 4%, 1/01/2045 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$878523 |
| Baltimore County, MD, Rev. (Riderwood Village, Inc.), 4%, 1/01/2038 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424763 |
| Howard County, MD, Retirement Community Rev. (Vantage House Facility), 5%, 4/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452590 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Charlestown Community Project), "A", 5%, 1/01/2045 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513365 |
| Rockville, MD, Mayor & Council Economic Development Rev. (Ingleside at King Farm Project), "B", 5%, 11/01/2042 | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311565 |
| Washington County, MD, County Commissioners Rev. (Diakon Lutheran Social Ministries Project), "B", 5%, 1/01/2032 | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643797 |
| Westminster, MD, Refunding Rev. (Carroll Lutheran Village, Inc.), 5.125%, 7/01/2040 | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3637231 |
| Healthcare Revenue - Other – 0.3% | Healthcare Revenue - Other – 0.3% | Healthcare Revenue - Other – 0.3% |
| Maryland Economic Development Corp., Economic Development Rev. (Lutheran World Relief Refugee), 5.25%, 4/01/2029 | $&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$420277 |
| Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% | Industrial Revenue - Paper – 0.1% |
| Valparaiso, IN, Exempt Facilities Rev. (Pratt Paper LLC Project), 7%, 1/01/2044 | $&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102525 |
| Miscellaneous Revenue - Other – 2.5% | Miscellaneous Revenue - Other – 2.5% | Miscellaneous Revenue - Other – 2.5% |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19879 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58706 |
| Baltimore, MD, Convention Center Hotel Rev., 5%, 9/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62490 |
| Indiana Finance Authority Rev. (Ohio River Bridges East End Crossing Project), "A", 5%, 7/01/2040 (Prerefunded 7/01/2023) | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105784 |
| Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93479 |
| Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219339 |
| Maryland Economic Development Corp., Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 4%, 7/01/2039 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988188 |
| Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41053 |
| Montgomery County, MD, Transportation Fund Lease Authority Rev., "A", 5%, 11/01/2036 | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434087 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217737 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Miscellaneous Revenue - Other – continued | Miscellaneous Revenue - Other – continued | Miscellaneous Revenue - Other – continued |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), 5%, 7/01/2028 | $&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450146 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5%, 12/31/2057 | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3176881 |
| Multi-Family Housing Revenue – 5.7% | Multi-Family Housing Revenue – 5.7% | Multi-Family Housing Revenue – 5.7% |
| Howard County, MD, Housing Commission Rev. (Columbia Commons Apartments), "A", 5%, 6/01/2044 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$504459 |
| Howard County, MD, Housing Commission Rev. (Woodfield Oxford Square Apartments), 5%, 12/01/2037 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787483 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "A", FHA, 4%, 7/01/2048 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459301 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "B", 3.65%, 7/01/2049 | &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460351 |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "D", 3.35%, 7/01/2049 | 1765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487362 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "A-1", FHA, 3.05%, 7/01/2044 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837333 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "C", 5.125%, 7/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040254 |
| Montgomery County, MD, Housing Opportunities Commission, Multi-Family Housing Development Rev., "C", 3.1%, 7/01/2036 | 1065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917828 |
| National Finance Authority, New Hampshire Municipal Certificates, "1-A", 4.375%, 9/20/2036 | &nbsp;&nbsp;&nbsp;286105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276267 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, 2.45%, 11/01/2045 | &nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7284719 |
| Parking – 1.1% | Parking – 1.1% | Parking – 1.1% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Johns Hopkins Medical Institutions), AAC, 5%, 7/01/2034 | $1385000 | &nbsp;&nbsp;&nbsp;&nbsp;$1394127 |
| Port Revenue – 1.2% | Port Revenue – 1.2% | Port Revenue – 1.2% |
| Maryland Economic Development Corp. Rev. (Terminal Project), "A", 5%, 6/01/2044 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$506336 |
| Maryland Economic Development Corp. Rev. (Terminal Project), "A", 5%, 6/01/2049 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251942 |
| Maryland Economic Development Corp. Rev. (Transportation Facilities Project), "A", 5%, 6/01/2031 | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687272 |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1581175 |
| Sales & Excise Tax Revenue – 1.7% | Sales & Excise Tax Revenue – 1.7% | Sales & Excise Tax Revenue – 1.7% |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10563 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317 |
| Guam Government Business Privilege Tax Refunding, "F", 5%, 1/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10693 |
| Guam Government Business Privilege Tax Refunding, "F", 4%, 1/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65363 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 5%, 1/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85859 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38559 |
| Illinois Sales Tax Securitization Corp., Second Lien, "A", 4%, 1/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24057 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.55%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19266 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 4.75%, 7/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71600 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-1", 5%, 7/01/2058 | &nbsp;&nbsp;&nbsp;526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477571 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144134 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.329%, 7/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67563 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.784%, 7/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39909 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29125 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4372 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2031 | &nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220181 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2033 | &nbsp;&nbsp;&nbsp;332000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193125 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "2019A-1", 0%, 7/01/2046 | 2229000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549207 |
| Wisconsin Public Finance Authority Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", 6.25%, 8/01/2027 (a)(d)(n) | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2157159 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Secondary Schools – 0.2% | Secondary Schools – 0.2% | Secondary Schools – 0.2% |
| District of Columbia Rev. (Rocketship D.C.), "A", 5%, 6/01/2039 (n) | $&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$241039 |
| Single Family Housing - State – 5.8% | Single Family Housing - State – 5.8% | Single Family Housing - State – 5.8% |
| Maryland Community Development Administration, Department of Housing & Community Development Housing Rev., "B", 2.1%, 9/01/2041 | $1500000 | &nbsp;&nbsp;&nbsp;&nbsp;$1021617 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", 2.1%, 3/01/2033 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209236 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", 3%, 9/01/2051 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963271 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "D", 5.05%, 3/01/2047 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020208 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "D", 6%, 3/01/2053 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090659 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", 5%, 3/01/2031 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262398 |
| Maryland Community Development Administration, Department of Housing & Community Development Residential Rev., "C", 3%, 9/01/2039 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857641 |
| West Virginia Housing Development Fund Finance Bonds, "C", 4.85%, 11/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7424299 |
| State & Local Agencies – 8.6% | State & Local Agencies – 8.6% | State & Local Agencies – 8.6% |
| Colorado State University Board of Governors, System Enterprise Refunding Rev., "E", 4%, 3/01/2043 | $&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$437085 |
| Delaware Valley, PA, Regional Finance Authority, "C", FLR, 3.94% (67% of LIBOR - 3mo. + 0.75%), 6/01/2037 | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523044 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, 5%, 5/01/2041 (Prerefunded 5/01/2026) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538100 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2038 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531651 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, "A", 5%, 5/01/2047 | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234869 |
| Maryland Stadium Authority Rev., Baltimore City Public Schools Construction and Revitalization Program, Capital Appreciation, "C", 0%, 5/01/2054 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457603 |
| Maryland Stadium Authority, Built to Learn Rev., 4%, 6/01/2046 | 1405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296494 |
| Maryland Stadium Authority, Built to Learn Rev., "A", 4%, 6/01/2036 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006272 |
| Maryland Stadium Authority, Built to Learn Rev., "A", 4%, 6/01/2041 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440970 |
| Maryland Stadium Authority, Hagerstown Multi-Use Sports & Events Facility Lease Rev., "A", 5%, 6/01/2052 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073330 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19752 |
| New Jersey Economic Development Authority Rev. (School Facilities Construction), 4%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019 |
| Prince George's County, MD, COP (Suitland Public Infrastructure), 3%, 10/01/2038 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865259 |
| Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2037 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078904 |
| Prince George's County, MD, COP (University of Maryland Capital Region Medical Center), 5%, 10/01/2048 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570515 |
|  |  | &nbsp;&nbsp;&nbsp;$11087882 |
| Student Loan Revenue – 0.4% | Student Loan Revenue – 0.4% | Student Loan Revenue – 0.4% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3%, 12/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4658 |
| Iowa Student Loan Liquidity Corp. Rev., "B", 3.5%, 12/01/2044 | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92487 |
| New Jersey Higher Education Student Assistance Authority, Senior Student Loan Rev., "B", 4%, 12/01/2041 | &nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$579878 |
| Tax - Other – 1.0% | Tax - Other – 1.0% | Tax - Other – 1.0% |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045 | $&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$793973 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "C-3", 3%, 5/15/2051 | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450935 |
| Wisconsin Public Finance Authority Limited Obligation PILOT Rev. (American Dream at Meadowlands Project), 7%, 12/01/2050 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1327091 |
| Tax Assessment – 3.8% | Tax Assessment – 3.8% | Tax Assessment – 3.8% |
| Baltimore, MD, Special Obligation (East Baltimore Research Park Project), "A", 5%, 9/01/2038 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$497103 |
| Baltimore, MD, Special Obligation Rev. (Harbor Point Project), "B", 3.875%, 6/01/2046 (n) | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232956 |
| Brunswick, MD, Special Obligation Refunding (Brunswick Crossing Special Taxing District), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501297 |
| Frederick County, MD, Limited Obligation (Jefferson Technology Park Project), "B", 4.625%, 7/01/2043 (n) | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233180 |
| Frederick County, MD, Limited Obligation (Oakdale-Lake Linganore Project), 3.75%, 7/01/2039 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418899 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Tax Assessment – continued | Tax Assessment – continued | Tax Assessment – continued |
| Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), "A", 4%, 7/01/2035 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$504739 |
| Frederick County, MD, Senior Special Obligation (Urbana Community Development Authority), "B", 4%, 7/01/2040 | &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166202 |
| Frederick County, MD, Senior Special Obligation Refunding (Urbana Community Development Authority), "A", 5%, 7/01/2026 | &nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868308 |
| Frederick County, MD, Special Tax Limited Obligation Refunding (Jefferson Technology Park Project), "A", 5%, 7/01/2043 (n) | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234313 |
| Howard County, MD, Special Obligation (Annapolis Junction Town Center Project), 6.1%, 2/15/2044 | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220001 |
| Howard County, MD, Special Obligation (Downtown Columbia Project), "A", 4.5%, 2/15/2047 (n) | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260908 |
| Maryland Economic Development Corp., Special Obligation (Port Covington Project), 4%, 9/01/2050 (n) | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389870 |
| Prince George's County, MD, Special Obligation (Westphalia Town Center Project), 5.25%, 7/01/2048 (n) | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4910615 |
| Tobacco – 0.3% | Tobacco – 0.3% | Tobacco – 0.3% |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050 | $&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$358075 |
| Toll Roads – 0.3% | Toll Roads – 0.3% | Toll Roads – 0.3% |
| Metropolitan Washington, D.C., Airport Authority, Dulles Toll Road Rev. (Dulles Metrorail and Capital Improvement Projects), "A", AGM, 4%, 10/01/2052 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$449797 |
| Transportation - Special Tax – 6.2% | Transportation - Special Tax – 6.2% | Transportation - Special Tax – 6.2% |
| HTA CL-6, TR CTFS CL-2031 Units, 5.25%, 7/01/2031 | $&nbsp;&nbsp;&nbsp;280740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$277010 |
| Maryland Department of Transportation, Consolidated Transportation, 5%, 10/01/2026 | 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450741 |
| Maryland Department of Transportation, Consolidated Transportation, 4%, 12/15/2029 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517766 |
| Maryland Department of Transportation, Consolidated Transportation Refunding, "A", 5%, 12/01/2025 | 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153817 |
| Maryland Department of Transportation, Consolidated Transportation, "A", 3%, 10/01/2033 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477797 |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844571 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80208 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465872 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., 5%, 7/01/2038 | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464794 |
| Washington, D.C., Metropolitan Area Transit Authority Gross Rev., "B", 5%, 7/01/2042 | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7925656 |
| Universities - Colleges – 4.1% | Universities - Colleges – 4.1% | Universities - Colleges – 4.1% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Goucher College), "A", 5%, 7/01/2044 | $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$512568 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), 5%, 10/01/2032 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515984 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Loyola University Maryland), "A", 5%, 10/01/2049 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058115 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art Issue), 5%, 6/01/2033 | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467542 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), "A", 4%, 6/01/2046 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650939 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Stevenson University), "A", 4%, 6/01/2051 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210699 |
| Massachusetts Development Finance Agency Rev. (Suffolk University), 4%, 7/01/2051 | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339793 |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, Higher Education Rev. (International American University of Puerto Rico Project), 5%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85106 |
| University System of Maryland, Auxiliary Facility & Tuition Rev., "A", 5%, 4/01/2028 | 1205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344973 |
| Virginia College Building Authority, Educational Facilities Rev. (Marymount University Project), "B", 5.25%, 7/01/2035 (n) | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5296662 |
| Universities - Dormitories – 2.5% | Universities - Dormitories – 2.5% | Universities - Dormitories – 2.5% |
| California Municipal Finance Authority, Student Housing Rev. (CHF-Davis I LLC - West Village Student Housing Project), BAM, 5%, 5/15/2051 | $&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$676209 |
| Maryland Economic Development Corp., Senior Student Housing Rev. (University of Maryland, College Park Projects), AGM, 5%, 6/01/2035 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776699 |
| Maryland Economic Development Corp., Student Housing Rev. (Morgan State University Project), 5%, 7/01/2050 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980950 |
| Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2027 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500127 |
| Maryland Economic Development Corp., Student Housing Rev. (Salisbury University Project), 5%, 6/01/2030 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3234024 |
| Utilities - Electric Power – 0.4% | Utilities - Electric Power – 0.4% | Utilities - Electric Power – 0.4% |
| Texas Municipal Power Agency, Transmission System Rev., AGM, 2%, 9/01/2033 | $&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$459248 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Utilities - Municipal Owned – 0.7% | Utilities - Municipal Owned – 0.7% | Utilities - Municipal Owned – 0.7% |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2020 (a)(d) | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;$7200 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 |
| Puerto Rico Electric Power Authority Refunding Rev., "DDD", 5%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115200 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182500 |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2042 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 |
| Puerto Rico Electric Power Authority Rev., "AAA", 5.25%, 7/01/2030 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7325 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69587 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2021 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32400 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29200 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2027 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 |
| Puerto Rico Electric Power Authority Rev., "TT", 5%, 7/01/2037 (a)(d) | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91250 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.375%, 7/01/2022 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263 |
| Puerto Rico Electric Power Authority Rev., "WW", 5.25%, 7/01/2025 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5%, 7/01/2018 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43200 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47612 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2024 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14650 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2026 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47613 |
| Puerto Rico Electric Power Authority Rev., Taxable, "EEE", 6.05%, 7/01/2032 (a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$878929 |
| Utilities - Other – 1.1% | Utilities - Other – 1.1% | Utilities - Other – 1.1% |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029) | $&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;$776603 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030) | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433735 |
| Tennessee Energy Acquisition Corp., Gas Rev., "A", 5.25%, 9/01/2023 | &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1351143 |
| Water & Sewer Utility Revenue – 2.1% | Water & Sewer Utility Revenue – 2.1% | Water & Sewer Utility Revenue – 2.1% |
| Baltimore, MD, Project Rev. (Mayor and City Council of Baltimore Water Projects), "A", 4%, 7/01/2038 | $&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;$546292 |
| Baltimore, MD, Refunding Rev. (Mayor and City Council of Baltimore Water Projects), "B", 5%, 7/01/2042 (Prerefunded 1/01/2024) | 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347825 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20258 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), 5%, 1/01/2046 | &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103311 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2029 | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207377 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206453 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050 | &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128841 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Sewage Disposal System Rev. Refunding Second Lien Local Project), "C-7", NPFG, 5%, 7/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25667 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Second Lien Local Project), "D-6", NPFG, 5%, 7/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30650 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15347 |
| Michigan Finance Authority Local Government Loan Program Rev. (Detroit Water and Sewerage Department Water Supply System Rev. Refunding Senior Lien Local Project), "D-1", AGM, 5%, 7/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35712 |
| Mississippi Development Bank Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, 6.875%, 12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2718944 |
| **Total Municipal Bonds** |  | &nbsp;&nbsp;**$126403192** |
| Bonds – 0.2% | Bonds – 0.2% | Bonds – 0.2% |
| Consumer Services – 0.2% | Consumer Services – 0.2% | Consumer Services – 0.2% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2025 (n) | $&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;$141356 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n) | &nbsp;&nbsp;&nbsp;393666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99895 |
| **Total Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$241251** |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% | Contingent Value Instruments – 0.1% |
| General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% | General Obligations - General Purpose – 0.1% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043 | $196379 | &nbsp;&nbsp;&nbsp;$85916 |
| Investment Companies (h) – 0.4% | Investment Companies (h) – 0.4% | Investment Companies (h) – 0.4% |
| Money Market Funds – 0.4% | Money Market Funds – 0.4% |  |
| MFS Institutional Money Market Portfolio, 4.02% (v) | 557134 | &nbsp;&nbsp;&nbsp;$557301 |
| Other Assets, Less Liabilities – 0.8% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997109 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$128284769** |

---

(a) Non-income producing security.

(d) In default.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $557,301 and $126,730,359, respectively.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $2,643,865, representing 2.1% of net assets.

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

(w) When-issued security.

---

| | |
|:---|:---|
| 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 |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| LIBOR | London Interbank Offered Rate |
| NPFG | National Public Finance Guarantee Corp. |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate. |

---

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

------

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

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

(1) Investment Valuations

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$126489108 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$126489108 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241251 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241251 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;557301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557301 |
| Total | &nbsp;&nbsp;&nbsp;$557301 | &nbsp;&nbsp;&nbsp;$126730359 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$127287660 |

---

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

(2) Investments in Affiliated Issuers

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$4987440 | &nbsp;&nbsp;$58465010 | &nbsp;&nbsp;$62895828 | &nbsp;&nbsp;$499 | &nbsp;&nbsp;$180 | &nbsp;&nbsp;$557301 |

---

------

Supplemental Information (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$76253 | &nbsp;&nbsp;$— |

---

(3) Jurisdiction Weightings

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

---

| | |
|:---|:---|
| Maryland | 79.6% |
| Washington DC | 3.5% |
| New York | 3.1% |
| Puerto Rico | 2.9% |
| California | 1.5% |
| Illinois | 1.5% |
| Alabama | 0.9% |
| Tennessee | 0.9% |
| Pennsylvania | 0.8% |
| West Virginia | 0.8% |
| Texas | 0.8% |
| Guam | 0.6% |
| Georgia | 0.6% |
| Colorado | 0.5% |
| New Jersey | 0.5% |
| South Carolina | 0.5% |
| Virginia | 0.3% |
| Massachusetts | 0.3% |
| New Hampshire | 0.2% |
| Indiana | 0.2% |
| Wisconsin | 0.1% |
| Michigan | 0.1% |
| Iowa | 0.1% |
| Mississippi (o) | 0.0% |
| U.S. Virgin Islands (o) | 0.0% |

---

(o) Less than 0.1%.

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

(4) Russia and Ukraine Conflict

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $129237365.11

**Total Liabilities:** $952597.51

**Net Assets:** $128284767.60

**Delayed Delivery Securities:** $507134.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -166.81341070 | **1-Year:** -5028.55939810 | **5-Year:** -19325.46686190 | **10-Year:** -35725.22721620 | **30-Year:** -11608.38955260

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

- **3-Month:** -21.10126890 | **1-Year:** -325.35425020 | **5-Year:** -1772.12975550 | **10-Year:** -3534.57376690 | **30-Year:** -1104.58728290

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169769 | -0.93%               | 5.09%                | -0.19%               |
| Class ID C000006986 | -1.00%               | 4.96%                | -0.33%               |
| Class ID C000194249 | -0.80%               | 4.97%                | -0.18%               |
| Class ID C000006985 | -0.83%               | 4.91%                | -0.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-367768.45              | $-1126913.82                               |
| Month 2  | $-511144.04              | $6497549.85                                |
| Month 3  | $-527764.55              | $-20593.47                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Anne Arundel MD                                                                                 | County of Anne Arundel                                                                                    | CUSIP: 03588HYF7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |    400000 | PA      | $439624.32    | 0.34%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                                         | State of Maryland                                                                                         | CUSIP: 574193VN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154942.70   | 0.90%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                                   | New York City Transitional Finance Authority Future Tax Secured                                           | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $793972.68    | 0.62%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251941.60    | 0.20%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14650.00     | 0.01%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    205000 | PA      | $207376.57    | 0.16%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942281.30    | 0.73%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 57429CAX4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073330.10   | 0.84%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    190000 | PA      | $165097.14    | 0.13%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 442593AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452589.70    | 0.35%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority Built to Learn Revenue                                                         | Maryland Stadium Authority Built to Learn                                                                 | CUSIP: 574294BS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1440970.20   | 1.12%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NBY6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    650000 | PA      | $687271.85    | 0.54%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420MAR4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    210000 | PA      | $219338.87    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKV3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7300.00      | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TDF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1262398.36   | 0.98%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218P80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $419372.64    | 0.33%             | 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: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    338000 | PA      | $220180.60    | 0.17%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $389869.85    | 0.30%             | 2050-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501297.10    | 0.39%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                                                 | Cobb County Kennestone Hospital Authority                                                                 | CUSIP: 190813SZ9<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    815000 | PA      | $702859.18    | 0.55%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $258909.12    | 0.20%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |    549088 | NS      | $549252.47    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TH38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020208.10   | 0.80%             | 2047-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $857641.30    | 0.67%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05922KK57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $546291.85    | 0.43%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    600000 | PA      | $450935.40    | 0.35%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                               | New York City Industrial Development Agency                                                               | CUSIP: 64972PAL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450145.94    | 0.35%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TTM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1021616.85   | 0.80%             | 2041-09-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZN5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    160000 | PA      | $115200.00    | 0.09%             | 2022-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NCU3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506336.35    | 0.39%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 05914FU65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1459196.40   | 1.14%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $141355.97    | 0.11%             | 2025-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| University System of Maryland                                                                             | University System of Maryland                                                                             | CUSIP: 91440ABV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1344972.68   | 1.05%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571QAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $234312.85    | 0.18%             | 2043-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                                 | Indiana Finance Authority                                                                                 | CUSIP: 45506DGY5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105784.51    | 0.08%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $485993.17    | 0.38%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VJP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300038.67    | 0.23%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    205000 | PA      | $206452.94    | 0.16%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |      5000 | PA      | $5316.79      | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     45031 | PA      | $46076.30     | 0.04%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059151DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $424763.15    | 0.33%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    420000 | PA      | $339793.31    | 0.26%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MS6<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4657.66      | 0.00%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      6000 | PA      | $4372.46      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXU1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14450.00     | 0.01%             | 2021-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296AW9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538099.95    | 0.42%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10692.76     | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218B51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $620003.22    | 0.48%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD32<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35712.55     | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $199644.05    | 0.16%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXR8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $47612.50     | 0.04%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61336PEV9<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1264861.01   | 0.99%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     55000 | PA      | $47413.72     | 0.04%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                                | Delaware Valley Regional Finance Authority                                                                | CUSIP: 246579JK3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |    665000 | PA      | $523043.85    | 0.41%             | 2037-06-01      | Floating      | 3.94%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel                                                                                    | CUSIP: 03588HKP0<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1990355.45   | 1.55%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority Built to Learn Revenue                                                         | Maryland Stadium Authority Built to Learn                                                                 | CUSIP: 574294BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006272.10   | 0.78%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705HH3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078904.40   | 0.84%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $38559.43     | 0.03%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Anaheim City School District                                                                              | Anaheim City School District                                                                              | CUSIP: 032555QY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $391179.17    | 0.30%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                                     | City of Valparaiso                                                                                        | CUSIP: 92028RAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102524.86    | 0.08%             | 2044-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1487361.97   | 1.16%             | 2049-07-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    480000 | PA      | $502338.62    | 0.39%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HTA CL 6 Trust                                                                                            | HTA CL 6 Trust                                                                                            | CUSIP: 40440SAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    280740 | PA      | $277010.37    | 0.22%             | 2031-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218XQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514023.00    | 0.40%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782FT1<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1193079.77   | 0.93%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571LBX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504739.60    | 0.39%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NAW1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    420000 | PA      | $420276.65    | 0.33%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     21000 | PA      | $19265.78     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZM7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $72000.00     | 0.06%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $135625.19    | 0.11%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    196379 | PA      | $85915.93     | 0.07%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TH46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090658.70   | 0.85%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority                                                                             | CUSIP: 261333FQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $10879.11     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QUY6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7262.50      | 0.01%             | 2022-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    490000 | PA      | $482732.81    | 0.38%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    286105 | PA      | $276267.17    | 0.22%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQB4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      2000 | PA      | $1865.64      | 0.00%             | 2024-07-01      | None          | 0.00%                 | 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        |    405000 | PA      | $358074.80    | 0.28%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel                                                                                    | CUSIP: 03588HUK0<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105955.30   | 0.86%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420MAQ6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |     90000 | PA      | $93479.30     | 0.07%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation                                                            | CUSIP: 574204T78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1153816.49   | 0.90%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61334PEV1<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1170598.00   | 0.91%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218T52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020160.50   | 0.80%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $650938.73    | 0.51%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 613347HX4<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $837332.90    | 0.65%             | 2044-07-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission                                                                          | CUSIP: 442577DT6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    750000 | PA      | $787483.50    | 0.61%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZL9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7200.00      | 0.01%             | 2020-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 05914FT26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1389686.88   | 1.08%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKR2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $29200.00     | 0.02%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9953.92      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Cheverly MD                                                                                       | Town of Cheverly                                                                                          | CUSIP: 16675BBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $502735.59    | 0.39%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Oxford AL                                                                                         | City of Oxford                                                                                            | CUSIP: 6913952T3<br>LEI: 5493005JYPFOTDN7PT95 | Long             | DBT              | MUN               | US        |    385000 | PA      | $407228.48    | 0.32%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82183.28     | 0.06%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                                   | Knox County Health Educational & Housing Facility Board                                                   | CUSIP: 49952MEH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $514932.92    | 0.40%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $210698.68    | 0.16%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24056.65     | 0.02%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TVL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963270.70    | 0.75%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series WW                                                           | CUSIP: 74526QVB5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $14650.00     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CBT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $738164.03    | 0.58%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation                                                            | CUSIP: 57421FAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925268.40    | 0.72%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     20000 | PA      | $19751.48     | 0.02%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                                   | Washington Suburban Sanitary Commission                                                                   | CUSIP: 940157J27<br>LEI: 549300EZUWNTQF827C24 | Long             |  | MUN               | US        |   4000000 | PA      | $4000000.00   | 3.12%             | 2023-06-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    115000 | PA      | $92487.62     | 0.07%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TVF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $209236.58    | 0.16%             | 2033-03-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 059231UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1347825.20   | 1.05%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 7417015N2<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    795000 | PA      | $910104.15    | 0.71%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                                       | State of California                                                                                       | CUSIP: 13063DUD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $442801.96    | 0.35%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $449796.90    | 0.35%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                                    | Board of Governors of Colorado State University System                                                    | CUSIP: 196707ZV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $437084.42    | 0.34%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 74172RBQ9<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    400000 | PA      | $382838.84    | 0.30%             | 2048-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VJN4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500126.95    | 0.39%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419R6S9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $460350.93    | 0.36%             | 2049-07-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $62859.21     | 0.05%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PD24<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15347.06     | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19878.81     | 0.02%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYD8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $7325.00      | 0.01%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574217RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1394127.01   | 1.09%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    160000 | PA      | $165133.23    | 0.13%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation                                                            | CUSIP: 574204P64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1450740.50   | 1.13%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    250000 | PA      | $182500.00    | 0.14%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                                         | State of Maryland                                                                                         | CUSIP: 574193SU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3580000 | PA      | $3706505.39   | 2.89%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 7417017X8<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    500000 | PA      | $551469.30    | 0.43%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742162Z9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1302991.07   | 1.02%             | 2038-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 05914F2F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1786215.38   | 1.39%             | 2037-03-01      | 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        |     75390 | PA      | $63447.37     | 0.05%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VRL9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980949.50    | 0.76%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $98829.53     | 0.08%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218SQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032641.70   | 0.80%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PCA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $58706.35     | 0.05%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80208.24     | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35569PEL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551829.05   | 1.21%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742184J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1143587.00   | 0.89%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054643.00   | 0.82%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration Local Government Infrastructure                             | Maryland Community Development Administration Local Government Infrastructure                             | CUSIP: 574039QU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1229924.95   | 0.96%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Washington MD                                                                                   | County of Washington                                                                                      | CUSIP: 937752AR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $643796.91    | 0.50%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497102.75    | 0.39%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1092193.75   | 0.85%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    325000 | PA      | $262452.58    | 0.20%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    410000 | PA      | $433734.78    | 0.34%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    225000 | PA      | $234869.40    | 0.18%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296BU2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531651.35    | 0.41%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     10000 | PA      | $10563.05     | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCS3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9019.32      | 0.01%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DU0<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $457602.60    | 0.36%             | 2054-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PA27<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25666.56     | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     46000 | PA      | $39909.15     | 0.03%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    130000 | PA      | $128840.57    | 0.10%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockville MD                                                                                      | City of Rockville                                                                                         | CUSIP: 774223BV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $311565.17    | 0.24%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571LBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $868308.25    | 0.68%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |    635000 | PA      | $577302.88    | 0.45%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     50000 | PA      | $36375.00     | 0.03%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     85000 | PA      | $85106.12     | 0.07%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NHB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999268.80    | 0.78%             | 2052-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218E74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $467541.63    | 0.36%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $459247.52    | 0.36%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     36000 | PA      | $29124.63     | 0.02%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $418898.70    | 0.33%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     45774 | PA      | $46637.63     | 0.04%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3F2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     46192 | PA      | $46540.20     | 0.04%             | 2025-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    332000 | PA      | $193125.50    | 0.15%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742188B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1295750.24   | 1.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                     | Metropolitan Transportation Authority                                                                     | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $844570.90    | 0.66%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    745000 | PA      | $776603.42    | 0.61%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    125000 | PA      | $91250.00     | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    190000 | PA      | $161978.63    | 0.13%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     95000 | PA      | $69587.50     | 0.05%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BQ8<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140805.01    | 0.11%             | 2023-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PTH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1453145.70   | 1.13%             | 2048-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                            | Sales Tax Securitization Corp.                                                                            | CUSIP: 79467BCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $85859.11     | 0.07%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     31997 | PA      | $26175.66     | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2229000 | PA      | $549207.10    | 0.43%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742182P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $770322.08    | 0.60%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     43504 | PA      | $34063.56     | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    160000 | PA      | $144134.10    | 0.11%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    105000 | PA      | $103311.29    | 0.08%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571LCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $166201.68    | 0.13%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUV4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $241038.83    | 0.19%             | 2039-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218M42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513365.05    | 0.40%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    526000 | PA      | $477571.18    | 0.37%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218RT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515983.70    | 0.40%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 613347LE1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $917827.54    | 0.72%             | 2036-07-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 442599AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $220001.49    | 0.17%             | 2044-02-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 442599AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $260907.87    | 0.20%             | 2047-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GM5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    440000 | PA      | $465872.40    | 0.36%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705JG3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $865258.80    | 0.67%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                                         | State of Maryland                                                                                         | CUSIP: 574193PD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2178066.76   | 1.70%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 6133403K2<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520412.75    | 0.41%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                                | Michigan Finance Authority                                                                                | CUSIP: 59447PH20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30650.21     | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GN3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    440000 | PA      | $464793.87    | 0.36%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     75000 | PA      | $65363.27     | 0.05%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 059189VJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1066594.83   | 0.83%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742185T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058115.40   | 0.82%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    393666 | PA      | $99895.05     | 0.08%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     53375 | PA      | $28852.42     | 0.02%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                                 | New Jersey Economic Development Authority                                                                 | CUSIP: 64577XCK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5015.33      | 0.00%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $508434.73    | 0.40%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     65000 | PA      | $47612.50     | 0.04%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                              | Mississippi Development Bank                                                                              | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51210.71     | 0.04%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation                                                            | CUSIP: 574204R96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477797.35    | 0.37%             | 2033-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $56983.97     | 0.04%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PN58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $883035.85    | 0.69%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742184G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972147.30    | 0.76%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 61334MVE7<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040254.00   | 0.81%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218VA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1060108.86   | 0.83%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     20000 | PA      | $20258.17     | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110943.53    | 0.09%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218YM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $792662.48    | 0.62%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059151CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878522.60    | 0.68%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705HL4<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570514.55   | 1.22%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                                         | State of Maryland                                                                                         | CUSIP: 574193MX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528426.20   | 1.19%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419RZ65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459301.00    | 0.36%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     40000 | PA      | $29200.00     | 0.02%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    590000 | PA      | $537953.03    | 0.42%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906117.40    | 0.71%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKP6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     45000 | PA      | $32400.00     | 0.03%             | 2021-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420MAS2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $988187.53    | 0.77%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218Y80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $775589.63    | 0.60%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                                   | New York City Housing Development Corp.                                                                   | CUSIP: 64972EA74<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    765000 | PA      | $514080.69    | 0.40%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VPB3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $776699.10    | 0.61%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     75000 | PA      | $67562.86     | 0.05%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     40000 | PA      | $41052.56     | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QXB3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     60000 | PA      | $43200.00     | 0.03%             | 2018-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218NS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $506023.13    | 0.39%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     81000 | PA      | $71599.72     | 0.06%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PCF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $62490.20     | 0.05%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     41476 | PA      | $35962.17     | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation                                                            | CUSIP: 574204C27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517766.30   | 1.18%             | 2029-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742182G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512568.20    | 0.40%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation                                                       | CUSIP: 592647KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1591606.82   | 1.24%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Westminster MD                                                                                    | City of Westminster                                                                                       | CUSIP: 960735AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $412628.44    | 0.32%             | 2040-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission                                                                          | CUSIP: 442577BG6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504459.40    | 0.39%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05923TCY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $232956.39    | 0.18%             | 2046-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Montgomery County Revenue Authority                                                                       | Montgomery County Revenue Authority                                                                       | CUSIP: 61336RBV8<br>LEI: 549300JQFJ2YGGW7AW57 | Long             | DBT              | MUN               | US        |    415000 | PA      | $434086.89    | 0.34%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742188D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530990.65    | 0.41%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    150243 | PA      | $112635.18    | 0.09%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                                    | California Municipal Finance Authority                                                                    | CUSIP: 13049YCT6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    660000 | PA      | $676209.47    | 0.53%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 355612AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $233179.83    | 0.18%             | 2043-07-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $217737.36    | 0.17%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3Q8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     13849 | PA      | $12835.56     | 0.01%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority Built to Learn Revenue                                                         | Maryland Stadium Authority Built to Learn                                                                 | CUSIP: 574294AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1296493.68   | 1.01%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    121739 | PA      | $125874.25    | 0.10%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer