# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-011434
**Filing Date:** 2026-5
**Character Count:** 116739
**Document Hash:** f9ba433ac1c52748157b6b96708ebd15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-011434.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0002071691-26-011434

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 261018857

**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 South Carolina Municipal Bond Fund (Series ID: S000002525)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006967 | A            | MFSCX           |
| C000006968 | B            | MBSCX           |
| C000169762 | I            | MTSCX           |
| C000194234 | R6           | MPOCX           |

## 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 South Carolina Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002525

- **c. LEI of Series:** 08HGTHG281BFQRFCD148

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

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

- **b. Date as of which information is reported:** 2026-03-31

**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:** $243262211.83

**Total Liabilities:** $4676449.71

**Net Assets:** $238585762.12

**Delayed Delivery Securities:** $3777422.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -305.11383620 | **1-Year:** -5946.61330740 | **5-Year:** -34625.04917410 | **10-Year:** -93049.15728660 | **30-Year:** -37503.96335690

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

- **3-Month:** -59.17617360 | **1-Year:** -1194.54193750 | **5-Year:** -4437.69680820 | **10-Year:** -12007.76531090 | **30-Year:** -7695.96053410

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194234 | 0.55%                | 1.74%                | -2.31%               |
| Class ID C000006968 | 0.50%                | 1.56%                | -2.35%               |
| Class ID C000006967 | 0.57%                | 1.62%                | -2.29%               |
| Class ID C000169762 | 0.54%                | 1.73%                | -2.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $657.14                  | $541084.13                                 |
| Month 2  | $-33479.01               | $3251687.35                                |
| Month 3  | $-66266.68               | $-6176487.64                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2023A                                                                            | CUSIP: 198504N57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2426839.52   | 1.02%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    270000 | PA      | $243000.00    | 0.10%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2025 B                               | CUSIP: 83712D8S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $998786.77    | 0.42%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2025A                                | CUSIP: 83712EHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023115.20   | 0.43%             | 2043-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $27538.88     | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    285000 | PA      | $286408.16    | 0.12%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 4/SC                                                               | Spartanburg County School District No. 4                                                                  | CUSIP: 847031CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3107880.60   | 1.30%             | 2052-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill                                                                                         | CUSIP: 772249RJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $590675.02    | 0.25%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712D2X3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2728233.21   | 1.14%             | 2054-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach, Series 2024 A                                                                       | CUSIP: 628571FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479884.05    | 0.20%             | 2044-06-01      | 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: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      4000 | PA      | $3574.47      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DZQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $216372.77    | 0.09%             | 2043-07-01      | Fixed         | 3.75%                 | 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        |    725000 | PA      | $602617.97    | 0.25%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024B                                | CUSIP: 83712D6K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1895000 | PA      | $2086534.47   | 0.87%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     17000 | PA      | $17237.58     | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2023 B                               | CUSIP: 83712D4A1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1884551.29   | 0.79%             | 2054-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    340000 | PA      | $317908.87    | 0.13%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                                                  | MFS Institutional Money Market Portfolio, Class A                                                         | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   9422751 | NS      | $9422751.47   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $394062.52    | 0.17%             | 2046-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024A                                | CUSIP: 83712D5F9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1830000 | PA      | $2022353.50   | 0.85%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    260000 | PA      | $184867.88    | 0.08%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025C                                          | CUSIP: 837036GP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995911.90    | 0.42%             | 2055-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lancaster County Public Facilities Corp.                                                                  | Lancaster County Public Facilities Corp., Series 2023                                                     | CUSIP: 514116AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042743.10   | 0.44%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia                                                                                          | CUSIP: 198504K50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036368.20   | 0.43%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024B                                | CUSIP: 83712D6H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1832302.30   | 0.77%             | 2049-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Greenville County Metropolitan Sewer Subdistrict                                                          | Greenville County Metropolitan Sewer Subdistrict, Series 2024                                             | CUSIP: 592549AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $453900.05    | 0.19%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC                                                                                     | County of Berkeley                                                                                        | CUSIP: 084220AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $866739.30    | 0.36%             | 2049-11-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| City of Charleston SC Waterworks & Sewer System Revenue                                                   | City of Charleston, Series 2024 A                                                                         | CUSIP: 160429E77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076405.20   | 0.87%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goose Creek SC                                                                                    | City of Goose Creek, Series 2025                                                                          | CUSIP: 38259TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996383.80    | 0.42%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                                    | Patriots Energy Group Financing Agency, Series 2023 SUB B-1                                               | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2135007.40   | 0.89%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035J7Q9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1242221.23   | 0.52%             | 2055-07-01      | Variable      | -3.30%                | 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        |    795000 | PA      | $793230.97    | 0.33%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024A                                          | CUSIP: 83704MEG7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926427.40    | 0.39%             | 2054-06-15      | Fixed         | 5.00%                 | Yes           |                  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        |     14000 | PA      | $12579.52     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Island Public Service District/SC                                                                   | South Island Public Service District                                                                      | CUSIP: 838466DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1888969.80   | 0.79%             | 2052-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series M TEMS BDS 2023 A FN                 | CUSIP: 83712LAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003500.40   | 0.84%             | 2045-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 7                                                                  | Spartanburg County School District No. 7                                                                  | CUSIP: 847082LK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030795.80   | 0.85%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FJN3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2900299.50   | 1.22%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of West Columbia SC Water & Sewer System Revenue                                                     | City of West Columbia, Series 2025                                                                        | CUSIP: 952258JS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019080.50   | 0.43%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                                                      | Public Authority for Colorado Energy                                                                      | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88921.18     | 0.04%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2026 A                                                                           | CUSIP: 198504V66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1785596.32   | 0.75%             | 2051-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Housing Authority/SC                                                                           | Charleston Housing Authority, Series 2025                                                                 | CUSIP: 160340AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050742.90   | 0.44%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anderson County Detention Facilities Corp.                                                                | Anderson County Detention Facilities Corp., Series 2025 A                                                 | CUSIP: 033700AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1453924.89   | 0.61%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Charleston SC Waterworks & Sewer System Revenue                                                   | City of Charleston, Series 2022                                                                           | CUSIP: 160429B70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3129291.00   | 1.31%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill, Series 2024 A                                                                          | CUSIP: 772249SD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898346.10    | 0.38%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $443351.42    | 0.19%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Spartanburg County School District No. 4/SC                                                               | Spartanburg County School District No. 4                                                                  | CUSIP: 847031CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2064214.00   | 0.87%             | 2047-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inman Campobello Water District                                                                           | Inman Campobello Water District, Series 2023                                                              | CUSIP: 457561AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030154.90   | 0.43%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    735000 | PA      | $758034.90    | 0.32%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14985.60     | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $24884.25     | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2023A                                          | CUSIP: 83703DAB3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1985930.40   | 0.83%             | 2033-04-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025                                           | CUSIP: 83704JAW3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020207.80   | 0.85%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712D2W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $959797.40    | 0.40%             | 2053-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| County of Lancaster SC                                                                                    | County of Lancaster                                                                                       | CUSIP: 514084ML3<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    725000 | PA      | $631521.18    | 0.26%             | 2039-03-01      | 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: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     49000 | PA      | $48808.70     | 0.02%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Florence County School District No. 3                                                                     | Florence County School District No. 3, Series 2025                                                        | CUSIP: 34015QAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1006581.77   | 0.42%             | 2044-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Clemson Public Facilities Corp.                                                                           | Clemson Public Facilities Corp., Series 2025                                                              | CUSIP: 18561EAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1223967.96   | 0.51%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025                                           | CUSIP: 837031J61<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991647.70    | 0.42%             | 2051-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1197708.35   | 0.50%             | 2043-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                                  | New Hampshire Business Finance Authority                                                                  | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    643998 | PA      | $647644.57    | 0.27%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University, Series 2024 A                                                                         | CUSIP: 185633EB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539270.60   | 0.65%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $452318.08    | 0.19%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC Water & Sewer Revenue                                                             | City of Myrtle Beach, Series 2023 C                                                                       | CUSIP: 628577NA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1507016.25   | 0.63%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aiken County Consolidated School District SC                                                              | Aiken County Consolidated School District                                                                 | CUSIP: 008775AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1228866.80   | 0.52%             | 2041-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031YQ0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007575.60   | 0.84%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill Public Facilities Corp.                                                                         | Fort Mill Public Facilities Corp., Series 2024 A                                                          | CUSIP: 34802AAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $341697.83    | 0.14%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151YZ6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2079001.17   | 0.87%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill, Series 2026                                                                            | CUSIP: 772249TA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $419870.72    | 0.18%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025                                           | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002353.80   | 0.84%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| College of Charleston                                                                                     | College of Charleston, Series 2025A                                                                       | CUSIP: 194208JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1896887.40   | 0.80%             | 2050-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                                     | North Carolina Housing Finance Agency, Series M TEMS 2024                                                 | CUSIP: 65821GAA2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    982682 | PA      | $990205.40    | 0.42%             | 2040-05-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach, Series 2024 A                                                                       | CUSIP: 628571FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $773446.13    | 0.32%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1442981.54   | 0.60%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2016                                           | CUSIP: 83703FMK5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1205808.80   | 0.51%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2023A                                                                            | CUSIP: 198504N40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1135244.55   | 0.48%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024                                           | CUSIP: 837032CT6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558078.20   | 0.65%             | 2054-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    165000 | PA      | $170975.79    | 0.07%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025                                           | CUSIP: 83704NAB0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1966774.00   | 0.82%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $198907.67    | 0.08%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greenville Public Facilities Corp.                                                                        | Greenville Public Facilities Corp., Series 2024                                                           | CUSIP: 396549CF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970051.50    | 0.41%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KR9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000099.60   | 0.42%             | 2036-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia                                                                                          | CUSIP: 198504K68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520352.40    | 0.22%             | 2052-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83704CAE8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940835.10    | 0.39%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $144354.03    | 0.06%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2023                                           | CUSIP: 83703FMF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1885043.80   | 0.79%             | 2048-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of North Charleston SC                                                                               | City of North Charleston                                                                                  | CUSIP: 65857PAC5<br>LEI: 549300Y9QXZ4L5X8SP87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011061.20   | 0.84%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston Housing Authority/SC                                                                           | Charleston Housing Authority, Series 2024                                                                 | CUSIP: 160340AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2578609.50   | 1.08%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia Facilities Corp.                                                                                 | Columbia Facilities Corp., Series 2025 A                                                                  | CUSIP: 198436BH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051626.00   | 0.86%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District, Series 2024A                                           | CUSIP: 84136HAU7<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    855000 | PA      | $873292.81    | 0.37%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    190000 | PA      | $200201.29    | 0.08%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fort Mill Public Facilities Corp.                                                                         | Fort Mill Public Facilities Corp., Series 2024 A                                                          | CUSIP: 34802AAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $311845.72    | 0.13%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $234420.65    | 0.10%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    200000 | PA      | $132750.00    | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2026A                                | CUSIP: 83712GCD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1495629.30   | 0.63%             | 2046-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    170651 | PA      | $168134.79    | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Strand Water & Sewer Authority                                                                      | Grand Strand Water & Sewer Authority, Series 2026                                                         | CUSIP: 386475JQ1<br>LEI: 549300I6U20IXQRXNX20 | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2832701.02   | 1.19%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $299300.00    | 0.13%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025A                                   | CUSIP: 57421CHU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031303.10   | 0.43%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123KG2<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3032784.60   | 1.27%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DZS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $201766.60    | 0.08%             | 2049-01-01      | Fixed         | 3.80%                 | 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        |    120000 | PA      | $139889.51    | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Woodruff Facilities Corp.                                                                                 | Woodruff Facilities Corp., Series 2025                                                                    | CUSIP: 980009AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2375773.30   | 1.00%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Corp. ForGreer                                                                                            | Corp. ForGreer, Series 2025                                                                               | CUSIP: 397479BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040564.80   | 0.86%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2023 B                               | CUSIP: 83712D3Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1287983.43   | 0.54%             | 2053-07-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2024                                                    | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004542.60   | 0.42%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    920000 | PA      | $938841.78    | 0.39%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                                | Chicago Board of Education                                                                                | CUSIP: 167505YC4<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    770000 | PA      | $615116.58    | 0.26%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    685000 | PA      | $728168.02    | 0.31%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $374950.29    | 0.16%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024 A                                         | CUSIP: 837032BY6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1261371.85   | 0.53%             | 2045-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2026A                                | CUSIP: 83712GCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2224354.60   | 0.93%             | 2056-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                                    | North Carolina Medical Care Commission                                                                    | CUSIP: 65821DXK2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1372258.38   | 0.58%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104PG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $842280.56    | 0.35%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024 A                                         | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041225.30   | 0.44%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Greenville Public Facilities Corp.                                                                        | Greenville Public Facilities Corp., Series 2024                                                           | CUSIP: 396549CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072023.20   | 0.45%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025 A                                         | CUSIP: 837036HH8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970945.00    | 0.41%             | 2060-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Summerville Municipal Facilities Corp.                                                                    | Summerville Municipal Facilities Corp., Series 2025                                                       | CUSIP: 865875AU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1682265.81   | 0.71%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Greenwood SC                                                                                    | County of Greenwood                                                                                       | CUSIP: 397090GN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1976551.17   | 0.83%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                                                     | County of Florence, Series 2024                                                                           | CUSIP: 34015TAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $450171.50    | 0.19%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University                                                                                        | CUSIP: 185630A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2222282.10   | 0.93%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FKV3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1799241.40   | 0.75%             | 2048-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Housing Trust Public Facility Corp.                                                           | San Antonio Housing Trust Public Facility Corp., Series BDS 2024A                                         | CUSIP: 79626WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $83689.33     | 0.04%             | 2043-04-01      | Fixed         | 4.45%                 | 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        |     71000 | PA      | $65554.17     | 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        |    300000 | PA      | $303442.77    | 0.13%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025A                                          | CUSIP: 83703EMY8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065947.60   | 0.45%             | 2044-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Laurens County Public Facilities Authority                                                                | Laurens County Public Facilities Authority, Series 2024                                                   | CUSIP: 519079AW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028023.40   | 0.43%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GF5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     55000 | PA      | $54155.41     | 0.02%             | 2031-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fort Mill Public Facilities Corp.                                                                         | Fort Mill Public Facilities Corp., Series 2024 A                                                          | CUSIP: 34802AAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1072249.02   | 0.45%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2790276.30   | 1.17%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District, Series 2024A                                                          | CUSIP: 160070EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034773.20   | 0.85%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC                                                                                   | City of Myrtle Beach, Series 2024 A                                                                       | CUSIP: 628571FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489605.20    | 0.21%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Medical University Hospital Authority                                                                     | Medical University Hospital Authority, Series 2025                                                        | CUSIP: 58463YBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2244911.54   | 0.94%             | 2045-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                                                     | County of Florence, Series 2024                                                                           | CUSIP: 34015TAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $885647.84    | 0.37%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority                                              | CUSIP: 83712DY75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1937259.53   | 0.81%             | 2042-07-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUW2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $213084.03    | 0.09%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                          | Kentucky Public Energy Authority, Series 2025B                                                            | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1059664.62   | 0.44%             | 2033-12-01      | 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: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    695000 | PA      | $534012.91    | 0.22%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Corp. ForGreer                                                                                            | Corp. ForGreer, Series 2024A                                                                              | CUSIP: 397479AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926323.40    | 0.39%             | 2049-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Scago Public Facilities Corp. for Georgetown County                                                       | Scago Public Facilities Corp. for Georgetown County, Series 2024                                          | CUSIP: 80586ABK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $973472.10    | 0.41%             | 2042-06-01      | 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        |   1230000 | PA      | $1290358.44   | 0.54%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $138472.53    | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272GG3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     70000 | PA      | $66571.61     | 0.03%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Ports Authority                                                                            | South Carolina Ports Authority                                                                            | CUSIP: 837123HN1<br>LEI: 5493001YXW15H9J1M026 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1651558.80   | 0.69%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orangeburg County Facilities Corp.                                                                        | Orangeburg County Facilities Corp.                                                                        | CUSIP: 685357AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $845572.77    | 0.35%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2025 B                               | CUSIP: 83712D8T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $997579.94    | 0.42%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University, Series 2025A                                                                          | CUSIP: 185630E97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518936.40    | 0.22%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                                                        | Clemson University, Series 2025A                                                                          | CUSIP: 185633EZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2082896.00   | 0.87%             | 2048-05-01      | 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        |     69565 | PA      | $67166.80     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Florence SC                                                                                     | County of Florence, Series 2024                                                                           | CUSIP: 34015TAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910230.40    | 0.38%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1098504.69   | 0.46%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $613972.02    | 0.26%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Aiken SC                                                                                          | City of Aiken, Series 2024 A                                                                              | CUSIP: 008860FS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017520.50   | 0.43%             | 2053-08-01      | 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: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    327000 | PA      | $114575.99    | 0.05%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     94583 | PA      | $87528.90     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    299000 | PA      | $294666.89    | 0.12%             | 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        |    410000 | PA      | $410252.36    | 0.17%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                                         | Southeast Energy Authority A Cooperative District                                                         | CUSIP: 84136FBT3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1143216.09   | 0.48%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                                           | Allegheny County Hospital Development Authority                                                           | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |    255000 | PA      | $231146.97    | 0.10%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    285000 | PA      | $260427.76    | 0.11%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                                     | City of Columbia, Series 2025                                                                             | CUSIP: 198504S78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2069569.20   | 0.87%             | 2050-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3599000 | PA      | $3421378.91   | 1.43%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                                        | Charleston County Airport District                                                                        | CUSIP: 160070ED6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1522201.95   | 0.64%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group                                                                                     | Patriots Energy Group                                                                                     | CUSIP: 70338JCA0<br>LEI: 549300NJ5PDRH6328F32 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501567.30    | 0.21%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $392338.24    | 0.16%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Greenville-Spartanburg Airport District                                                                   | Greenville-Spartanburg Airport District, Series 2024A                                                     | CUSIP: 396613DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2064811.40   | 0.87%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     95000 | PA      | $95551.43     | 0.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KL2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $665228.78    | 0.28%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FLL4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2056628.00   | 0.86%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    190000 | PA      | $180771.17    | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Red River Education Finance Corp.                                                                         | Red River Education Finance Corp.                                                                         | CUSIP: 756870BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $390254.48    | 0.16%             | 2046-10-01      | Fixed         | 5.50%                 | 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        |    373154 | PA      | $128271.83    | 0.05%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024 A                                         | CUSIP: 837032CD1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1417268.34   | 0.59%             | 2050-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Myrtle Beach SC Water & Sewer Revenue                                                             | City of Myrtle Beach, Series 2023 C                                                                       | CUSIP: 628577MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1410257.39   | 0.59%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    116044 | PA      | $84216.91     | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                                 | Harris County Cultural Education Facilities Finance Corp.                                                 | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1123831.10   | 0.47%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                                              | University of South Carolina                                                                              | CUSIP: 913367FN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1978957.54   | 0.83%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Horry SC Airport Revenue                                                                        | County of Horry                                                                                           | CUSIP: 44066MEW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2070000 | PA      | $2029676.40   | 0.85%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dorchester SC                                                                                   | County of Dorchester, Series 2023                                                                         | CUSIP: 258149AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966767.80    | 0.41%             | 2051-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2025 A                                         | CUSIP: 837033KZ1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977691.30    | 0.41%             | 2060-12-01      | Fixed         | 5.75%                 | 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        |    150000 | PA      | $128956.64    | 0.05%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837031YY3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1190546.38   | 0.50%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville County SC Road Fee Revenue                                                                     | Greenville County                                                                                         | CUSIP: 396061AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976638.70    | 0.41%             | 2043-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024                                           | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004324.20   | 0.84%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 837151T33<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193887.60   | 0.92%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                                              | South Carolina State Housing Finance & Development Authority, Series 2024A                                | CUSIP: 83712D5E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $834102.96    | 0.35%             | 2054-01-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                                                   | South Carolina Public Service Authority                                                                   | CUSIP: 8371514X4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053265.00   | 0.86%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KU2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $674408.18    | 0.28%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Horry SC                                                                                        | County of Horry                                                                                           | CUSIP: 440671AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1901860.60   | 0.80%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Medical University Hospital Authority                                                                     | Medical University Hospital Authority, Series 2025                                                        | CUSIP: 58463YBP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048013.60   | 0.86%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                                                      | County of Broward, Series 2021                                                                            | CUSIP: 115085AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $667473.07    | 0.28%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                                              | Chicago Board of Education Dedicated Capital Improvement Tax                                              | CUSIP: 167510BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $146740.33    | 0.06%             | 2045-04-01      | 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        |   1000000 | PA      | $883270.50    | 0.37%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $183193.54    | 0.08%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                                            | Minnesota Municipal Gas Agency, Series 2026A                                                              | CUSIP: 60406XAJ0<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |    810000 | PA      | $834567.14    | 0.35%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                                      | Colorado Health Facilities Authority                                                                      | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $43063.72     | 0.02%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Beaufort-Jasper Water & Sewer Authority                                                                   | Beaufort-Jasper Water & Sewer Authority, Series 2025A                                                     | CUSIP: 074358HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3715839.20   | 1.56%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scago Public Facilities Corp. for Georgetown County                                                       | Scago Public Facilities Corp. for Georgetown County, Series 2024                                          | CUSIP: 80586ABJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977201.30    | 0.41%             | 2041-06-01      | 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: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    163000 | PA      | $160637.80    | 0.07%             | 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        |    100000 | PA      | $100517.99    | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Beaufort County School District/SC                                                                        | Beaufort County School District, Series 2026A                                                             | CUSIP: 0739002B7<br>LEI: 549300B1H1V9F55UPU08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1896257.00   | 0.79%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill, Series 2026                                                                            | CUSIP: 772249TB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $401594.04    | 0.17%             | 2047-01-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    158000 | PA      | $147127.77    | 0.06%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                                        | Tennessee Energy Acquisition Corp.                                                                        | CUSIP: 880443BS4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    315000 | PA      | $317438.64    | 0.13%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                                   | Port Authority of New York & New Jersey                                                                   | CUSIP: 73358W5S9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1670808.41   | 0.70%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Hotel Development Financing Corp.                                                          | Virgin Islands Hotel Development Financing Corp., Series 2025A-1                                          | CUSIP: 92766AAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    635000 | PA      | $617035.47    | 0.26%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     90173 | PA      | $90007.79     | 0.04%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024                                           | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999988.30    | 0.42%             | 2027-12-15      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Cedar Port Navigation & Improvement District                                                              | Cedar Port Navigation & Improvement District, Series 2023                                                 | CUSIP: 15051PBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $78410.07     | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority, Series 2024A                                          | CUSIP: 83704MEL6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892107.60    | 0.37%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodruff Facilities Corp.                                                                                 | Woodruff Facilities Corp., Series 2025                                                                    | CUSIP: 980009AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1675788.87   | 0.70%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aiken SC                                                                                          | City of Aiken, Series 2024 A                                                                              | CUSIP: 008860FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907430.40    | 0.38%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1264077.93   | 0.53%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    349365 | PA      | $299813.90    | 0.13%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 83703FJV5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494706.30    | 0.21%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $575015.76    | 0.24%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                                        | South Carolina Jobs-Economic Development Authority                                                        | CUSIP: 837033KM0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $211434.43    | 0.09%             | 2048-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    347333 | PA      | $232713.38    | 0.10%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    330093 | PA      | $360383.06    | 0.15%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Rock Hill SC Combined Utility System Revenue                                                      | City of Rock Hill, Series 2024 A                                                                          | CUSIP: 772249SE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012215.10   | 0.42%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer