# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-25-007835
**Filing Date:** 2025-11
**Character Count:** 74043
**Document Hash:** 4ced99a3f1005e2d8480e11656d00c3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007835.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007835

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 251530045

**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 West Virginia Municipal Bond Fund (Series ID: S000002528)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006974 | A            | MFWVX           |
| C000006975 | B            | MBWVX           |
| C000169765 | I            | MWVIX           |
| C000194240 | R6           | MPWVX           |

## 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 West Virginia Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002528

- **c. LEI of Series:** W36WJXZ97WII7K64W483

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $87225663.39

**Total Liabilities:** $313881.87

**Net Assets:** $86911781.52

**Cash Not Reported:** $0.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -155.50027740 | **1-Year:** -2554.61879110 | **5-Year:** -11799.61853310 | **10-Year:** -29399.24658610 | **30-Year:** -13150.62628890

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

- **3-Month:** -18.19203560 | **1-Year:** -342.10454090 | **5-Year:** -1486.08052740 | **10-Year:** -2182.43143440 | **30-Year:** -991.65996430

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169765 | -0.98%               | 0.89%                | 3.67%                |
| Class ID C000006974 | -1.05%               | 0.90%                | 3.65%                |
| Class ID C000194240 | -0.97%               | 0.89%                | 3.67%                |
| Class ID C000006975 | -1.11%               | 0.83%                | 3.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-28903.68               | $-1051623.06                               |
| Month 2  | $-12659.51               | $530595.46                                 |
| Month 3  | $-53063.20               | $2862043.43                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| West Virginia Parkways Authority                                                                          | West Virginia Parkways Authority                                                                          | CUSIP: 956510AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922480.50    | 1.06%             | 2047-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Doylestown Hospital Authority                                                                             | Doylestown Hospital Authority, Series 2019A                                                               | CUSIP: 261333HD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $9188.47      | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monongalia County Commission Excise Tax District                                                          | Monongalia County Commission Excise Tax District                                                          | CUSIP: 61022CAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $789314.64    | 0.91%             | 2043-06-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622S62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2061616.32   | 2.37%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ohio WV                                                                                         | County of Ohio, Series 2024                                                                               | CUSIP: 677321BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986719.40    | 1.14%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority, Series 2023B                                                    | CUSIP: 956622X33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $551230.58    | 0.63%             | 2053-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund, Series 2024 A                                                     | CUSIP: 95662NNS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993873.60    | 1.14%             | 2049-11-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      1000 | PA      | $901.57       | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Marshall University                                                                                       | Marshall University                                                                                       | CUSIP: 572716KQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1308732.75   | 1.51%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    412000 | PA      | $337014.81    | 0.39%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622T95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521836.40   | 1.75%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    155000 | PA      | $144688.42    | 0.17%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority, Series 2025A                                                    | CUSIP: 956622Y99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756298.95    | 0.87%             | 2053-06-01      | Fixed         | 5.00%                 | 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        |   4405977 | NS      | $4406417.97   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Port of Beaumont Navigation District                                                                      | Port of Beaumont Navigation District                                                                      | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    115000 | PA      | $83296.06     | 0.10%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Marshall University                                                                                       | Marshall University                                                                                       | CUSIP: 572716KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $783797.20    | 0.90%             | 2046-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                                    | State of West Virginia                                                                                    | CUSIP: 956553Q38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $734453.98    | 0.85%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund, Series 2023D                                                      | CUSIP: 95662NMN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012106.50   | 1.16%             | 2048-11-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority, Series 2025                                                 | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505396.60    | 0.58%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 6461367L9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894733.70    | 1.03%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     44227 | PA      | $47312.24     | 0.05%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      7000 | PA      | $6192.56      | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority, Series 2023B                                                    | CUSIP: 956622W91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066273.00   | 1.23%             | 2048-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $241794.49    | 0.28%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648XCE3<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034967.00   | 1.19%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgantown Building Commission                                                                            | Morgantown Building Commission, Series 2023 A                                                             | CUSIP: 617534AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $749657.31    | 0.86%             | 2043-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Anaheim City School District                                                                              | Anaheim City School District                                                                              | CUSIP: 032555QY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $294928.33    | 0.34%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                                                        | City of Chicago                                                                                           | CUSIP: 167486P60<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    360000 | PA      | $367019.39    | 0.42%             | 2040-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NJE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003485.30   | 1.15%             | 2048-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $9984.79      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| 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        |     25000 | PA      | $24423.19     | 0.03%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $124779.61    | 0.14%             | 2044-02-15      | Fixed         | 2.75%                 | 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        |    276204 | PA      | $273047.86    | 0.31%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                                 | Golden State Tobacco Securitization Corp.                                                                 | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $205004.03    | 0.24%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                               | Virginia Small Business Financing Authority                                                               | CUSIP: 928105BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $436785.71    | 0.50%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648MMY2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500895.55    | 0.58%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Water Development Authority                                                                 | West Virginia Water Development Authority                                                                 | CUSIP: 956695H37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1502118.32   | 1.73%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622N67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006766.90   | 1.16%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Rock School District                                                                               | Little Rock School District                                                                               | CUSIP: 5374282N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $635481.22    | 0.73%             | 2048-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service Sewer District                                                             | Berkeley County Public Service Sewer District, Series 2025A                                               | CUSIP: 084249FK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948637.10    | 1.09%             | 2045-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622K52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202798.22    | 0.23%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622N91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $748384.38    | 0.86%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wheeling WV Waterworks & Sewerage System Revenue                                                  | City of Wheeling, Series 2021 A                                                                           | CUSIP: 963270GS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1384271.70   | 1.59%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Lottery Excess Lottery Revenue                                                              | West Virginia Lottery Excess Lottery                                                                      | CUSIP: 95667NED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1481231.25   | 1.70%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service District                                                                   | Berkeley County Public Service District, Series 2025 A                                                    | CUSIP: 084246NV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978731.50    | 1.13%             | 2044-12-01      | Fixed         | 4.12%                 | 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        |    315000 | PA      | $332020.21    | 0.38%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Morgantown WV                                                                                     | City of Morgantown                                                                                        | CUSIP: 617558AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $442016.71    | 0.51%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    165000 | PA      | $175125.95    | 0.20%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $104936.75    | 0.12%             | 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        |    150000 | PA      | $102750.00    | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia University                                                                                  | West Virginia University                                                                                  | CUSIP: 956704E30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035027.20   | 1.19%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956623AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $796105.92    | 0.92%             | 2034-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Parkways Authority                                                                          | West Virginia Parkways Authority                                                                          | CUSIP: 956510BW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965943.10    | 1.11%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     74630 | PA      | $72784.36     | 0.08%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $96000.00     | 0.11%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| County of Monongalia WV                                                                                   | County of Monongalia, Series 2023 A                                                                       | CUSIP: 61022DAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $911625.58    | 1.05%             | 2053-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| West Virginia University                                                                                  | West Virginia University                                                                                  | CUSIP: 956704B66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036228.80   | 2.34%             | 2049-10-01      | Fixed         | 5.00%                 | 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        |    445000 | PA      | $450505.85    | 0.52%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service District                                                                   | Berkeley County Public Service District, Series 2025 A                                                    | CUSIP: 084246NW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975274.90    | 1.12%             | 2049-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    365000 | PA      | $375280.92    | 0.43%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    310000 | PA      | $334558.94    | 0.38%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                            | Buckeye Tobacco Settlement Financing Authority                                                            | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $272971.94    | 0.31%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                                                         | North Carolina Turnpike Authority                                                                         | CUSIP: 65830VAM2<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $681608.44    | 0.78%             | 2044-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Putnam County Building Commission                                                                         | Putnam County Building Commission                                                                         | CUSIP: 74670ABX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $532001.06    | 0.61%             | 2052-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Berkeley County Board of Education                                                                        | Berkeley County Board of Education                                                                        | CUSIP: 084239GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751481.63    | 0.86%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund, Series 2024D                                                      | CUSIP: 95662NSB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985127.90    | 1.13%             | 2049-11-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund, Series 2023D                                                      | CUSIP: 95662NMM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002217.70   | 1.15%             | 2043-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622H98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000812.20   | 1.15%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Public Finance Authority                                                                   | Virgin Islands Public Finance Authority                                                                   | CUSIP: 927676RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    900000 | PA      | $902684.43    | 1.04%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622S39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $206662.73    | 0.24%             | 2038-01-01      | 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        |     35000 | PA      | $34604.47     | 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        |     39000 | PA      | $36208.04     | 0.04%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    135000 | PA      | $135004.35    | 0.16%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairmont State University                                                                                 | Fairmont State University                                                                                 | CUSIP: 305349CV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1170836.52   | 1.35%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85001.05     | 0.10%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority | CUSIP: 745272FP4<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | PR        |     90000 | PA      | $90116.21     | 0.10%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority, Series VV                                                           | CUSIP: 74526YGU3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    135000 | PA      | $136064.46    | 0.16%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Jefferson County Building Commission                                                                      | Jefferson County Building Commission, Series 2025                                                         | CUSIP: 473667AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762425.48    | 0.88%             | 2045-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgantown Building Commission                                                                            | Morgantown Building Commission, Series 2023 A                                                             | CUSIP: 617534BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $514437.86    | 0.59%             | 2048-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662M6Z8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $479114.91    | 0.55%             | 2026-05-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority, Series 2025A                                                    | CUSIP: 956622Y81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795152.85    | 0.91%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NHA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003036.20   | 1.15%             | 2047-11-01      | Fixed         | 4.80%                 | 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        |    396000 | PA      | $297401.82    | 0.34%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Putnam County Building Commission                                                                         | Putnam County Building Commission                                                                         | CUSIP: 74670ABW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477304.80    | 0.55%             | 2047-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NKJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $772801.26    | 0.89%             | 2053-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                                            | Black Belt Energy Gas District                                                                            | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    565000 | PA      | $603451.81    | 0.69%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    145000 | PA      | $99325.00     | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     70000 | PA      | $64509.60     | 0.07%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                                                      | Puerto Rico Electric Power Authority                                                                      | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    100000 | PA      | $68500.00     | 0.08%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     31426 | PA      | $29823.28     | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Parkersburg Municipal Building Commission                                                                 | Parkersburg Municipal Building Commission, Series 2024                                                    | CUSIP: 70130KAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $787607.45    | 0.91%             | 2054-11-01      | Fixed         | 4.38%                 | 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        |    325000 | PA      | $259146.78    | 0.30%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    186000 | PA      | $63187.21     | 0.07%             | 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        |     42727 | PA      | $38260.59     | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NFX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946142.70    | 1.09%             | 2047-11-01      | Fixed         | 4.20%                 | 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        |    158000 | PA      | $151171.24    | 0.17%             | 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        |    180000 | PA      | $180184.99    | 0.21%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NGZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017423.90   | 1.17%             | 2042-11-01      | Fixed         | 4.62%                 | 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        |    510000 | PA      | $540621.01    | 0.62%             | 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        |    155000 | PA      | $139828.91    | 0.16%             | 2044-04-01      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1842000 | PA      | $1777662.44   | 2.05%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne County Airport Authority                                                                            | Wayne County Airport Authority                                                                            | CUSIP: 944514RR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55017.13     | 0.06%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Building Commission                                                                      | Jefferson County Building Commission, Series 2025                                                         | CUSIP: 473667AS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $758228.93    | 0.87%             | 2042-07-01      | Fixed         | 4.62%                 | 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        |    175000 | PA      | $181973.03    | 0.21%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     75000 | PA      | $69665.02     | 0.08%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                                    | State of West Virginia                                                                                    | CUSIP: 956553J85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031794.20   | 1.19%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622W34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926752.70    | 1.07%             | 2053-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund, Series 2025A                                                      | CUSIP: 95662NUF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007296.30   | 1.16%             | 2045-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    219865 | PA      | $74512.39     | 0.09%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     52422 | PA      | $37440.69     | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                              | Mississippi Development Bank                                                                              | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76258.61     | 0.09%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662M6L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $916877.62    | 1.05%             | 2044-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Greenbrier Public Service District No. 1                                                                  | Greenbrier Public Service District No. 1                                                                  | CUSIP: 393685CH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965401.30    | 1.11%             | 2052-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622F74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001358.00   | 1.15%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                                  | West Virginia Hospital Finance Authority                                                                  | CUSIP: 956622S54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $970849.26    | 1.12%             | 2047-01-01      | Fixed         | 4.12%                 | 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        |     65000 | PA      | $64009.80     | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wood County Board of Education                                                                            | Wood County Board of Education, Series 2023                                                               | CUSIP: 978335GJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998725.10    | 1.15%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County Public Service Sewer District                                                             | Berkeley County Public Service Sewer District, Series 2025A                                               | CUSIP: 084249FL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959499.20    | 1.10%             | 2049-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Morgantown Utility Board, Inc.                                                                            | Morgantown Utility Board, Inc.                                                                            | CUSIP: 61759CDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039615.20   | 2.35%             | 2043-12-01      | 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: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     83000 | PA      | $79412.74     | 0.09%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     40000 | PA      | $40310.24     | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     83000 | PA      | $78000.10     | 0.09%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     40735 | PA      | $40277.20     | 0.05%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia University                                                                                  | West Virginia University                                                                                  | CUSIP: 956704SN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1318126.08   | 1.52%             | 2028-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Berkeley County Board of Education                                                                        | Berkeley County Board of Education                                                                        | CUSIP: 084239GN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021978.70   | 1.18%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund                                                                    | CUSIP: 95662NFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $387054.02    | 0.45%             | 2052-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                                    | State of West Virginia                                                                                    | CUSIP: 956553J93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050094.60   | 2.36%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority                                                           | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    560000 | PA      | $597470.83    | 0.69%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority                                                              | CUSIP: 95648MFZ7<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1357606.88   | 1.56%             | 2030-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Virginia Housing Development Fund                                                                    | West Virginia Housing Development Fund, Series 2024B                                                      | CUSIP: 95662NPV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010481.30   | 1.16%             | 2044-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    143435 | PA      | $123801.72    | 0.14%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $579996.75    | 0.67%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    168529 | PA      | $111439.76    | 0.13%             | 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        |     42958 | PA      | $47604.38     | 0.05%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                              | West Virginia Economic Development Authority, Series 2023 A-1                                             | CUSIP: 95649DAU2<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034982.60   | 1.19%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam County Building Commission                                                                         | Putnam County Building Commission                                                                         | CUSIP: 74670ABV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500760.95    | 0.58%             | 2042-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer