# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-011429
**Filing Date:** 2026-5
**Character Count:** 121740
**Document Hash:** 6aeaaa4b79f9d5dbaf546de8a2e7d25e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-011429.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0002071691-26-011429

**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:** 261018845

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $157824037.24

**Total Liabilities:** $647817.01

**Net Assets:** $157176220.23

**Cash Not Reported:** $0.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -221.72363440 | **1-Year:** -4412.06275460 | **5-Year:** -20642.86018110 | **10-Year:** -56214.18235540 | **30-Year:** -24914.09236810

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

- **3-Month:** -37.29138520 | **1-Year:** -850.09106800 | **5-Year:** -2250.47764190 | **10-Year:** -4613.33342410 | **30-Year:** -1935.02598640

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169769 | 0.41%                | 1.59%                | -2.21%               |
| Class ID C000006986 | 0.31%                | 1.49%                | -2.25%               |
| Class ID C000194249 | 0.41%                | 1.49%                | -2.20%               |
| Class ID C000006985 | 0.37%                | 1.44%                | -2.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12806.25               | $157623.40                                 |
| Month 2  | $-31160.49               | $2040797.62                                |
| Month 3  | $-19199.94               | $-3940816.62                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025A                                   | CUSIP: 57421CLS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561890.15   | 0.99%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                                   | New York City Transitional Finance Authority Future Tax Secured                                           | CUSIP: 64971XQM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $806060.87    | 0.51%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NCV1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250253.43    | 0.16%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939207.20    | 0.60%             | 2041-07-01      | 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      | $9179.63      | 0.01%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 442593AX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501197.65    | 0.32%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2020 B                                  | CUSIP: 5742187L1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $894018.54    | 0.57%             | 2045-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574294BS2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492435.35   | 0.95%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NBY6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    650000 | PA      | $672158.05    | 0.43%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation, Series 2021B                                              | CUSIP: 57421FBY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $431349.59    | 0.27%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    338000 | PA      | $280944.65    | 0.18%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2020 B                                  | CUSIP: 5742187N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $851131.80    | 0.54%             | 2050-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $407326.95    | 0.26%             | 2050-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Brunswick MD                                                                                      | City of Brunswick                                                                                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506987.75    | 0.32%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527E5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    205000 | PA      | $191680.35    | 0.12%             | 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        |   5117103 | NS      | $5117103.28   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TH38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020047.40   | 0.65%             | 2047-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $870939.80    | 0.55%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                                   | Washington Suburban Sanitary Commission, Series 2026                                                      | CUSIP: 940158MG0<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1461898.35   | 0.93%             | 2049-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05922KK57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $551150.66    | 0.35%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                                      | Triborough Bridge & Tunnel Authority                                                                      | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    600000 | PA      | $439745.76    | 0.28%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                               | New York City Industrial Development Agency                                                               | CUSIP: 64972PAL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250162.20    | 0.16%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TTM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1097910.15   | 0.70%             | 2041-09-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NCU3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505653.25    | 0.32%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 05914FU65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1457850.60   | 0.93%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2021 C                                         | CUSIP: 6133495Z8<br>LEI: 549300HDL0LLRHMDL092 | Long             |  | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.64%             | 2041-01-01      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571QAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252769.93    | 0.16%             | 2043-07-01      | Fixed         | 5.00%                 | Yes           |                  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        |    400000 | PA      | $427001.48    | 0.27%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                                     | Pennsylvania Economic Development Financing Authority                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $488909.65    | 0.31%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VJP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300113.22    | 0.19%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                                                   | Maryland State Transportation Authority, Series 2024 A                                                    | CUSIP: 574300PU7<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080306.40   | 0.69%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     45031 | PA      | $47546.40     | 0.03%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059151DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $447540.66    | 0.28%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $862765.51    | 0.55%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                                  | Massachusetts Development Finance Agency                                                                  | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    420000 | PA      | $340403.53    | 0.22%             | 2051-07-01      | 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: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      6000 | PA      | $5391.22      | 0.00%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296AW9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501045.30    | 0.32%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery, Series 2017 E                                                                       | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             |  | MUN               | US        |   1900000 | PA      | $1900000.00   | 1.21%             | 2037-11-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                                          | Washington Metropolitan Area Transit Authority Dedicated, Series 2025A                                    | CUSIP: 93878YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038645.70   | 0.66%             | 2055-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218B51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $602374.86    | 0.38%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025                                    | CUSIP: 57421CGZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000834.00   | 0.64%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                                                  | Village of Bridgeview                                                                                     | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $210008.57    | 0.13%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61336PEV9<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1240317.19   | 0.79%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority, Series 2024                                                                   | CUSIP: 574294CS1<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571792.40   | 1.00%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574294BM5<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022381.10   | 0.65%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2023E                                               | CUSIP: 57419T6W6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $900814.85    | 0.57%             | 2054-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705HH3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040425.00   | 0.66%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2025 F-1                                            | CUSIP: 20364NEA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506350.25   | 0.96%             | 2046-06-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Anaheim City School District                                                                              | Anaheim City School District                                                                              | CUSIP: 032555QY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $379841.60    | 0.24%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1391971.66   | 0.89%             | 2049-07-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                           | California Community Choice Financing Authority, Series 2024 H                                            | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081998.20   | 0.69%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2024 D-1                                            | CUSIP: 20364NCJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1190841.13   | 0.76%             | 2044-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2026 A-1                                            | CUSIP: 20364NEY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $813975.38    | 0.52%             | 2044-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority                                                        | Wisconsin Housing & Economic Development Authority, Series 2024E                                          | CUSIP: 97689RFB5<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012076.70   | 0.64%             | 2043-06-01      | 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      | $9953.70      | 0.01%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420NAW1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200117.30    | 0.13%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     21000 | PA      | $20918.02     | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2025 G                                     | CUSIP: 57419UF78<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990591.30    | 0.63%             | 2045-09-01      | 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        |    190000 | PA      | $140997.69    | 0.09%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025 C                                  | CUSIP: 57421CKX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263615.45    | 0.17%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TH46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $757581.93    | 0.48%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035JPD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $702014.93    | 0.45%             | 2059-07-15      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                                                  | New Jersey Higher Education Student Assistance Authority                                                  | CUSIP: 646080WP2<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    345000 | PA      | $340023.24    | 0.22%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TT68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501133.20    | 0.32%             | 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        |    273441 | PA      | $274989.47    | 0.17%             | 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        |    240000 | PA      | $219305.74    | 0.14%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                                   | Washington Suburban Sanitary Commission, Series 2024                                                      | CUSIP: 940158GJ1<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923093.00    | 0.59%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery                                                                                      | CUSIP: 61334PEV1<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107250.70   | 0.70%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218T52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006763.20   | 0.64%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $660062.70    | 0.42%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard, Series 2024                                                                             | CUSIP: 442599AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $777231.30    | 0.49%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 613347HX4<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $831755.50    | 0.53%             | 2044-07-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission                                                                          | CUSIP: 442577DT6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    750000 | PA      | $760476.60    | 0.48%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore, Series 2025                                                                            | CUSIP: 05923TDE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $477113.15    | 0.30%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Cheverly MD                                                                                       | Town of Cheverly                                                                                          | CUSIP: 16675BBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $487839.98    | 0.31%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2025                                                                       | CUSIP: 03588JLJ9<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562597.40   | 0.99%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $209667.55    | 0.13%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TVL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $594683.72    | 0.38%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2025                                                                       | CUSIP: 035898CG8<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971286.30    | 0.62%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2020 B                                  | CUSIP: 57421CJC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $833860.91    | 0.53%             | 2045-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CBT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $775884.75    | 0.49%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2025 D                                     | CUSIP: 57419UTD0<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024100.00   | 0.65%             | 2042-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 6133498R3<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    905000 | PA      | $973577.73    | 0.62%             | 2054-07-01      | Fixed         | 5.75%                 | 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        |    130000 | PA      | $123133.32    | 0.08%             | 2048-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                                         | Iowa Student Loan Liquidity Corp.                                                                         | CUSIP: 462590MT4<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |    115000 | PA      | $89511.85     | 0.06%             | 2044-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419TVF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $217674.45    | 0.14%             | 2033-03-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                                                    | Virginia Housing Development Authority, Series 2023 F                                                     | CUSIP: 92812WMR2<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506526.30    | 0.32%             | 2048-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                                       | Metropolitan Washington Airports Authority Dulles Toll Road                                               | CUSIP: 592643DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $429310.70    | 0.27%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VJN4<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215138.59    | 0.14%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419R6S9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $433286.97    | 0.28%             | 2049-07-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $63154.89     | 0.04%             | 2047-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority, Series 2018 A                                                                 | CUSIP: 574296BR9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1785164.72   | 1.14%             | 2035-05-01      | 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        |    485000 | PA      | $495376.62    | 0.32%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574217RK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1396223.21   | 0.89%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    160000 | PA      | $168590.56    | 0.11%             | 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        |    410000 | PA      | $343258.81    | 0.22%             | 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        |    250000 | PA      | $165937.50    | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority Sports Entertainment Facilities Revenue                                        | Maryland Stadium Authority Sports Entertainment Facilities Revenue, Series 2023 A                         | CUSIP: 57430AAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034419.30   | 0.66%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2023 C                                         | CUSIP: 613352CP6<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514683.95    | 0.33%             | 2053-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742162Z9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1288038.33   | 0.82%             | 2038-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     75390 | PA      | $74278.39     | 0.05%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VRL9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963507.90    | 0.61%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority                                                                                  | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $87600.00     | 0.06%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2025                                                          | CUSIP: 57405EAK6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498654.75    | 0.32%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  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   | 0.66%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PCA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85590.78     | 0.05%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                            | New Jersey Transportation Trust Fund Authority                                                            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     75000 | PA      | $87430.94     | 0.06%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2024D                                      | CUSIP: 57419UJD1<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |    975000 | PA      | $975000.00    | 0.62%             | 2026-04-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2023                                                                       | CUSIP: 03588JAY8<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1393211.60   | 0.89%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742184J9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1108365.50   | 0.71%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218V59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017720.60   | 0.65%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration Local Government Infrastructure                             | Maryland Community Development Administration Local Government Infrastructure                             | CUSIP: 574039QU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1230218.13   | 0.78%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Washington MD                                                                                   | County of Washington                                                                                      | CUSIP: 937752AR4<br>LEI: 54930082U8LWBDMHXX31 | Long             | DBT              | MUN               | US        |    575000 | PA      | $608908.61    | 0.39%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05923TBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503356.90    | 0.32%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025 C                                  | CUSIP: 57421CKY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261626.43    | 0.17%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1094371.76   | 0.70%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                                  | Public Finance Authority, Series 2025                                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    610000 | PA      | $622492.92    | 0.40%             | 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        |    325000 | PA      | $259627.13    | 0.17%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                                            | Tennergy Corp.                                                                                            | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    410000 | PA      | $435837.79    | 0.28%             | 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      | $258030.30    | 0.16%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296BU2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514521.00    | 0.33%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2024                                    | CUSIP: 57421CGA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980630.40    | 0.62%             | 2047-06-01      | Fixed         | 5.50%                 | 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        |    915000 | PA      | $963358.39    | 0.61%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                                 | New York Transportation Development Corp., Series 2023                                                    | CUSIP: 650116GZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $649963.25    | 0.41%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City of Hyattsville MD                                                                                    | City of Hyattsville, Series 2024                                                                          | CUSIP: 448600BL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961273.90    | 0.61%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration, Series 2023E                                               | CUSIP: 57419T6V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009531.20   | 0.64%             | 2048-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2023 A                                         | CUSIP: 613352BX0<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $486448.90    | 0.31%             | 2053-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574296DU0<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $477386.20    | 0.30%             | 2054-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2026                                                                       | CUSIP: 035898CV5<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |    425000 | PA      | $443604.25    | 0.28%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    267000 | PA      | $246520.59    | 0.16%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    130000 | PA      | $131491.87    | 0.08%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockville MD                                                                                      | City of Rockville                                                                                         | CUSIP: 774223BV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $346025.37    | 0.22%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2024                                    | CUSIP: 57421CGK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $772699.73    | 0.49%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571LBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $814401.05    | 0.52%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2025A                                                         | CUSIP: 57420VTP8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072393.30   | 0.68%             | 2064-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Spartanburg Regional Health Services District                                                             | Spartanburg Regional Health Services District                                                             | CUSIP: 847113CG0<br>LEI: 549300CVHLQ72HQF3340 | Long             | DBT              | MUN               | US        |    630000 | PA      | $585958.02    | 0.37%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's, Series 2025 A                                                                  | CUSIP: 741702DT8<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1607726.55   | 1.02%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025                                    | CUSIP: 57421CKB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010086.30   | 0.64%             | 2055-07-01      | 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        |     55000 | PA      | $55071.52     | 0.04%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore, Series 2019 A                                                                          | CUSIP: 05922KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1392087.02   | 0.89%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Clair County Board of Education                                                                        | St Clair County Board of Education                                                                        | CUSIP: 788216EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $462144.60    | 0.29%             | 2048-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218E74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $450257.67    | 0.29%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Power Agency                                                                              | Texas Municipal Power Agency                                                                              | CUSIP: 882555ZR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $486362.87    | 0.31%             | 2033-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                               | Metropolitan Washington Airports Authority Aviation, Series 2009D-2                                       | CUSIP: 592646N25<br>LEI: N/A                  | Long             |  | MUN               | US        |    340000 | PA      | $340000.00    | 0.22%             | 2039-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2024                                                          | CUSIP: 57420PHE9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1956308.20   | 1.24%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2023 C                                         | CUSIP: 613352CN1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076666.80   | 0.69%             | 2048-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464641.70    | 0.30%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation, Series 2024 A                                             | CUSIP: 57421FBW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032954.50   | 0.66%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2024                                                          | CUSIP: 57420VTK9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $763050.68    | 0.49%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                                          | Kentucky Public Energy Authority, Series 2025B                                                            | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    715000 | PA      | $721581.15    | 0.46%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2026A                                          | CUSIP: 613347TL7<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    750000 | PA      | $742211.70    | 0.47%             | 2051-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    332000 | PA      | $255096.81    | 0.16%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742188B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1260651.72   | 0.80%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                                     | Metropolitan Transportation Authority                                                                     | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909659.10    | 0.58%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2026A                                   | CUSIP: 57421CNQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554150.45   | 0.99%             | 2051-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                                         | State of Illinois                                                                                         | CUSIP: 4521527F2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     95000 | PA      | $87699.27     | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PTH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1424096.70   | 0.91%             | 2048-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     31997 | PA      | $30893.93     | 0.02%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    151000 | PA      | $52908.18     | 0.03%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                                          | Washington Metropolitan Area Transit Authority Dedicated                                                  | CUSIP: 93878YCN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1607187.60   | 1.02%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742182P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756565.73    | 0.48%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     43504 | PA      | $40259.42     | 0.03%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    160000 | PA      | $157681.28    | 0.10%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation, Series 2024 A                                             | CUSIP: 57421FBX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023701.30   | 0.65%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                                                      | Guam Government Waterworks Authority                                                                      | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    105000 | PA      | $105064.63    | 0.07%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 35571LCD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $145345.16    | 0.09%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                                      | District of Columbia                                                                                      | CUSIP: 25483VUV4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236948.60    | 0.15%             | 2039-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218M42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500503.60    | 0.32%             | 2045-01-01      | 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        |    665000 | PA      | $697466.70    | 0.44%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                                                            | Tender Option Bond Trust Receipts                                                                         | CUSIP: 88035JVS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $814347.15    | 0.52%             | 2051-06-01      | Variable      | 6.09%                 | 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        |   1817000 | PA      | $1727325.78   | 1.10%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 613347LE1<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $974105.55    | 0.62%             | 2036-07-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 442599AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $278696.58    | 0.18%             | 2047-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GM5<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    440000 | PA      | $447843.97    | 0.28%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705JG3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895365.80    | 0.57%             | 2038-10-01      | Fixed         | 3.00%                 | 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        |    225000 | PA      | $235402.94    | 0.15%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority                                                            | CUSIP: 938782GN3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    440000 | PA      | $447494.17    | 0.28%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                                         | Territory of Guam                                                                                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |     75000 | PA      | $71357.04     | 0.05%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742185T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995170.90    | 0.63%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp., Series 2025A                                                         | CUSIP: 57420PJA5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066416.60   | 1.31%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                                                     | Toll Road Investors Partnership II LP                                                                     | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    186577 | PA      | $64135.92     | 0.04%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Department of Housing & Community Development                                                    | Maryland Department of Housing & Community Development, Series 2024 E                                     | CUSIP: 57419UMP0<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1076506.43   | 0.68%             | 2055-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     53375 | PA      | $38735.98     | 0.02%             | 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        |    540000 | PA      | $470440.93    | 0.30%             | 2052-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                              | Mississippi Development Bank                                                                              | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50868.50     | 0.03%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2025A                                          | CUSIP: 613350BZ9<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021211.30   | 0.65%             | 2050-07-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                                            | State of Maryland Department of Transportation                                                            | CUSIP: 574204R96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482997.50    | 0.31%             | 2033-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                                         | City & County of Denver                                                                                   | CUSIP: 249182QY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $55881.21     | 0.04%             | 2053-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                                       | County of Howard                                                                                          | CUSIP: 44256PN58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $842696.43    | 0.54%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742184G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1406792.17   | 0.90%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                                 | County of Anne Arundel, Series 2026                                                                       | CUSIP: 035898CU7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |    430000 | PA      | $459894.63    | 0.29%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission                                                        | CUSIP: 61334MVE7<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014263.20   | 0.65%             | 2037-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                                       | Virginia College Building Authority                                                                       | CUSIP: 9277817L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $95951.38     | 0.06%             | 2035-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| County of Montgomery MD                                                                                   | County of Montgomery, Series 2015MD                                                                       | CUSIP: 61336PET4<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    415000 | PA      | $390277.04    | 0.25%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                                    | County of Baltimore                                                                                       | CUSIP: 059151CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910327.20    | 0.58%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                                              | County of Prince George's                                                                                 | CUSIP: 741705HL4<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524666.75   | 0.97%             | 2048-10-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $895937.00    | 0.57%             | 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        |     90000 | PA      | $91080.21     | 0.06%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                                             | Maryland Community Development Administration                                                             | CUSIP: 57419RZ65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445565.40    | 0.28%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                                        | New York State Dormitory Authority                                                                        | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $441635.25    | 0.28%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Montgomery County Housing Opportunities Commission                                                        | Montgomery County Housing Opportunities Commission, Series 2025A                                          | CUSIP: 613350BY2<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512114.45    | 0.33%             | 2045-07-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 57421CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $869855.80    | 0.55%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420MAS2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1040054.84   | 0.66%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                                            | Minnesota Municipal Gas Agency, Series 2026A                                                              | CUSIP: 60406XAJ0<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |    585000 | PA      | $602742.93    | 0.38%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 574218Y80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $759511.13    | 0.48%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                                   | New York City Housing Development Corp.                                                                   | CUSIP: 64972EA74<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    685000 | PA      | $484802.31    | 0.31%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                                       | Maryland Economic Development Corp.                                                                       | CUSIP: 57420VPB3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $751890.90    | 0.48%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                                   | Puerto Rico Sales Tax Financing Corp. Sales Tax                                                           | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     75000 | PA      | $73913.10     | 0.05%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Matching Fund Special Purpose Securitization Corp.                                                        | Matching Fund Special Purpose Securitization Corp.                                                        | CUSIP: 57665NAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |     40000 | PA      | $40207.20     | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority, Series 2025                                    | CUSIP: 57421CKA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025953.80   | 0.65%             | 2050-07-01      | 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: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     81000 | PA      | $75426.26     | 0.05%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05921PCF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $69255.95     | 0.04%             | 2042-09-01      | Fixed         | 5.00%                 | 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        |    435000 | PA      | $422693.59    | 0.27%             | 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        |     41476 | PA      | $41400.01     | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742182G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490022.80    | 0.31%             | 2044-07-01      | Fixed         | 5.00%                 | 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        |     50000 | PA      | $46123.57     | 0.03%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission                                                                          | CUSIP: 442577BG6<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500247.90    | 0.32%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                            | Washington Metropolitan Area Transit Authority, Series 2018                                               | CUSIP: 938782GP8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1155596.68   | 0.74%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                                      | City of Baltimore                                                                                         | CUSIP: 05923TCY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $260700.21    | 0.17%             | 2046-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Montgomery County Revenue Authority                                                                       | Montgomery County Revenue Authority                                                                       | CUSIP: 61336RBV8<br>LEI: 549300JQFJ2YGGW7AW57 | Long             | DBT              | MUN               | US        |    415000 | PA      | $415426.79    | 0.26%             | 2036-11-01      | 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        |    720000 | PA      | $761620.18    | 0.48%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                                 | Maryland Health & Higher Educational Facilities Authority                                                 | CUSIP: 5742188D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518625.15    | 0.33%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                                   | Washington Suburban Sanitary Commission, Series 2025                                                      | CUSIP: 940158JV1<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940380.10    | 0.60%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    150243 | PA      | $128933.75    | 0.08%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Frederick MD                                                                                    | County of Frederick                                                                                       | CUSIP: 355612AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246581.18    | 0.16%             | 2043-07-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                                        | New York Liberty Development Corp.                                                                        | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240006.58    | 0.15%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Stadium Authority                                                                                | Maryland Stadium Authority                                                                                | CUSIP: 574294AV6<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1314577.29   | 0.84%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                                               | Commonwealth of Puerto Rico                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    159759 | PA      | $107038.53    | 0.07%             | 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        |    121739 | PA      | $132910.04    | 0.08%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Howard County Housing Commission                                                                          | Howard County Housing Commission, Series 2024                                                             | CUSIP: 442577ET5<br>LEI: 5493007CCS6UI1IIE878 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520823.95    | 0.33%             | 2043-12-01      | 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