# EDGAR Filing Document

**Accession Number:** 0000751656
**File Stem:** 0002071691-26-004593
**Filing Date:** 2026-2
**Character Count:** 129937
**Document Hash:** 6c73acb2550c2f8cca50a877109308e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-004593.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-004593

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04096
- **FILM NUMBER:** 26679554

**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 New York Municipal Bond Fund (Series ID: S000002522)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006959 | A            | MSNYX           |
| C000006960 | B            | MBNYX           |
| C000006961 | C            | MCNYX           |
| C000169759 | I            | MNYLX           |
| C000194228 | R6           | MPNYX           |

## Nport-Ex

MNY-Q3

![](img3fc902b51.gif)

**Quarterly Report**

December 31, 2025

MFS<sup>®</sup> New York <br>Municipal Bond Fund

![](imgaa72e9e42.gif)

------

**Portfolio of Investments**

12/31/25 (unaudited)

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

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 94.7%  | Municipal Bonds – 94.7%  | Municipal Bonds – 94.7%  |
| Airport Revenue – 7.2% | Airport Revenue – 7.2% | Airport Revenue – 7.2% |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), "A", <br> 5.5%, 12/31/2060 <br>| $1500000 | &nbsp;&nbsp;&nbsp; $1516183 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), "A", AGM, <br> 5.25%, 12/31/2054 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 2027595 |
| New York Transportation Development Corp., Special Facilities Rev. (JFK Airport Terminal 6 Redevelopment Project), Capital <br> Appreciation, "B", AGM, 0%, 12/31/2054 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 970481 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), 6%, 6/30/2054 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1033607 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.125%, 6/30/2060 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 2008323 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One <br> Project), AGM, 5.25%, 6/30/2060 <br>| 1810000 | &nbsp;&nbsp;&nbsp; 1834910 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport Terminal B Redevelopment Project), "A", <br> 5%, 7/01/2034 <br>| 900000 | &nbsp;&nbsp;&nbsp; 900617 |
| New York Transportation Development Corp., Special Facilities Rev. (LaGuardia Airport, Terminal B Redevelopment), "A", AGM, <br> 4%, 7/01/2031 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 999995 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), <br> "A", 4%, 12/01/2040 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1447870 |
| Niagara, NY, Frontier Transportation Authority Rev. (Buffalo-Niagara International Airport), "A", 5%, 4/01/2038  | 750000 | &nbsp;&nbsp;&nbsp; 768828 |
|  |  | &nbsp;&nbsp;&nbsp; $13508409 |
| General Obligations - General Purpose – 3.4% | General Obligations - General Purpose – 3.4% | General Obligations - General Purpose – 3.4% |
| Bridgeview, IL, Stadium & Redevelopment Projects, Taxable, AAC, 5.14%, 12/01/2036  | $615000 | &nbsp;&nbsp;&nbsp; $575225 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 5.75%, 7/01/2031  | 114620 | &nbsp;&nbsp;&nbsp; 125922 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2033  | 108689 | &nbsp;&nbsp;&nbsp; 108657 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2035  | 184514 | &nbsp;&nbsp;&nbsp; 181319 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2037  | 83850 | &nbsp;&nbsp;&nbsp; 81284 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2041  | 114004 | &nbsp;&nbsp;&nbsp; 105408 |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A", 4%, 7/01/2046  | 354563 | &nbsp;&nbsp;&nbsp; 309338 |
| Commonwealth of Puerto Rico, General Obligation Restructured, Capital Appreciation, "A", 0%, 7/01/2033  | 139873 | &nbsp;&nbsp;&nbsp; 101218 |
| New York General Obligation, "D", 5.25%, 10/01/2047  | 2000000 | &nbsp;&nbsp;&nbsp; 2121090 |
| New York, NY, "B-1", 3%, 10/01/2044  | 1825000 | &nbsp;&nbsp;&nbsp; 1449085 |
| New York, NY, "J", FGIC, 5.5%, 2/15/2026  | 5000 | &nbsp;&nbsp;&nbsp; 5011 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 215000 | &nbsp;&nbsp;&nbsp; 230056 |
| State of Illinois, General Obligation, 5.75%, 5/01/2045  | 200000 | &nbsp;&nbsp;&nbsp; 210993 |
| Yonkers, NY, General Obligation, "F", BAM, 5%, 11/15/2042  | 750000 | &nbsp;&nbsp;&nbsp; 804634 |
|  |  | &nbsp;&nbsp;&nbsp; $6409240 |
| Healthcare Revenue - Hospitals – 14.5% | Healthcare Revenue - Hospitals – 14.5% | Healthcare Revenue - Hospitals – 14.5% |
| Albany, NY, Capital Resource Corp., Tax-Exempt Rev. (Albany Medical Center Hospital Project), "A", 5.25%, 5/01/2050  | $5000000 | &nbsp;&nbsp;&nbsp; $5194200 |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2026  | 450000 | &nbsp;&nbsp;&nbsp; 449993 |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2027  | 300000 | &nbsp;&nbsp;&nbsp; 299984 |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Catholic Health System, Inc. Project), 5%, 7/01/2029  | 590000 | &nbsp;&nbsp;&nbsp; 589964 |
| California Health Facilities Financing Authority Rev. (Cedars-Sinai Health System), "A", 5%, 8/15/2051  | 1000000 | &nbsp;&nbsp;&nbsp; 1041202 |
| Dutchess County, NY, Local Development Corp. Rev. (Health Quest Systems, Inc. Project), 4%, 7/01/2041  | 1605000 | &nbsp;&nbsp;&nbsp; 1534399 |
| Genesee County, NY, Funding Corp. Rev. (Rochester Regional Health Energy Projects), 5.25%, 12/01/2050  | 1500000 | &nbsp;&nbsp;&nbsp; 1535054 |
| Jefferson County, NY, Civic Development Corp. Rev. (Samaritan Medical Center), "A", 5%, 11/01/2037  | 2000000 | &nbsp;&nbsp;&nbsp; 2003122 |
| Monroe County, NY, Industrial Development Corp. Rev. (Rochester General Hospital Project), 5%, 12/01/2046  | 2000000 | &nbsp;&nbsp;&nbsp; 1973722 |
| New York Dormitory Authority Rev. (Montefiore Obligated Group), "A", 4%, 9/01/2050  | 1500000 | &nbsp;&nbsp;&nbsp; 1257280 |
| New York Dormitory Authority Rev. (Northwell Health Obligated Group), "A", 4.25%, 5/01/2052  | 2000000 | &nbsp;&nbsp;&nbsp; 1833287 |
| New York Dormitory Authority Rev. (Roswell Park Cancer Institute Obligated Group), "A", AGM, 5.5%, 7/01/2055  | 1500000 | &nbsp;&nbsp;&nbsp; 1604937 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.5%, 10/01/2054  | 3500000 | &nbsp;&nbsp;&nbsp; 3737559 |
| Westchester County, NY, Health Care Corp. Rev., "B", 6%, 11/01/2030  | 110000 | &nbsp;&nbsp;&nbsp; 110028 |
| Westchester County, NY, Local Development Corp. Rev. (New York Blood Center Project), 5%, 7/01/2038  | 1000000 | &nbsp;&nbsp;&nbsp; 1078604 |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, <br> 5%, 11/01/2051 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1528166 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued | Healthcare Revenue - Hospitals – continued |
| Westchester County, NY, Local Development Corp. Rev. (Westchester Medical Center Obligated Group Project), AGM, <br> 5.75%, 11/01/2053 <br>| $1500000 | &nbsp;&nbsp;&nbsp; $1615335 |
|  |  | &nbsp;&nbsp;&nbsp; $27386836 |
| Healthcare Revenue - Long Term Care – 2.4% | Healthcare Revenue - Long Term Care – 2.4% | Healthcare Revenue - Long Term Care – 2.4% |
| Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), <br> 5.25%, 11/01/2036 <br>| $1000000 | &nbsp;&nbsp;&nbsp; $1011538 |
| Brookhaven, NY, Local Development Corp. Rev. (Active Retirement Community, Inc. d/b/a/ Jefferson's Ferry Project), "A", <br> 4%, 11/01/2045 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1785332 |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Orchard Park CCRC, Inc. Project), 5%, 11/15/2037  | 750000 | &nbsp;&nbsp;&nbsp; 750545 |
| Tompkins County, NY, Development Corp. Continuing Care Retirement Community Rev. (Kendal at Ithaca, Inc. Project), "A", <br> 5%, 7/01/2044 <br>| 915000 | &nbsp;&nbsp;&nbsp; 915181 |
|  |  | &nbsp;&nbsp;&nbsp; $4462596 |
| Industrial Revenue - Airlines – 3.4% | Industrial Revenue - Airlines – 3.4% | Industrial Revenue - Airlines – 3.4% |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport <br> Project), 3%, 8/01/2031 <br>| $1500000 | &nbsp;&nbsp;&nbsp; $1423138 |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport <br> Project), 5%, 8/01/2031 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1001060 |
| New York Transportation Development Corp., Special Facilities Rev. (American Airlines, Inc. John F. Kennedy International Airport <br> Project), 5.375%, 8/01/2036 <br>| 1035000 | &nbsp;&nbsp;&nbsp; 1079901 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5.625%, 4/01/2040 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1573784 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 4.375%, 10/01/2045 <br>| 1500000 | &nbsp;&nbsp;&nbsp; 1396757 |
|  |  | &nbsp;&nbsp;&nbsp; $6474640 |
| Industrial Revenue - Environmental Services – 0.4% | Industrial Revenue - Environmental Services – 0.4% | Industrial Revenue - Environmental Services – 0.4% |
| New York Environmental Facilities Corp. Rev., Solid Waste Disposal (Casella Waste Management, Inc. Project), <br> 4.25%, 9/01/2050 (Put Date 9/03/2030) (n)<br>| $750000 | &nbsp;&nbsp;&nbsp; $753367 |
| Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% | Industrial Revenue - Other – 0.1% |
| Port Beaumont, TX, Navigation District, Dock & Wharf Facility Rev. (Jefferson Gulf Coast Energy Project), "A", <br> 2.875%, 1/01/2041 (n)<br>| $255000 | &nbsp;&nbsp;&nbsp; $188328 |
| Miscellaneous Revenue - Other – 5.5% | Miscellaneous Revenue - Other – 5.5% | Miscellaneous Revenue - Other – 5.5% |
| Battery Park, NY, Authority Senior Rev., "A", 5%, 11/01/2053  | $2000000 | &nbsp;&nbsp;&nbsp; $2081930 |
| Build NYC Resource Corp., Senior Airport Facilities Rev. (TRIPS Obligated Group), 5.5%, 7/01/2055  | 1000000 | &nbsp;&nbsp;&nbsp; 1033062 |
| New York City, NY, Convention Center Development Corp., Capital Appreciation, "B", AGM, 0%, 11/15/2043  | 680000 | &nbsp;&nbsp;&nbsp; 300367 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "1", 5%, 11/15/2044 (n) | 1940000 | &nbsp;&nbsp;&nbsp; 1936905 |
| New York Liberty Development Corp., Liberty Rev. (3 World Trade Center Project), "2", 5.375%, 11/15/2040 (n) | 1500000 | &nbsp;&nbsp;&nbsp; 1499908 |
| New York, NY, Industrial Development Agency, Airport Facilities Rev. (Transportation Infrastructure Properties LLC), <br> 5%, 7/01/2028 <br>| 1660000 | &nbsp;&nbsp;&nbsp; 1660339 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2034  | 750000 | &nbsp;&nbsp;&nbsp; 574969 |
| Syracuse, NY, Industrial Development Agency PILOT Rev. (Carousel Center Project), "A", 5%, 1/01/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 757328 |
| Virgin Islands Hotel Development Financing Corp. Rev., Taxable (Frenchman's Reef Hotel), "A-1", 6%, 12/01/2055 (w) | 515000 | &nbsp;&nbsp;&nbsp; 506057 |
| Virgin Islands Matching Fund Special Purpose Securitization Corp., "A", 5%, 10/01/2026  | 90000 | &nbsp;&nbsp;&nbsp; 90802 |
|  |  | &nbsp;&nbsp;&nbsp; $10441667 |
| Multi-Family Housing Revenue – 14.0% | Multi-Family Housing Revenue – 14.0% | Multi-Family Housing Revenue – 14.0% |
| Erie County, NY, Industrial Development Agency Multi-Family (Westchester Park Preservation LP Project), FNMA, <br> 4.25%, 2/01/2041 <br>| $1960000 | &nbsp;&nbsp;&nbsp; $1935486 |
| Monroe County, NY, Industrial Development Agency Multi-Family Mortgage (Andrews Terrace Community Partners LP Project), <br> "A", FNMA, 4.72%, 1/01/2044 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 2015379 |
| Monroe County, NY, Industrial Development Agency Multi-Family Mortgage (Keeler Park Coummunity Partners LP Project), <br> 4.84%, 11/01/2040 <br>| 616295 | &nbsp;&nbsp;&nbsp; 652656 |
| National Finance Authority, NH, Municipal Certificates, "1-A", 4.375%, 9/20/2036  | 632864 | &nbsp;&nbsp;&nbsp; 644249 |
| New York Housing Finance Agency Affordable Housing Rev. (Climate Bond), "B", 3.7%, 11/01/2038  | 340000 | &nbsp;&nbsp;&nbsp; 336426 |
| New York Housing Finance Agency Affordable Housing Rev., "F-1", 5.1%, 11/01/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 1021879 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued | Multi-Family Housing Revenue – continued |
| New York Housing Finance Agency Affordable Housing Rev., "F-1", 5.15%, 11/01/2057  | $1200000 | &nbsp;&nbsp;&nbsp; $1218765 |
| New York Housing Finance Agency Affordable Housing Rev., "G-1", HUD Section 8, 4.625%, 11/01/2042  | 350000 | &nbsp;&nbsp;&nbsp; 359416 |
| New York Housing Finance Agency Affordable Housing Rev., "G-1", HUD Section 8, 4.8%, 11/01/2047  | 1000000 | &nbsp;&nbsp;&nbsp; 1006214 |
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., "D-1", 4.5%, 11/01/2054  | 500000 | &nbsp;&nbsp;&nbsp; 482929 |
| New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "F", 5.25%, 12/15/2031 (n) | 500000 | &nbsp;&nbsp;&nbsp; 515696 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "D-2", <br> 4.45%, 11/01/2049 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 985261 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "F-1", <br> 4.6%, 11/01/2042 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 1015499 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "F-1", <br> 4.75%, 11/01/2047 <br>| 500000 | &nbsp;&nbsp;&nbsp; 497672 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "F-1", <br> 4.85%, 11/01/2052 <br>| 500000 | &nbsp;&nbsp;&nbsp; 500698 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Development Bonds), "G", FHA, <br> 2.45%, 11/01/2045 <br>| 2235000 | &nbsp;&nbsp;&nbsp; 1575562 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), "A-3-A", <br> 3.8%, 11/01/2039 <br>| 1730000 | &nbsp;&nbsp;&nbsp; 1692897 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev. (Sustainable Neighborhood Bonds), "C-1-A", <br> 3.95%, 11/01/2048 <br>| 2610000 | &nbsp;&nbsp;&nbsp; 2363148 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev., "C-1", 4.25%, 11/01/2052  | 1500000 | &nbsp;&nbsp;&nbsp; 1435661 |
| New York, NY, Housing Development Corp., Multi-Family Housing Rev., "F-1", 2.25%, 11/01/2041  | 1535000 | &nbsp;&nbsp;&nbsp; 1169859 |
| New York, NY, Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "D", 4%, 12/15/2031  | 1000000 | &nbsp;&nbsp;&nbsp; 1026063 |
| Riverhead, NY, IDA Economic Job Development Corp. Multi-Family (River Pointe Apartments Project), FNMA, 4.5%, 2/01/2041  | 1970291 | &nbsp;&nbsp;&nbsp; 1990937 |
| Westchester County, NY, Industrial Development Agency, Multi-Family Housing Rev. (Armory Plaza Housing LP Project), <br> 4.3%, 6/01/2046 (Put Date 5/01/2041) <br>| 1970000 | &nbsp;&nbsp;&nbsp; 1969852 |
|  |  | &nbsp;&nbsp;&nbsp; $26412204 |
| Port Revenue – 2.0% | Port Revenue – 2.0% | Port Revenue – 2.0% |
| New York Liberty Development Corp., Liberty Refunding Rev. (1 World Trade Center Project), 2.75%, 2/15/2044  | $2000000 | &nbsp;&nbsp;&nbsp; $1519341 |
| Port Authority of NY & NJ (221st Series), 4%, 7/15/2055  | 2485000 | &nbsp;&nbsp;&nbsp; 2167700 |
|  |  | &nbsp;&nbsp;&nbsp; $3687041 |
| Sales & Excise Tax Revenue – 2.9% | Sales & Excise Tax Revenue – 2.9% | Sales & Excise Tax Revenue – 2.9% |
| Guam Government Business Privilege Tax Refunding Rev., "F", 4%, 1/01/2042  | $185000 | &nbsp;&nbsp;&nbsp; $178369 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "2019A-2", 4.536%, 7/01/2053  | 4000 | &nbsp;&nbsp;&nbsp; 3623 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.55%, 7/01/2040  | 63000 | &nbsp;&nbsp;&nbsp; 63023 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 4.75%, 7/01/2053  | 200000 | &nbsp;&nbsp;&nbsp; 188513 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-1", 5%, 7/01/2058  | 1582000 | &nbsp;&nbsp;&nbsp; 1523079 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 451000 | &nbsp;&nbsp;&nbsp; 441251 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 210000 | &nbsp;&nbsp;&nbsp; 205460 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.784%, 7/01/2058  | 635000 | &nbsp;&nbsp;&nbsp; 592857 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2029  | 17000 | &nbsp;&nbsp;&nbsp; 15099 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2031  | 942000 | &nbsp;&nbsp;&nbsp; 773918 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 904000 | &nbsp;&nbsp;&nbsp; 684547 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2046  | 416000 | &nbsp;&nbsp;&nbsp; 138952 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev. (American Dream at Meadowlands Project), "A", <br> 6.25%, 8/01/2027 (a)(d)(n)<br>| 445000 | &nbsp;&nbsp;&nbsp; 356000 |
| Wisconsin Public Finance Authority, Limited Obligation Grant Rev., Taxable (American Dream at Meadowlands Project), "A", <br> 5.625%, 8/01/2024 (a)(d)(n)<br>| 255000 | &nbsp;&nbsp;&nbsp; 229500 |
|  |  | &nbsp;&nbsp;&nbsp; $5394191 |
| Secondary Schools – 4.4% | Secondary Schools – 4.4% | Secondary Schools – 4.4% |
| Buffalo & Erie County, NY, Industrial Land Development Corp. Rev. (Charter School for Applied Technologies Project), "A", <br> 5%, 6/01/2035 <br>| $1000000 | &nbsp;&nbsp;&nbsp; $1017710 |
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2029  | 320000 | &nbsp;&nbsp;&nbsp; 320353 |
| Build NYC Resource Corp. Rev. (Academic Leadership Charter School Project), 4%, 6/15/2036  | 400000 | &nbsp;&nbsp;&nbsp; 391433 |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "A", 5%, 7/01/2042  | 550000 | &nbsp;&nbsp;&nbsp; 554575 |
| Build NYC Resource Corp. Rev. (Grand Concourse Academy Charter School Project), "A", 5%, 7/01/2056  | 550000 | &nbsp;&nbsp;&nbsp; 525324 |
| Build NYC Resource Corp. Rev. (International Leadership Charter School Project), 6%, 7/01/2043  | 750000 | &nbsp;&nbsp;&nbsp; 750075 |
| Build NYC Resource Corp. Rev. (KIPP NYC Public Schools Facilities - Canal West Project), 5.25%, 7/01/2052  | 2000000 | &nbsp;&nbsp;&nbsp; 1992046 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Secondary Schools – continued | Secondary Schools – continued | Secondary Schools – continued |
| Build NYC Resource Corp. Rev. (Packer Collegiate Institute Project), 5%, 6/01/2040  | $675000 | &nbsp;&nbsp;&nbsp; $675648 |
| Build NYC Resource Corp. Rev. (Success Academy Charter Schools Project), 4%, 9/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 938702 |
| Nassau County, NY, Local Economic Assistance Corp., Educational Rev., Taxable (Friends of Roosevelt Children's Academy <br> Charter School, Inc. Project), "A", 5%, 7/01/2055 <br>| 1000000 | &nbsp;&nbsp;&nbsp; 971726 |
| Rensselaer County, NY, Industrial Development Agency, Civic Facility Rev. (Emma Willard School Refunding Project), <br> 5%, 1/01/2036 <br>| 240000 | &nbsp;&nbsp;&nbsp; 240411 |
|  |  | &nbsp;&nbsp;&nbsp; $8378003 |
| Single Family Housing - State – 2.6% | Single Family Housing - State – 2.6% | Single Family Housing - State – 2.6% |
| New York Mortgage Agency Homeowner Mortgage Rev., "211", 3.8%, 10/01/2048  | $345000 | &nbsp;&nbsp;&nbsp; $306679 |
| New York Mortgage Agency Homeowner Mortgage Rev., "212", 3.7%, 10/01/2033  | 335000 | &nbsp;&nbsp;&nbsp; 334725 |
| New York Mortgage Agency Homeowner Mortgage Rev., "217", 3.625%, 4/01/2039  | 355000 | &nbsp;&nbsp;&nbsp; 349688 |
| New York Mortgage Agency Homeowner Mortgage Rev., "264", 4.6%, 10/01/2054  | 1000000 | &nbsp;&nbsp;&nbsp; 992442 |
| New York Mortgage Agency Homeowner Mortgage Rev., "266", 4.7%, 10/01/2052  | 1000000 | &nbsp;&nbsp;&nbsp; 1004360 |
| New York Mortgage Agency Homeowner Mortgage Rev., "258", 4.45%, 10/01/2044  | 1000000 | &nbsp;&nbsp;&nbsp; 1003939 |
| New York Mortgage Agency Homeowner Mortgage Rev., "258", 4.6%, 10/01/2049  | 1000000 | &nbsp;&nbsp;&nbsp; 982861 |
|  |  | &nbsp;&nbsp;&nbsp; $4974694 |
| State & Local Agencies – 4.9% | State & Local Agencies – 4.9% | State & Local Agencies – 4.9% |
| Albany, NY, Capital Resource Corp., Tax Exempt Lease Rev. (Albany Convention Center Authority Project), 5%, 3/01/2050  | $2000000 | &nbsp;&nbsp;&nbsp; $2032067 |
| Build NYC Resource Corp. Rev. (Urban Resource Institute Project), "A", 5.5%, 12/01/2056  | 1750000 | &nbsp;&nbsp;&nbsp; 1841811 |
| New Jersey Transportation Trust Fund Authority, "CC", 5.5%, 6/15/2050 (Prerefunded 12/15/2032)  | 125000 | &nbsp;&nbsp;&nbsp; 148907 |
| New York Dormitory Authority, State Personal Income Tax Rev., 3%, 3/15/2050  | 1225000 | &nbsp;&nbsp;&nbsp; 903486 |
| New York Dormitory Authority, State Personal Income Tax Rev. (General Purpose), "C", 5.25%, 3/15/2050  | 500000 | &nbsp;&nbsp;&nbsp; 531762 |
| Schenectady County, NY, Capital Resource Corp., Lease Rev. (One Broadway Center Project), "A", 5%, 1/01/2045  | 500000 | &nbsp;&nbsp;&nbsp; 525342 |
| Schenectady County, NY, Capital Resource Corp., Lease Rev. (One Broadway Center Project), "A", 5.25%, 1/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 1053754 |
| Yonkers, NY, Industrial Development Agency, School Facility Rev. (New Community School Project), 5%, 5/01/2042  | 2000000 | &nbsp;&nbsp;&nbsp; 2132330 |
|  |  | &nbsp;&nbsp;&nbsp; $9169459 |
| Tax - Other – 7.0% | Tax - Other – 7.0% | Tax - Other – 7.0% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2035  | $690000 | &nbsp;&nbsp;&nbsp; $705731 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5%, 4/01/2045  | 140000 | &nbsp;&nbsp;&nbsp; 140068 |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.75%, 4/01/2048  | 325000 | &nbsp;&nbsp;&nbsp; 341079 |
| Glen Cove, NY, Local Economic Assistance Corp. (Garvies Point Public Improvement Project), Capital Appreciation, "B", <br> 0%, 1/01/2045 <br>| 1780000 | &nbsp;&nbsp;&nbsp; 517823 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2036  | 100000 | &nbsp;&nbsp;&nbsp; 101049 |
| Guam Government Limited Obligation Rev., "A", 5%, 12/01/2046  | 300000 | &nbsp;&nbsp;&nbsp; 302269 |
| New York Transitional Finance Authority, Future Tax Secured Subordinate Bond, "C", 5%, 11/01/2045 (w) | 1000000 | &nbsp;&nbsp;&nbsp; 1059974 |
| New York, NY, Transitional Finance Authority Rev., "C-1", 4%, 5/01/2045  | 1800000 | &nbsp;&nbsp;&nbsp; 1688139 |
| New York, NY, Transitional Finance Authority, "B", 5.25%, 5/01/2055  | 2110000 | &nbsp;&nbsp;&nbsp; 2216106 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "A-1", 4%, 5/15/2046  | 2000000 | &nbsp;&nbsp;&nbsp; 1850235 |
| Triborough Bridge & Tunnel Authority Rev., NY, Payroll Mobility Tax (MTA Bridges and Tunnels), "B-1", 5.25%, 5/15/2054  | 2000000 | &nbsp;&nbsp;&nbsp; 2102517 |
| Triborough Bridge & Tunnel Authority Rev., NY, Real Estate Transfer Tax (MTA Bridges and Tunnels), "A", 5.25%, 12/01/2054  | 2000000 | &nbsp;&nbsp;&nbsp; 2108296 |
|  |  | &nbsp;&nbsp;&nbsp; $13133286 |
| Tobacco – 1.2% | Tobacco – 1.2% | Tobacco – 1.2% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 A-2, "1", 4%, 6/01/2048  | $695000 | &nbsp;&nbsp;&nbsp; $600041 |
| Buckeye, OH, Tobacco Settlement Financing Authority, Asset-Backed Refunding, 2020 B-2, "2", 5%, 6/01/2055  | 175000 | &nbsp;&nbsp;&nbsp; 141656 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B-1", 3.85%, 6/01/2050  | 495000 | &nbsp;&nbsp;&nbsp; 452406 |
| Tobacco Settlement Asset Securitization Corp., NY, "A", 5%, 6/01/2036  | 1000000 | &nbsp;&nbsp;&nbsp; 1013904 |
|  |  | &nbsp;&nbsp;&nbsp; $2208007 |
| Toll Roads – 1.1% | Toll Roads – 1.1% | Toll Roads – 1.1% |
| New York Thruway Authority General Rev., "P", 5.25%, 1/01/2054  | $2000000 | &nbsp;&nbsp;&nbsp; $2118095 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued  | Municipal Bonds – continued  | Municipal Bonds – continued  |
| Transportation - Special Tax – 5.4% | Transportation - Special Tax – 5.4% | Transportation - Special Tax – 5.4% |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 5%, 11/15/2033  | $1000000 | &nbsp;&nbsp;&nbsp; $1091272 |
| Metropolitan Transportation Authority, NY, Refunding Rev. (Climate Bond Certified), "E", 4%, 11/15/2045  | 1340000 | &nbsp;&nbsp;&nbsp; 1216826 |
| Metropolitan Transportation Authority, NY, Transportation Refunding Green Rev. (Climate Bond Certified), BAM, <br> 4%, 11/15/2048 <br>| 2000000 | &nbsp;&nbsp;&nbsp; 1812797 |
| Metropolitan Transportation Authority, NY, Transportation Rev., "B", BAM, 5%, 11/15/2052  | 3100000 | &nbsp;&nbsp;&nbsp; 3125805 |
| New York Metropolitan Transportation Authority Rev. (Green Bonds), "A-1", 4%, 11/15/2052  | 1830000 | &nbsp;&nbsp;&nbsp; 1598105 |
| New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 10/31/2046  | 1000000 | &nbsp;&nbsp;&nbsp; 889089 |
| New York Transportation Development Corp., Exempt Facility Rev. (State Thruway Service Areas Project), 4%, 4/30/2053  | 435000 | &nbsp;&nbsp;&nbsp; 369495 |
|  |  | &nbsp;&nbsp;&nbsp; $10103389 |
| Universities - Colleges – 5.4% | Universities - Colleges – 5.4% | Universities - Colleges – 5.4% |
| Albany, NY, Capital Resource Corp. Rev. (Albany College of Pharmacy Project), "A", 5%, 12/01/2033  | $125000 | &nbsp;&nbsp;&nbsp; $125079 |
| Build NYC Resource Corp. Rev. (Albert Einstein School of Medicine, Inc.), 5.5%, 9/01/2045 (n) | 780000 | &nbsp;&nbsp;&nbsp; 771391 |
| Hempstead, NY, Local Development Corp. Rev. (Hofstra University Project), "A", 3%, 7/01/2051  | 3000000 | &nbsp;&nbsp;&nbsp; 2148065 |
| Monroe County, NY, Industrial Development Corp. Rev. (St. John Fisher University Project), 5.25%, 6/01/2049  | 635000 | &nbsp;&nbsp;&nbsp; 669803 |
| Monroe County, NY, Industrial Development Corp. Rev. (St. John Fisher University Project), 5.25%, 6/01/2054  | 850000 | &nbsp;&nbsp;&nbsp; 884946 |
| New York Dormitory Authority Rev. (Iona University), AGM, 5%, 7/01/2051  | 1000000 | &nbsp;&nbsp;&nbsp; 1033068 |
| New York Dormitory Authority Rev. (New School), "A", 4.25%, 7/01/2050  | 1000000 | &nbsp;&nbsp;&nbsp; 897115 |
| New York Dormitory Authority Rev. (Pace University), "A", 5.5%, 5/01/2056  | 1000000 | &nbsp;&nbsp;&nbsp; 1028969 |
| New York Dormitory Authority, Institute of Technology Rev., 5.25%, 7/01/2049  | 1500000 | &nbsp;&nbsp;&nbsp; 1541873 |
| Oneida County, NY, Local Development Corp. Rev. (Hamilton College Project), 5%, 7/01/2051  | 750000 | &nbsp;&nbsp;&nbsp; 830022 |
| St. Lawrence County, NY, Industrial Development Agency, Civic Development Corp. Rev. (Clarkson University), "B", <br> 5%, 9/01/2039 <br>| 200000 | &nbsp;&nbsp;&nbsp; 202006 |
|  |  | &nbsp;&nbsp;&nbsp; $10132337 |
| Utilities - Municipal Owned – 0.3% | Utilities - Municipal Owned – 0.3% | Utilities - Municipal Owned – 0.3% |
| Puerto Rico Electric Power Authority Rev., "A", 5%, 7/01/2029 (a)(d) | $375000 | &nbsp;&nbsp;&nbsp; $250313 |
| Puerto Rico Electric Power Authority Rev., "CCC", 5.25%, 7/01/2027 (a)(d) | 250000 | &nbsp;&nbsp;&nbsp; 166875 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2034  | 30000 | &nbsp;&nbsp;&nbsp; 30423 |
| Puerto Rico Electric Power Authority Rev., "ZZ", 5.25%, 7/01/2023 (a)(d) | 180000 | &nbsp;&nbsp;&nbsp; 120150 |
|  |  | &nbsp;&nbsp;&nbsp; $567761 |
| Utilities - Other – 2.8% | Utilities - Other – 2.8% | Utilities - Other – 2.8% |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029)  | $525000 | &nbsp;&nbsp;&nbsp; $537271 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "C-1", 5.25%, 2/01/2053 (Put Date 6/01/2029)  | 1265000 | &nbsp;&nbsp;&nbsp; 1335591 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5.25%, 1/01/2054 (Put Date <br> 10/01/2031) <br>| 1210000 | &nbsp;&nbsp;&nbsp; 1285675 |
| Public Authority for Colorado Energy Natural Gas Purchase Rev., 6.5%, 11/15/2038  | 1085000 | &nbsp;&nbsp;&nbsp; 1310021 |
| Tennergy Corp., TN, Gas Supply Rev., "A", 5.5%, 10/01/2053 (Put Date 12/01/2030)  | 705000 | &nbsp;&nbsp;&nbsp; 756197 |
|  |  | &nbsp;&nbsp;&nbsp; $5224755 |
| Water & Sewer Utility Revenue – 3.8% | Water & Sewer Utility Revenue – 3.8% | Water & Sewer Utility Revenue – 3.8% |
| Buffalo, NY, Municipal Water Finance Authority, Water System Rev., "A", AGM, 4%, 7/01/2046  | $1500000 | &nbsp;&nbsp;&nbsp; $1438527 |
| Great Neck North, NY, Water Authority System Rev., 3%, 11/01/2044  | 1340000 | &nbsp;&nbsp;&nbsp; 1103152 |
| Guam Waterworks Authority Rev. (Water and Wastewater System), "A", 5%, 1/01/2050  | 345000 | &nbsp;&nbsp;&nbsp; 347021 |
| Mississippi Development Bank, Special Obligation (Jackson Water and Sewer System Rev. Bond Project), AGM, <br> 6.875%, 12/01/2040 <br>| 100000 | &nbsp;&nbsp;&nbsp; 101642 |
| New York, NY, Municipal Finance Authority, Water & Sewer System Second General Resolution Rev., "AA1", 5.25%, 6/15/2053  | 2000000 | &nbsp;&nbsp;&nbsp; 2111417 |
| New York, NY, Municipal Water Finance Authority, Water & Sewer System Rev., "AA-1", 5.25%, 6/15/2055 (u) | 1000000 | &nbsp;&nbsp;&nbsp; 1059020 |
| Upper Mohawk Valley, NY, Regional Water Finance Authority Water System Rev., BAM, 4.25%, 4/01/2048  | 500000 | &nbsp;&nbsp;&nbsp; 494692 |
| Upper Mohawk Valley, NY, Regional Water Finance Authority Water System Rev., BAM, 4.25%, 4/01/2052  | 500000 | &nbsp;&nbsp;&nbsp; 488594 |
|  |  | &nbsp;&nbsp;&nbsp; $7144065 |
| **Total Municipal Bonds**  |  | &nbsp;&nbsp; **$178272370** |
| Bonds – 0.1%  | Bonds – 0.1%  | Bonds – 0.1%  |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2043 (n)  | $549663 | &nbsp;&nbsp;&nbsp; $188974 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Contingent Value Instruments – 0.2% | Contingent Value Instruments – 0.2% | Contingent Value Instruments – 0.2% |
| General Obligations - General Purpose – 0.2% | General Obligations - General Purpose – 0.2% | General Obligations - General Purpose – 0.2% |
| Commonwealth of Puerto Rico, General Obligation Contingent Value Instrument, 11/01/2043  | $418654 | &nbsp;&nbsp;&nbsp; $267939 |
| Mutual Funds (h) – 3.0%  | Mutual Funds (h) – 3.0%  | Mutual Funds (h) – 3.0%  |
| Money Market Funds – 3.0% | Money Market Funds – 3.0% |  |
| MFS Institutional Money Market Portfolio, 3.82% (v)  | 5699955 | &nbsp;&nbsp;&nbsp; $5701095 |
| Other Assets, Less Liabilities – 2.0% |  | &nbsp;&nbsp;&nbsp; 3823740 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$188254118** |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $5,701,095 and $178,729,283, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $6,440,069, representing 3.4% of net assets.

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

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

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

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| FGIC | Financial Guaranty Insurance Co. |
| FHA | Federal Housing Administration |
| FNMA | Federal National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |

---

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

------

**Supplemental Information**

12/31/25 (unaudited)

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

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

**(1) Investment Valuations**

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

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

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

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

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

asset value per share.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $178540309 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $178540309 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 188974 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 188974 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 5701095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5701095 |
| Total | &nbsp;&nbsp;&nbsp; $5701095 | &nbsp;&nbsp;&nbsp; $178729283 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $184430378 |

---

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

------

*Supplemental Information (unaudited) – continued*

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

**(2) Investments in Affiliated Issuers**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $3985544 | &nbsp;&nbsp; $44464539 | &nbsp;&nbsp; $42749692 | &nbsp;&nbsp; $642 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $5701095<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $122371 | &nbsp;&nbsp; $— |

---

**(3) Jurisdiction Weightings**

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

---

| | |
|:---|:---|
| New York  | 85.1% |
| Puerto Rico  | 3.5% |
| California | 1.5% |
| Illinois | 1.2% |
| Alabama | 1.0% |
| Colorado | 0.7% |
| Guam | 0.5% |
| Tennessee | 0.4% |
| Ohio  | 0.4% |
| New Hampshire | 0.3% |
| U.S. Virgin Islands | 0.3% |
| Wisconsin  | 0.3% |
| Mississippi | 0.1% |
| New Jersey | 0.1% |
| Texas | 0.1% |
| Virginia | 0.1% |

---

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

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

- **b. EDGAR series identifier (if any):** S000002522

- **c. LEI of Series:** VBDLXONWHCNFU9SKO405

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $190487666.09

**Total Liabilities:** $2227192.19

**Net Assets:** $188260473.90

**Delayed Delivery Securities:** $1555399.05

**Cash Not Reported:** $0.57

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -209.13276060 | **1-Year:** -4015.55360850 | **5-Year:** -22575.76343010 | **10-Year:** -70714.69768330 | **30-Year:** -34953.20145360

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

- **3-Month:** -106.59628680 | **1-Year:** -1342.16899620 | **5-Year:** -4184.91128600 | **10-Year:** -7038.80736530 | **30-Year:** -3166.87385330

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006959 | 1.41%                | 0.29%                | -0.39%               |
| Class ID C000006960 | 1.34%                | 0.23%                | -0.36%               |
| Class ID C000006961 | 1.44%                | 0.23%                | -0.46%               |
| Class ID C000169759 | 1.46%                | 0.31%                | -0.35%               |
| Class ID C000194228 | 1.46%                | 0.32%                | -0.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20888.83                | $2075603.43                                |
| Month 2  | $10029.22                | $-37329.97                                 |
| Month 3  | $-338581.42              | $-833241.64                                |

### Schedule of Portfolio Investments

| Name                                                                    | Title                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Albany County Capital Resource Corp.                                    | Albany County Capital Resource Corp., Series 2025                                    | CUSIP: 012124AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032067.20   | 1.08%             | 2050-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany Capital Resource Corp.                                           | Albany Capital Resource Corp.                                                        | CUSIP: 012432BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125079.28    | 0.07%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany Capital Resource Corp.                                           | Albany Capital Resource Corp., Series 2025A                                          | CUSIP: 012432ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5194200.50   | 2.76%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Battery Park City Authority                                             | Battery Park City Authority, Series 2023 A                                           | CUSIP: 07133AJM5<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081930.40   | 1.11%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                          | Black Belt Energy Gas District                                                       | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    525000 | PA      | $537270.93    | 0.29%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                          | Black Belt Energy Gas District                                                       | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1335591.05   | 0.71%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Village of Bridgeview IL                                                | Village of Bridgeview                                                                | CUSIP: 108555GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $575224.57    | 0.31%             | 2036-12-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Brookhaven Local Development Corp.                                      | Brookhaven Local Development Corp.                                                   | CUSIP: 113168AY4<br>LEI: 549300384JET720NAQ98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011538.50   | 0.54%             | 2036-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brookhaven Local Development Corp.                                      | Brookhaven Local Development Corp.                                                   | CUSIP: 113168BK3<br>LEI: 549300384JET720NAQ98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1785331.60   | 0.95%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                          | Buckeye Tobacco Settlement Financing Authority                                       | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $600040.55    | 0.32%             | 2048-06-01      | Fixed         | 4.00%                 | 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        |    175000 | PA      | $141656.01    | 0.08%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                              | CUSIP: 11943KBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $449993.16    | 0.24%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                              | CUSIP: 11943KBS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299983.80    | 0.16%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                              | CUSIP: 11943KBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $589964.07    | 0.31%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                              | CUSIP: 11943KCR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750545.25    | 0.40%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                 | Buffalo & Erie County Industrial Land Development Corp.                              | CUSIP: 11943KCX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017710.00   | 0.54%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo Municipal Water Finance Authority                               | Buffalo Municipal Water Finance Authority, Series 2023A                              | CUSIP: 119699PW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1438527.00   | 0.76%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                             | CUSIP: 12008EBB1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750075.23    | 0.40%             | 2043-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                             | CUSIP: 12008EHF6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    675000 | PA      | $675647.46    | 0.36%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                             | CUSIP: 12008ELT1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    780000 | PA      | $771391.30    | 0.41%             | 2045-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2021                                                | CUSIP: 12008ERL2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    320000 | PA      | $320353.18    | 0.17%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2021                                                | CUSIP: 12008ERP3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    400000 | PA      | $391433.28    | 0.21%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                             | CUSIP: 12008ESY3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    550000 | PA      | $554575.23    | 0.29%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                             | CUSIP: 12008ETA4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    550000 | PA      | $525323.70    | 0.28%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp.                                                             | CUSIP: 12008ETX4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1992046.20   | 1.06%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2025                                                | CUSIP: 12008EVW3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938701.60    | 0.50%             | 2044-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2025A                                               | CUSIP: 12008EWQ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1841811.30   | 0.98%             | 2056-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                | Build NYC Resource Corp., Series 2025                                                | CUSIP: 12008QAG4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033062.40   | 0.55%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                         | California Community Choice Financing Authority                                      | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1285674.97   | 0.68%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                        | California Health Facilities Financing Authority                                     | CUSIP: 13032UB49<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041202.00   | 0.55%             | 2051-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax            | Chicago Board of Education Dedicated Capital Improvement Tax, Series 2016            | CUSIP: 167510AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $705730.90    | 0.37%             | 2035-04-01      | Fixed         | 5.75%                 | 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        |    140000 | PA      | $140068.22    | 0.07%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax            | Chicago Board of Education Dedicated Capital Improvement Tax                         | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $341079.28    | 0.18%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp.                                 | Dutchess County Local Development Corp.                                              | CUSIP: 267045GW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1534399.10   | 0.82%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Erie County Industrial Development Agency (The)                         | Erie County Industrial Development Agency (The), Series BDS 2023                     | CUSIP: 29508TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1935486.28   | 1.03%             | 2041-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Genesee County Funding Corp. (The)                                      | Genesee County Funding Corp. (The), Series 2025A                                     | CUSIP: 371669BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535054.40   | 0.82%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Glen Cove Local Economic Assistance Corp.                               | Glen Cove Local Economic Assistance Corp.                                            | CUSIP: 377450AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1780000 | PA      | $517823.36    | 0.28%             | 2045-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                               | Golden State Tobacco Securitization Corp.                                            | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $452406.04    | 0.24%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Great Neck North Water Authority                                        | Great Neck North Water Authority                                                     | CUSIP: 391003DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1103151.78   | 0.59%             | 2044-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                    | Guam Government Waterworks Authority                                                 | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    345000 | PA      | $347021.36    | 0.18%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                                    | CUSIP: 40065HDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    100000 | PA      | $101049.08    | 0.05%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                                    | CUSIP: 40065HDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    300000 | PA      | $302268.87    | 0.16%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                       | Territory of Guam                                                                    | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    185000 | PA      | $178369.34    | 0.09%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hempstead Town Local Development Corp.                                  | Hempstead Town Local Development Corp.                                               | CUSIP: 424682LY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2148064.80   | 1.14%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                                    | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    215000 | PA      | $230055.76    | 0.12%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                                    | CUSIP: 4521526M8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    200000 | PA      | $210993.20    | 0.11%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Jefferson County Civic Facility Development Corp.                       | Jefferson County Civic Facility Development Corp.                                    | CUSIP: 47325RAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003122.00   | 1.06%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio                                | MFS Institutional Money Market Portfolio, Class A                                    | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   5685682 | NS      | $5686818.95   | 3.02%             |  |  |  | No            |                  1 | 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        |     90000 | PA      | $90802.22     | 0.05%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority, Series 2024A                                  | CUSIP: 59261A2H9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1812796.60   | 0.96%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                                | CUSIP: 59261AA23<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3125804.40   | 1.66%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                                | CUSIP: 59261AE37<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1598105.15   | 0.85%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                                | CUSIP: 59261AJ81<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091272.00   | 0.58%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                                | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1216826.26   | 0.65%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                            | Mississippi Development Bank                                                         | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101641.45    | 0.05%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                              | Monroe County Industrial Development Corp., Series 2022                              | CUSIP: 610758AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    616295 | PA      | $652656.35    | 0.35%             | 2040-11-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                              | Monroe County Industrial Development Corp., Series BDS 2023A                         | CUSIP: 610758AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015379.00   | 1.07%             | 2044-01-01      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp. NY                           | Monroe County Industrial Development Corp.                                           | CUSIP: 61075TRT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1973721.80   | 1.05%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                              | Monroe County Industrial Development Corp., Series 2024                              | CUSIP: 61075TXR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $669802.57    | 0.36%             | 2049-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                              | Monroe County Industrial Development Corp., Series 2024                              | CUSIP: 61075TXS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $884946.05    | 0.47%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nassau County Local Economic Assistance Corp.                           | Nassau County Local Economic Assistance Corp.                                        | CUSIP: 63165CAC6<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971726.20    | 0.52%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                | New Hampshire Business Finance Authority                                             | CUSIP: 63607WAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    632864 | PA      | $644249.53    | 0.34%             | 2036-09-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | New Jersey Transportation Trust Fund Authority                                       | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    125000 | PA      | $148907.23    | 0.08%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                            | New York Convention Center Development Corp.                                         | CUSIP: 649451GV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $300366.74    | 0.16%             | 2043-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                      | New York Liberty Development Corp.                                                   | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1936905.51   | 1.03%             | 2044-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                      | New York Liberty Development Corp.                                                   | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499907.60   | 0.80%             | 2040-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                      | New York Liberty Development Corp.                                                   | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1519341.20   | 0.81%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York                                                                     | CUSIP: 64966EPZ4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5011.19      | 0.00%             | 2026-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York                                                                     | CUSIP: 64966QFU9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1449084.68   | 0.77%             | 2044-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York, Series FISCAL 2026 D                                               | CUSIP: 64966SRK4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121089.60   | 1.13%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 CL D                            | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026063.30   | 0.55%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 CL F                            | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515695.90    | 0.27%             | 2031-12-15      | Fixed         | 5.25%                 | Yes           |                  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        |   1800000 | PA      | $1688138.46   | 0.90%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                              | CUSIP: 64972C4U4<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2363148.03   | 1.26%             | 2048-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                              | CUSIP: 64972E2Z1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015498.80   | 0.54%             | 2042-11-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                              | CUSIP: 64972E3A5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497671.60    | 0.26%             | 2047-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                              | CUSIP: 64972E3B3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500697.60    | 0.27%             | 2052-11-01      | Fixed         | 4.85%                 | 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        |   2235000 | PA      | $1575562.13   | 0.84%             | 2045-11-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                              | CUSIP: 64972ECZ0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1692897.56   | 0.90%             | 2039-11-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                              | CUSIP: 64972EW21<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1435660.65   | 0.76%             | 2052-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp.                                              | CUSIP: 64972EYU7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1169858.96   | 0.62%             | 2041-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                         | New York City Municipal Water Finance Authority, Series FISCAL2025AA SUB AA1         | CUSIP: 64972GK37<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2111416.80   | 1.12%             | 2053-06-15      | 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, Series FISCAL 2026C | CUSIP: 64972JYN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059973.90   | 0.56%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 D-1                             | CUSIP: 64972KFN0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $482929.30    | 0.26%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                 | New York City Housing Development Corp., Series 2024 D-2                             | CUSIP: 64972KFP5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985260.90    | 0.52%             | 2049-11-01      | Fixed         | 4.45%                 | 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        |   1660000 | PA      | $1660338.64   | 0.88%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                           | New York State Environmental Facilities Corp.                                        | CUSIP: 649852AS9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    750000 | PA      | $753366.90    | 0.40%             | 2050-09-01      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025A                                     | CUSIP: 64985SBV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $897115.30    | 0.48%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025                                      | CUSIP: 64985SJD6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033067.80   | 0.55%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025A                                     | CUSIP: 64985SNH2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1604936.55   | 0.85%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                                | CUSIP: 64987DGV0<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    340000 | PA      | $336425.89    | 0.18%             | 2038-11-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                                | CUSIP: 64987JXP1<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021878.80   | 0.54%             | 2052-11-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                                | CUSIP: 64987JXQ9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1218764.64   | 0.65%             | 2057-11-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                                | CUSIP: 64987JYS4<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    350000 | PA      | $359415.63    | 0.19%             | 2042-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                   | New York State Housing Finance Agency                                                | CUSIP: 64987JYT2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006213.70   | 0.53%             | 2047-11-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                       | State of New York Mortgage Agency Homeowner Mortgage                                 | CUSIP: 6498834U6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $334724.50    | 0.18%             | 2033-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                       | State of New York Mortgage Agency Homeowner Mortgage                                 | CUSIP: 6498834X0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $306678.85    | 0.16%             | 2048-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                       | State of New York Mortgage Agency Homeowner Mortgage                                 | CUSIP: 64988YAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $349688.24    | 0.19%             | 2039-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue            | State of New York Mortgage Agency Homeowner Mortgage, Series 264                     | CUSIP: 64988YB48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992442.10    | 0.53%             | 2054-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue            | State of New York Mortgage Agency Homeowner Mortgage, Series 266                     | CUSIP: 64988YF51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004360.20   | 0.53%             | 2052-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue            | State of New York Mortgage Agency Homeowner Mortgage, Series 258                     | CUSIP: 64988YWX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003938.70   | 0.53%             | 2044-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue            | State of New York Mortgage Agency Homeowner Mortgage, Series 258                     | CUSIP: 64988YWY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982860.90    | 0.52%             | 2049-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                                   | CUSIP: 64990FYT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $903485.89    | 0.48%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                                   | CUSIP: 64990GZR6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1257280.20   | 0.67%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2025C                                     | CUSIP: 64990KJC8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531761.70    | 0.28%             | 2050-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                        | New York State Thruway Authority, Series P                                           | CUSIP: 6500092J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2118095.40   | 1.13%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024 A                                    | CUSIP: 65000B4Z8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028969.00   | 0.55%             | 2056-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024                                      | CUSIP: 65000B7Y8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3737558.65   | 1.99%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                                   | CUSIP: 65000BNG9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1833286.80   | 0.97%             | 2052-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority, Series 2024                                      | CUSIP: 65000BT73<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1541873.10   | 0.82%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                            | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $889089.20    | 0.47%             | 2046-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                            | CUSIP: 650110AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $369495.22    | 0.20%             | 2053-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2016 A                             | CUSIP: 650116AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900616.50    | 0.48%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                            | CUSIP: 650116BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001060.00   | 0.53%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                            | CUSIP: 650116BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999995.40    | 0.53%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                            | CUSIP: 650116CW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1079900.89   | 0.57%             | 2036-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                            | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1396757.55   | 0.74%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                            | CUSIP: 650116DV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1447870.50   | 0.77%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp.                                            | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1423137.90   | 0.76%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2023                               | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573784.10   | 0.84%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2023                               | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033606.90   | 0.55%             | 2054-06-30      | Fixed         | 6.00%                 | 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        |   2000000 | PA      | $2008323.20   | 1.07%             | 2060-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2024                               | CUSIP: 650116HR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1834909.76   | 0.97%             | 2060-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2024A                              | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2027595.40   | 1.08%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2024A                              | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516183.35   | 0.81%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                               | New York Transportation Development Corp., Series 2024 B                             | CUSIP: 650116HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $970480.50    | 0.52%             | 2054-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Niagara Frontier Transportation Authority                               | Niagara Frontier Transportation Authority                                            | CUSIP: 653544EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $768827.78    | 0.41%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oneida County Local Development Corp.                                   | Oneida County Local Development Corp.                                                | CUSIP: 682440CN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $830022.00    | 0.44%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                 | Port Authority of New York & New Jersey                                              | CUSIP: 73358W5U4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2167700.04   | 1.15%             | 2055-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                    | Port of Beaumont Navigation District                                                 | CUSIP: 73360CAM6<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    255000 | PA      | $188328.26    | 0.10%             | 2041-01-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Public Authority for Colorado Energy                                    | Public Authority for Colorado Energy                                                 | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1310020.75   | 0.70%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority                                                             | CUSIP: 74446EAA4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    445000 | PA      | $356000.00    | 0.19%             | 2027-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                | Public Finance Authority                                                             | CUSIP: 74446EAC0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    255000 | PA      | $229500.00    | 0.12%             | 2024-08-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                          | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    114620 | PA      | $125922.09    | 0.07%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                          | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    108689 | PA      | $108656.72    | 0.06%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                          | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    184514 | PA      | $181319.38    | 0.10%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                          | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     83850 | PA      | $81283.90     | 0.04%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                          | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    114004 | PA      | $105407.51    | 0.06%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                          | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    354563 | PA      | $309338.28    | 0.16%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                          | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    139873 | PA      | $101218.31    | 0.05%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                             | Commonwealth of Puerto Rico                                                          | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    418654 | PA      | $267938.74    | 0.14%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                                 | CUSIP: 74526QXN7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    180000 | PA      | $120150.00    | 0.06%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                                 | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    250000 | PA      | $166875.00    | 0.09%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority                                                 | CUSIP: 74526QZZ8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |    375000 | PA      | $250312.50    | 0.13%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                    | Puerto Rico Electric Power Authority, Series VV                                      | CUSIP: 74526YGW9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     30000 | PA      | $30423.44     | 0.02%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     63000 | PA      | $63023.37     | 0.03%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    200000 | PA      | $188512.72    | 0.10%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1582000 | PA      | $1523078.73   | 0.81%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     17000 | PA      | $15099.33     | 0.01%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    942000 | PA      | $773917.72    | 0.41%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    904000 | PA      | $684546.95    | 0.36%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    416000 | PA      | $138952.28    | 0.07%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    451000 | PA      | $441250.73    | 0.23%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    210000 | PA      | $205460.43    | 0.11%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                 | Puerto Rico Sales Tax Financing Corp. Sales Tax                                      | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |      4000 | PA      | $3623.20      | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | 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        |    635000 | PA      | $592856.51    | 0.31%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Rensselaer County Industrial Development Agency                         | Rensselaer County Industrial Development Agency                                      | CUSIP: 759921ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240411.07    | 0.13%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverhead Industrial Development Agency                                 | Riverhead Industrial Development Agency, Series MTEBS 2023                           | CUSIP: 76876TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970291 | PA      | $1990937.05   | 1.06%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| St Lawrence County Industrial Development Agency                        | St Lawrence County Industrial Development Agency                                     | CUSIP: 791078DK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202006.22    | 0.11%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Schenectady County Capital Resource Corp.                               | Schenectady County Capital Resource Corp., Series 2025 A                             | CUSIP: 80641AAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525342.30    | 0.28%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Schenectady County Capital Resource Corp.                               | Schenectady County Capital Resource Corp., Series 2025 A                             | CUSIP: 80641AAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053754.20   | 0.56%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                  | Syracuse Industrial Development Agency                                               | CUSIP: 87172NBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $574969.13    | 0.31%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                  | Syracuse Industrial Development Agency                                               | CUSIP: 87172NBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $757328.00    | 0.40%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tender Option Bond Trust Receipts/Certificates                          | Tender Option Bond Trust Receipts                                                    | CUSIP: 88035TFS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $559015.20    | 0.30%             | 2055-06-15      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                          | Tennergy Corp.                                                                       | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |    705000 | PA      | $756197.03    | 0.40%             | 2053-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Toll Road Investors Partnership II LP                                   | Toll Road Investors Partnership II LP                                                | CUSIP: 88948ABM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    549663 | PA      | $188974.16    | 0.10%             | 2043-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Tompkins County Development Corp.                                       | Tompkins County Development Corp.                                                    | CUSIP: 890090AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $915180.90    | 0.49%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority                                                 | CUSIP: 89602HAA5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1850235.40   | 0.98%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority, Series 2024 B SUB B-1                          | CUSIP: 89602HHH3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2102516.80   | 1.12%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                    | Triborough Bridge & Tunnel Authority, Series 2025 A                                  | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108295.40   | 1.12%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc. NY                                                          | TSASC, Inc.                                                                          | CUSIP: 898526FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013904.00   | 0.54%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Mohawk Valley Regional Water Finance Authority                    | Upper Mohawk Valley Regional Water Finance Authority, Series 2025                    | CUSIP: 916091KG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $494691.90    | 0.26%             | 2048-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Upper Mohawk Valley Regional Water Finance Authority                    | Upper Mohawk Valley Regional Water Finance Authority, Series 2025                    | CUSIP: 916091KH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488594.40    | 0.26%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Virgin Islands Hotel Development Financing Corp.                        | Virgin Islands Hotel Development Financing Corp., Series 2025A-1                     | CUSIP: 92766AAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | VI        |    515000 | PA      | $506056.61    | 0.27%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Healthcare Corp. NY                                  | Westchester County Healthcare Corp.                                                  | CUSIP: 957366DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110027.65    | 0.06%             | 2030-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Industrial Development Agency                        | Westchester County Industrial Development Agency, Series 2023                        | CUSIP: 95737QAG7<br>LEI: 549300YOPFLG4RJ5YO58 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1969852.05   | 1.05%             | 2046-06-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                              | Westchester County Local Development Corp., Series 2023                              | CUSIP: 95737TFP6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528165.80   | 0.81%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                              | Westchester County Local Development Corp., Series 2023                              | CUSIP: 95737TFR2<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1615334.85   | 0.86%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                              | Westchester County Local Development Corp., Series 2024                              | CUSIP: 95737TFT8<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078604.50   | 0.57%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Yonkers NY                                                      | City of Yonkers                                                                      | CUSIP: 986082W76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $804634.43    | 0.43%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yonkers Industrial Development Agency                                   | Yonkers Industrial Development Agency                                                | CUSIP: 986094BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2132329.40   | 1.13%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer