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      <invstOrSec>
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          <maturityDt>2036-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QX490"/>
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        <invCountry>PR</invCountry>

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          <maturityDt>2022-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>East Alabama Health Care Authority (The)</name>
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        <invCountry>US</invCountry>
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        <name>Puerto Rico Electric Power Authority</name>
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          <maturityDt>2021-07-01</maturityDt>
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        <name>Alabama Special Care Facilities Financing Authority-Birmingham AL</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>University of Alabama (The)</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>Bessemer Public Educational Building Authority</name>
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        <name>Gadsden Water Works &amp; Sewer Board</name>
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        <name>Health Care Authority of the City of Huntsville (The)</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>UAB Medicine Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="USH0COS"/>
          <other otherDesc="Future Ticker" value="USH0 Comdty"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>CME Clearing House</counterpartyName>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US74529JRJ69"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tuscaloosa City Board of Education</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
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      <invstOrSec>
        <name>Cherokee County Board of Education AL</name>
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          <isin value="US16420CCL37"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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          <isin value="US745190E792"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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        <securityLending>
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        <name>Commonwealth of Puerto Rico</name>
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        <curCd>USD</curCd>
        <valUSD>20234.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>MFS Institutional Money Market Portfolio</name>
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          <isin value="US55291X1090"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Alabama Board of Education</name>
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          <isin value="US010488DN18"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>County of Mobile AL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Liberty Development Corp.</name>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QEY44"/>
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        <balance>10000.00000000</balance>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>New Jersey Building Authority</name>
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        <valUSD>11778.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Water Works Board of the City of Birmingham (The)</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
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          <isin value="US649519CK93"/>
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        <balance>495000.00000000</balance>
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        <name>Virginia Small Business Financing Authority</name>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Territory of Guam</name>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94533.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
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      <invstOrSec>
        <name>Puerto Rico Public Buildings Authority</name>
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      <invstOrSec>
        <name>Troy University</name>
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      <invstOrSec>
        <name>Auburn Water Works Board</name>
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        <name>Anniston Public Building Authority</name>
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          <isin value="US036054BK95"/>
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        <name>Montebello Unified School District</name>
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      <invstOrSec>
        <name>Chicago Transit Authority</name>
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        <name>State of Illinois</name>
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          <maturityDt>2027-11-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US74529JPV16"/>
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        <balance>16000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16565.12000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
        <title>Puerto Rico Highway &amp; Transportation Authority</title>
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          <isin value="US7451902B36"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>127933.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Moorpark Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US616259FU67"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350977.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alabama Public School &amp; College Authority</name>
        <lei>N/A</lei>
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          <isin value="US0106086V45"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>901200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Alabama Docks Department</name>
        <lei>N/A</lei>
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        <cusip>010604BS4</cusip>
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          <isin value="US010604BS48"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>518105.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
        <title>Puerto Rico Highway &amp; Transportation Authority</title>
        <cusip>745190ZP6</cusip>
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          <isin value="US745190ZP69"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38224.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority</title>
        <cusip>45506DGU3</cusip>
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          <isin value="US45506DGU37"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103884.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tuscaloosa County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Tuscaloosa County Industrial Development Authority</title>
        <cusip>90068FAZ9</cusip>
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          <isin value="US90068FAZ99"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350554.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of Alabama (The)</name>
        <lei>N/A</lei>
        <title>University of Alabama (The)</title>
        <cusip>914025FZ9</cusip>
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          <isin value="US914025FZ98"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>592002.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>59447PD24</cusip>
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          <isin value="US59447PD245"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11354.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QZC94"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10001.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Infrastructure Financing Authority</name>
        <lei>549300G1ONPUNRBJUC88</lei>
        <title>Puerto Rico Infrastructure Financing Authority</title>
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          <isin value="US745220FP34"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114437.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
        <cusip>40065FBR4</cusip>
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        <balance>45000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Orangeburg County Facilities Corp.</name>
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        <balance>185000.00000000</balance>
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        <valUSD>200593.65000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
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        <cusip>745190ZN1</cusip>
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          <isin value="US745190ZN12"/>
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        <balance>240000.00000000</balance>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Alabama Public Health Care Authority</name>
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          <isin value="US010606BW08"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Madison AL</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Vestavia Hills AL</name>
        <lei>N/A</lei>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1126640.00000000</valUSD>
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      <invstOrSec>
        <name>Dallas-Fort Worth International Airport</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>University of Alabama (The)</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Montevallo American Village Public Educational Building Authority</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-07-01</maturityDt>
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      <invstOrSec>
        <name>County of Mobile AL</name>
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        <name>State of Alabama</name>
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          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Virginia Small Business Financing Authority</name>
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          <maturityDt>2037-01-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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        <name>Board of Governors of Colorado State University System</name>
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        <name>Alabama Community College System</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Prichard Water Works &amp; Sewer Board</name>
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        <name>Toll Road Investors Partnership II LP</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>City of Jasper AL</name>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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          <isin value="US40065FCH55"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Alabama Special Care Facilities Financing Authority-Birmingham AL</name>
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        <valUSD>576060.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Mobile AL</name>
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          <isin value="US6072675K35"/>
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        <balance>250000.00000000</balance>
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        <valUSD>308987.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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          <isin value="US38122NXS60"/>
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        <valUSD>39190.55000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Chicago IL</name>
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          <isin value="US167486WN56"/>
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        <curCd>USD</curCd>
        <valUSD>232455.65000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US74529JQD09"/>
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        <curCd>USD</curCd>
        <valUSD>2968.16000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
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        <name>Homewood Educational Building Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Auburn University</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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          <maturityDt>2039-12-01</maturityDt>
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        <name>Huntsville Public Building Authority</name>
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          <maturityDt>2033-10-01</maturityDt>
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        <name>Alabama Federal Aid Highway Finance Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>State Public School Building Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Jacksonville Public Educational Building Authority</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Alabama Community College System</name>
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      <invstOrSec>
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        <name>Alabama Community College System</name>
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          <isin value="US01025PEA75"/>
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          <maturityDt>2049-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Health Care Facilities Financing Authority</name>
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          <isin value="US64579F7P26"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <isin value="US74529JQE81"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Escambia County Health Facilities Authority</name>
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          <isin value="US296110FQ71"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Puerto Rico Infrastructure Financing Authority</name>
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          <isin value="US745220FS72"/>
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        <curCd>USD</curCd>
        <valUSD>211148.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Birmingham-Jefferson Civic Center Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Dallas-Fort Worth International Airport</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <maturityDt>2023-07-01</maturityDt>
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        <name>Michigan Finance Authority</name>
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        <name>University of North Alabama</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>County of Jefferson AL Sewer Revenue</name>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
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          <isin value="US45506DGY58"/>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US74529JQC26"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>City of Huntsville AL</name>
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          <maturityDt>2039-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DCH Healthcare Authority</name>
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          <isin value="US233091FU63"/>
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        <valUSD>570665.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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          <isin value="US162410FF67"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tuscaloosa County Board of Education</name>
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          <isin value="US900680BE84"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Infrastructure Financing Authority</name>
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          <isin value="US745220FR99"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>City of Trussville AL</name>
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          <isin value="US898242MA74"/>
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        <valUSD>828735.00000000</valUSD>
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          <maturityDt>2041-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Jefferson County Board of Education AL</name>
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          <isin value="US472649AW26"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Alabama Special Care Facilities Financing Authority-Birmingham AL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Alabama (The)</name>
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        <name>Birmingham Airport Authority</name>
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        <name>Warrior River Water Authority</name>
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        <name>University of South Alabama</name>
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        <name>Elmore County Board of Education</name>
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        <pctVal>0.794482675026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QL59</cusip>
        <identifiers>
          <isin value="US74526QL594"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22725.00000000</valUSD>
        <pctVal>0.028041747425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Montevallo American Village Public Educational Building Authority</name>
        <lei>N/A</lei>
        <title>Montevallo American Village Public Educational Building Authority</title>
        <cusip>612685ED5</cusip>
        <identifiers>
          <isin value="US612685ED54"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>278707.50000000</valUSD>
        <pctVal>0.343913985501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JRH0</cusip>
        <identifiers>
          <isin value="US74529JRH04"/>
        </identifiers>
        <balance>164000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>166250.08000000</valUSD>
        <pctVal>0.205145995722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="All applicable monthly total returns are reported excluding any sales loads or redemption fees for Item B.5." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
