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        <name>Commonwealth of Puerto Rico</name>
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        <name>Michigan Finance Authority</name>
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        <name>University of Central Arkansas</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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          <isin value="US745190UP15"/>
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        <name>City of Benton AR Municipal Light &amp; Water Works</name>
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        <name>Arkansas Sate University Mid-South</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>County of Phillips AR</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>MFS Institutional Money Market Portfolio</name>
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        <name>Guam Power Authority</name>
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        <name>Guam Power Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of Central Arkansas</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Illinois</name>
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          <maturityDt>2027-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <isin value="US74529JPV16"/>
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        <curCd>USD</curCd>
        <valUSD>37271.52000000</valUSD>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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          <annualizedRt>4.55000000</annualizedRt>
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        <name>University of Arkansas</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Rogers AR</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>County of Pulaski AR</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-03-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>Dallas-Fort Worth International Airport</name>
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        <name>Dallas-Fort Worth International Airport</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2033-07-01</maturityDt>
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      <invstOrSec>
        <name>City of Hot Springs AR Waterworks Revenue</name>
        <lei>N/A</lei>
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          <isin value="US441182LN06"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Chicago IL</name>
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          <isin value="US167486VV81"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2033-01-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of Arkansas - Pulaski Technical College</name>
        <lei>N/A</lei>
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          <isin value="US745601HF41"/>
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        <valUSD>1173130.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Illinois Sports Facilities Authority (The)</name>
        <lei>N/A</lei>
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          <isin value="US452143FR62"/>
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        <curCd>USD</curCd>
        <valUSD>459275.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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          <isin value="US40065FBQ63"/>
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        <balance>245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>273910.00000000</valUSD>
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        <invCountry>GU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QL594"/>
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        <curCd>USD</curCd>
        <valUSD>53025.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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          <isin value="US167486WN56"/>
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        <balance>415000.00000000</balance>
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        <valUSD>470580.95000000</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>Guam Power Authority</name>
        <lei>549300IPOV320QCKW060</lei>
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          <isin value="US400653FW66"/>
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        <balance>790000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>815564.40000000</valUSD>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-01</maturityDt>
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          <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="US74529JQG30"/>
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        <valUSD>72335.70000000</valUSD>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Kentucky Economic Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Kentucky Economic Development Finance Authority</title>
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          <isin value="US49126KGW53"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-06-01</maturityDt>
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          <annualizedRt>6.37500000</annualizedRt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <invCountry>PR</invCountry>

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          <maturityDt>2033-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>City of Conway AR</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-05-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Michigan Finance Authority</name>
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          <isin value="US59447PD328"/>
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        <name>Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority</name>
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        <invCountry>PR</invCountry>

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        <name>Chicago Transit Authority</name>
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        <name>Independence County Public Health Education &amp; Housing Facilities Board</name>
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        <name>Conway Health Facilities Board</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>Tuscaloosa County Industrial Development Authority</name>
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        <name>Kentucky Economic Development Finance Authority</name>
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          <maturityDt>2045-03-01</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <invCountry>PR</invCountry>

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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>City of Chicago IL</name>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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        <name>University of Arkansas</name>
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        <name>City of Conway AR Wasterwater Department</name>
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        <name>Puerto Rico Infrastructure Financing Authority</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Arkansas Sate University Mid-South</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
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        <name>Wayne County Airport Authority</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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        <name>City of Fort Smith AR Water &amp; Sewer Revenue</name>
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        <name>Escambia County Health Facilities Authority</name>
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          <maturityDt>2036-08-15</maturityDt>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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          <isin value="US462590MS69"/>
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          <maturityDt>2039-12-01</maturityDt>
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        <name>University of Arkansas</name>
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          <maturityDt>2032-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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          <maturityDt>2044-08-01</maturityDt>
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        <name>Guam Government Waterworks Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>University of Arkansas</name>
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        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
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        <name>Reading School District</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>Tuscaloosa County Industrial Development Authority</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Convention Center District Authority</name>
        <lei>N/A</lei>
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        <cusip>745266BC9</cusip>
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          <isin value="US745266BC95"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>214624.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
        <cusip>40065FBR4</cusip>
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          <isin value="US40065FBR47"/>
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        <balance>245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>270377.10000000</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>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
        <lei>N/A</lei>
        <title>Texas Private Activity Bond Surface Transportation Corp.</title>
        <cusip>882667AH1</cusip>
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          <isin value="US882667AH14"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208238.40000000</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>2043-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orangeburg County Facilities Corp.</name>
        <lei>N/A</lei>
        <title>Orangeburg County Facilities Corp.</title>
        <cusip>685357AV7</cusip>
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          <isin value="US685357AV75"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>569252.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bentonville School District No. 6</name>
        <lei>N/A</lei>
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        <cusip>083419V65</cusip>
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          <isin value="US083419V658"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3229410.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JQH1</cusip>
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          <isin value="US74529JQH13"/>
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        <balance>339000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>66162.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>
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        <cusip>745190ZN1</cusip>
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          <isin value="US745190ZN12"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>783568.50000000</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>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <cusip>64990E4A2</cusip>
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          <isin value="US64990E4A28"/>
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        <balance>710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>838538.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of Arkansas</name>
        <lei>549300FFADBQ3NEI2D96</lei>
        <title>University of Arkansas</title>
        <cusip>914072DV2</cusip>
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          <isin value="US914072DV21"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1070360.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</title>
        <cusip>745272FA7</cusip>
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          <isin value="US745272FA79"/>
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        <balance>140000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>142164.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-04-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>Arkansas State University</name>
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        <cusip>041186R74</cusip>
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        <balance>545000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>City of Conway AR</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Wayne County Airport Authority</name>
        <lei>N/A</lei>
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        <cusip>944514QV3</cusip>
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          <isin value="US944514QV37"/>
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        <balance>105000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2039-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Regional Transportation District</name>
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          <maturityDt>2041-01-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Arkansas Development Finance Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <balance>135000.00000000</balance>
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        <invCountry>PR</invCountry>

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          <maturityDt>2021-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of Arkansas</name>
        <lei>549300FFADBQ3NEI2D96</lei>
        <title>University of Arkansas</title>
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          <isin value="US914072GM94"/>
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        <balance>250000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2024-12-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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        <balance>25000.00000000</balance>
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        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>745145ZB1</cusip>
        <identifiers>
          <isin value="US745145ZB12"/>
        </identifiers>
        <balance>475000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>482714.00000000</valUSD>
        <pctVal>0.303261622068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13049YCT6</cusip>
        <identifiers>
          <isin value="US13049YCT64"/>
        </identifiers>
        <balance>1130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1347852.70000000</valUSD>
        <pctVal>0.846778829932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</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>City of Brunswick MD</name>
        <lei>N/A</lei>
        <title>City of Brunswick</title>
        <cusip>117250AE0</cusip>
        <identifiers>
          <isin value="US117250AE03"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16735.65000000</valUSD>
        <pctVal>0.010514052555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</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 Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
        <title>Puerto Rico Highway &amp; Transportation Authority</title>
        <cusip>745190ZP6</cusip>
        <identifiers>
          <isin value="US745190ZP69"/>
        </identifiers>
        <balance>380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415005.60000000</valUSD>
        <pctVal>0.260724303466</pctVal>
        <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>
          <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>
  <documents>XXXX</documents>
</edgarSubmission>
