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        <name>University of North Carolina at Wilmington</name>
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        <name>Red River Education Finance Corp.</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>University of North Carolina at Wilmington</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Miami-Dade County Health Facilities Authority</name>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>108708.60000000</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>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <isin value="US74529JQH13"/>
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        <balance>906000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176824.02000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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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        <name>City of Charlotte NC Water &amp; Sewer System Revenue</name>
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          <isin value="US161045PF03"/>
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        <curCd>USD</curCd>
        <valUSD>4465280.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>North Carolina Turnpike Authority</name>
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          <isin value="US65830RBL24"/>
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        <curCd>USD</curCd>
        <valUSD>1367085.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>74529JPW9</cusip>
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          <isin value="US74529JPW98"/>
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        <valUSD>1669387.98000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>County of Buncombe NC</name>
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        <curCd>USD</curCd>
        <valUSD>1955476.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Raleigh Durham Airport Authority</name>
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          <maturityDt>2036-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
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          <isin value="US882667AG31"/>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DWG23"/>
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        <name>Miami-Dade County Health Facilities Authority</name>
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        <name>Wayne County Airport Authority</name>
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        <name>Durham Capital Financing Corp.</name>
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        <name>Durham County Industrial Facilities &amp; Pollution Control Financing Authority</name>
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          <maturityDt>2025-02-01</maturityDt>
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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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          <maturityDt>2023-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>Michigan Finance Authority</name>
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          <isin value="US59447PD328"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2037-07-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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      <invstOrSec>
        <name>North Carolina State University at Raleigh</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Charlotte NC</name>
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          <isin value="US161037Y590"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Jefferson Parish Hospital Service District No. 2</name>
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          <isin value="US474702DL83"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>Dallas-Fort Worth International Airport</name>
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          <isin value="US235036XL99"/>
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        <valUSD>324276.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DFJ54"/>
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        <balance>5250000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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          <maturityDt>2040-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Raleigh NC Combined Enterprise System Revenue</name>
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          <maturityDt>2029-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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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>2029-07-01</maturityDt>
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        <name>University of North Carolina at Chapel Hill</name>
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          <maturityDt>2037-02-01</maturityDt>
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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Tuscaloosa County Industrial Development Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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      <invstOrSec>
        <name>City of Charlotte NC Airport Revenue</name>
        <lei>N/A</lei>
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          <isin value="US161036PY84"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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          <isin value="US745190ZN12"/>
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        <assetCat>DBT</assetCat>
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        <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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      <invstOrSec>
        <name>Northern Hospital District of Surry County</name>
        <lei>N/A</lei>
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          <isin value="US665203DD49"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QR955"/>
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        <curCd>USD</curCd>
        <valUSD>231800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>City of Charlotte NC Airport Revenue</name>
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          <isin value="US161036GK81"/>
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        <valUSD>1271812.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>Allegheny County Hospital Development Authority</name>
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          <isin value="US01728A3Z77"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Charlotte NC Airport Revenue</name>
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          <isin value="US161036KW73"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Charlotte NC</name>
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        <valUSD>2509140.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of North Carolina at Wilmington</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Virginia Small Business Financing Authority</name>
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          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Territory of Guam</name>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>City of Asheville NC</name>
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        <name>University of North Carolina at Greensboro</name>
        <lei>N/A</lei>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. III</name>
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      <invstOrSec>
        <name>University of North Carolina at Wilmington</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Wilmington</title>
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        <name>East Carolina University</name>
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          <isin value="US74526QPS56"/>
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        <valUSD>54580.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
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          <isin value="US745190UP15"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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          <isin value="US45506DGU37"/>
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          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Winston-Salem NC Water &amp; Sewer System Revenue</name>
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          <isin value="US975700NM39"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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          <isin value="US65830VAK61"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Puerto Rico Public Buildings Authority</name>
        <lei>N/A</lei>
        <title>Puerto Rico Public Buildings Authority</title>
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          <isin value="US745235B759"/>
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        <valUSD>660118.75000000</valUSD>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
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        <name>Summit County Development Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US86606KAU60"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-05-15</maturityDt>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Western Carolina University</name>
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          <isin value="US957897KR12"/>
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        <valUSD>4462348.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2043-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>District of Columbia</name>
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        <name>Indiana Finance Authority</name>
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        <name>County of Randolph NC</name>
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        <name>Virginia College Building Authority</name>
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        <name>Regional Transportation District</name>
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        <name>County of Durham NC</name>
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      <invstOrSec>
        <name>University of North Carolina at Charlotte (The)</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Pinellas County Educational Facilities Authority</name>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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        <invCountry>GU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Illinois Sports Facilities Authority (The)</name>
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          <isin value="US452143FN58"/>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DVM00"/>
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          <maturityDt>2031-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65820YQW92"/>
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          <maturityDt>2039-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Agricultural &amp; Technical State University</name>
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          <isin value="US658187GZ60"/>
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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>2035-10-01</maturityDt>
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          <annualizedRt>5.00000000</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>
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          <isin value="US74529JQC26"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
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        <title>Texas Private Activity Bond Surface Transportation Corp.</title>
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          <isin value="US882667AH14"/>
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        <valUSD>404908.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2043-06-30</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <name>Town of Oak Island NC Enterprise System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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        <name>Village of Bridgeview IL</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Northern Hospital District of Surry County</name>
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        <name>County of Durham NC</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>City of Charlotte NC</name>
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        <name>University of North Carolina at Wilmington</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority</name>
        <lei>549300FCT1PN0GJGQ240</lei>
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          <isin value="US65830RCE71"/>
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        <curCd>USD</curCd>
        <valUSD>1515048.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>Chicago O'Hare International Airport</title>
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          <isin value="US167593G221"/>
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        <curCd>USD</curCd>
        <valUSD>898381.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>County of Scotland NC</name>
        <lei>N/A</lei>
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          <isin value="US809323BL16"/>
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        <valUSD>1244370.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QK844"/>
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        <curCd>USD</curCd>
        <valUSD>287850.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of North Carolina at Greensboro</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Greensboro</title>
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          <isin value="US914719WW59"/>
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        <curCd>USD</curCd>
        <valUSD>1132100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cape Fear Public Utility Authority</name>
        <lei>N/A</lei>
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          <isin value="US139391BW53"/>
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        <curCd>USD</curCd>
        <valUSD>4678260.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Buncombe NC</name>
        <lei>N/A</lei>
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          <isin value="US120525GN41"/>
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        <curCd>USD</curCd>
        <valUSD>1680648.00000000</valUSD>
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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>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <curCd>USD</curCd>
        <valUSD>972498.60000000</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>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wayne County Airport Authority</name>
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          <isin value="US944514RS98"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DSH51"/>
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          <maturityDt>2031-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Infrastructure Financing Authority</name>
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        <invCountry>PR</invCountry>

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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Puerto Rico Electric Power Authority</name>
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          <maturityDt>2042-07-01</maturityDt>
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        <name>Virginia Small Business Financing Authority</name>
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          <maturityDt>2042-01-01</maturityDt>
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        <name>Durham Capital Financing Corp.</name>
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          <isin value="US266780DK89"/>
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        <name>Town of Mooresville NC</name>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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        <name>Maryland Stadium Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13049YCT64"/>
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        <name>County of Cabarrus NC</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DTH43"/>
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        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <name>County of Lee NC</name>
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          <isin value="US523724AT94"/>
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        <valUSD>566135.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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          <maturityDt>2028-07-01</maturityDt>
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        <name>New Jersey Economic Development Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>Appalachian State University</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Spartanburg Regional Health Services District</name>
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        <name>Winston-Salem State University Foundation LLC</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Orange County Public Facilities Co.</name>
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        <name>University of North Carolina System</name>
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        <name>County of Scotland NC</name>
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        <name>Winston-Salem State University</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Central University</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>County of Granville NC</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>Railsplitter Tobacco Settlement Authority</name>
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        <name>County of Wake NC</name>
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      <invstOrSec>
        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>County of Randolph NC</name>
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          <maturityDt>2039-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Michigan Finance Authority</name>
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          <isin value="US59447PA274"/>
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        <valUSD>107900.05000000</valUSD>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Winston-Salem State University Foundation LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
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          <maturityDt>2046-02-01</maturityDt>
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        <name>Puerto Rico Infrastructure Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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        <name>County of New Hanover NC</name>
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        <name>Puerto Rico Convention Center District Authority</name>
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        <name>North Carolina Municipal Power Agency No. 1</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Colorado Health Facilities Authority</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US74529JQE81"/>
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        <curCd>USD</curCd>
        <valUSD>1087526.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
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          <isin value="US59261AZT77"/>
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        <balance>3225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3931952.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Raleigh Durham Airport Authority</name>
        <lei>N/A</lei>
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          <isin value="US751073HG54"/>
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        <curCd>USD</curCd>
        <valUSD>3479353.60000000</valUSD>
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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>2036-05-01</maturityDt>
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          <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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        <cusip>74526QL91</cusip>
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          <isin value="US74526QL917"/>
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        <balance>720000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>545400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <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>275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>279251.50000000</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>2042-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
        <cusip>40065FCG7</cusip>
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          <isin value="US40065FCG72"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251572.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>Chicago O'Hare International Airport</title>
        <cusip>167593G48</cusip>
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          <isin value="US167593G486"/>
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        <balance>195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>203166.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Capital Facilities Finance Agency</name>
        <lei>549300PWNPSB7G58A235</lei>
        <title>North Carolina Capital Facilities Finance Agency</title>
        <cusip>65818PNA3</cusip>
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          <isin value="US65818PNA39"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3327510.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of North Carolina at Wilmington</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Wilmington</title>
        <cusip>914722SR5</cusip>
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          <isin value="US914722SR57"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1783072.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QPM8</cusip>
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          <isin value="US74526QPM86"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>370212.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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          <isin value="US65821DGZ87"/>
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        <curCd>USD</curCd>
        <valUSD>1077960.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <cusip>658207YP4</cusip>
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          <isin value="US658207YP41"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>991500.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2043-07-01</maturityDt>
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          <annualizedRt>2.95000000</annualizedRt>
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        <name>Commonwealth Financing Authority</name>
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        <title>Commonwealth Financing Authority</title>
        <cusip>20282EAN6</cusip>
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          <isin value="US20282EAN67"/>
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        <valUSD>140543.80000000</valUSD>
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          <maturityDt>2032-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Greensboro NC Combined Water &amp; Sewer System Revenue</name>
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          <isin value="US395468KZ30"/>
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          <maturityDt>2047-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
        <cusip>40065FDC5</cusip>
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          <isin value="US40065FDC59"/>
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        <balance>380000.00000000</balance>
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          <maturityDt>2036-07-01</maturityDt>
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        <name>Town of Oak Island NC Enterprise System Revenue</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</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>
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          <isin value="US74529JRJ69"/>
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        <balance>348000.00000000</balance>
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        <valUSD>352774.56000000</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>2040-07-01</maturityDt>
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        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
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          <isin value="US59447PH204"/>
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        <balance>115000.00000000</balance>
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        <valUSD>129889.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <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>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority</title>
        <cusip>64577B7P3</cusip>
        <identifiers>
          <isin value="US64577B7P37"/>
        </identifiers>
        <balance>1030000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1200207.50000000</valUSD>
        <pctVal>0.249034921732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-15</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 Charlotte NC</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>City of Charlotte NC</title>
        <cusip>161037Z74</cusip>
        <identifiers>
          <isin value="US161037Z746"/>
        </identifiers>
        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5150340.00000000</valUSD>
        <pctVal>1.068660643091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</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>
    </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>
