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      <invstOrSec>
        <name>City of Durham NC</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Chicago O'Hare International Airport</name>
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        <name>University of North Carolina System</name>
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          <maturityDt>2024-04-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Town of Oak Island NC Enterprise System Revenue</name>
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          <maturityDt>2031-06-01</maturityDt>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
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          <isin value="US6461365N73"/>
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        <curCd>USD</curCd>
        <valUSD>2180559.70000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-15</maturityDt>
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      <invstOrSec>
        <name>Town of Oak Island NC Enterprise System Revenue</name>
        <lei>N/A</lei>
        <title>Town of Oak Island NC Enterprise System Revenue</title>
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          <isin value="US67140PCR38"/>
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        <curCd>USD</curCd>
        <valUSD>2356584.30000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <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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        <curCd>USD</curCd>
        <valUSD>391433.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maryland Stadium Authority</name>
        <lei>549300VA283TTQRDNF71</lei>
        <title>Maryland Stadium Authority</title>
        <cusip>574296BW8</cusip>
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          <isin value="US574296BW81"/>
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        <balance>1530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1810556.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-01</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>
        <name>County of New Hanover NC</name>
        <lei>549300TDDH9O6TH23823</lei>
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        <cusip>644800V68</cusip>
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          <isin value="US644800V685"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2026100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Miami-Dade County Health Facilities Authority</name>
        <lei>N/A</lei>
        <title>Miami-Dade County Health Facilities Authority</title>
        <cusip>59334NEC2</cusip>
        <identifiers>
          <isin value="US59334NEC20"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86194.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JQD0</cusip>
        <identifiers>
          <isin value="US74529JQD09"/>
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        <balance>31000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21452.00000000</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>2029-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Charlotte NC Water &amp; Sewer System Revenue</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>City of Charlotte NC Water &amp; Sewer System Revenue</title>
        <cusip>161045PF0</cusip>
        <identifiers>
          <isin value="US161045PF03"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4500600.00000000</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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
        <lei>N/A</lei>
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        <cusip>162410FE9</cusip>
        <identifiers>
          <isin value="US162410FE92"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43062.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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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          <isin value="US91472TAN46"/>
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        <balance>3045000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3575012.70000000</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>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
        <lei>N/A</lei>
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        <cusip>162410EM2</cusip>
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          <isin value="US162410EM28"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54847.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>74526QX80</cusip>
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          <isin value="US74526QX805"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60350.00000000</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>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
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          <isin value="US40065FDE16"/>
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        <balance>1325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1331704.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</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="US74526QN574"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67450.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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          <isin value="US65821DUY56"/>
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        <balance>2750000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Charlotte NC</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>City of Charlotte</title>
        <cusip>161037Z74</cusip>
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          <isin value="US161037Z746"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5165280.00000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
        <lei>N/A</lei>
        <title>Texas Private Activity Bond Surface Transportation Corp.</title>
        <cusip>882667AG3</cusip>
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          <isin value="US882667AG31"/>
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        <balance>435000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>490745.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-31</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
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          <isin value="US65821DXK26"/>
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        <balance>1000000.00000000</balance>
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        <name>New York Liberty Development Corp.</name>
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        <name>Illinois Sports Facilities Authority (The)</name>
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        <name>Regional Transportation District</name>
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        <name>Commonwealth Financing Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Durham Capital Financing Corp.</name>
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        <name>North Carolina Turnpike Authority</name>
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      <invstOrSec>
        <name>City of Raleigh NC Combined Enterprise System Revenue</name>
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      <invstOrSec>
        <name>New York State Environmental Facilities Corp.</name>
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          <isin value="US64986DKN48"/>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Charlotte NC Airport Special Facilities Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Town of Oak Island NC</name>
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          <maturityDt>2036-06-01</maturityDt>
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        <name>New Jersey Economic Development Authority</name>
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          <maturityDt>2039-06-15</maturityDt>
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        <name>Red River Education Finance Corp.</name>
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          <isin value="US756870BE07"/>
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          <maturityDt>2046-10-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>County of New Hanover NC</name>
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          <maturityDt>2047-10-01</maturityDt>
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        <name>Indiana Finance Authority</name>
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        <name>Railsplitter Tobacco Settlement Authority</name>
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        <name>Town of Oak Island NC Enterprise System Revenue</name>
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        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Port Beaumont Navigation District</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>County of Durham NC</name>
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        <name>North Carolina Turnpike Authority</name>
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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>North Carolina Medical Care Commission</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Summit County Development Finance Authority</name>
        <lei>N/A</lei>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Guam Government Waterworks Authority</name>
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          <isin value="US40065FDC59"/>
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        <valUSD>384989.40000000</valUSD>
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        <invCountry>GU</invCountry>

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          <maturityDt>2036-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DXA44"/>
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        <curCd>USD</curCd>
        <valUSD>327741.30000000</valUSD>
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          <maturityDt>2033-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Cape Fear Public Utility Authority</name>
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          <isin value="US139391CZ75"/>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Charlotte NC Airport Special Facilities Revenue</name>
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        <name>Wayne County Airport Authority</name>
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          <isin value="US944514QW10"/>
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          <maturityDt>2044-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Randolph NC</name>
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          <isin value="US752598DW94"/>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DWG23"/>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Western Carolina University</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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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2039-01-01</maturityDt>
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        <curCd>USD</curCd>
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          <maturityDt>2034-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Sales Tax Securitization Corp.</title>
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          <isin value="US79467BCZ67"/>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>East Carolina University</name>
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          <maturityDt>2045-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <isin value="US74529JQG30"/>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
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        <name>Puerto Rico Infrastructure Financing Authority</name>
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          <maturityDt>2024-07-01</maturityDt>
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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>Sales Tax Securitization Corp.</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Puerto Rico Infrastructure Financing Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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      <invstOrSec>
        <name>University of North Carolina at Wilmington</name>
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          <maturityDt>2039-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QJ457"/>
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        <valUSD>28300.00000000</valUSD>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Raleigh Durham Airport Authority</name>
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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>2034-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pennsylvania Housing Finance Agency</name>
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          <maturityDt>2037-10-01</maturityDt>
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          <annualizedRt>3.70000000</annualizedRt>
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        <name>Wayne County Airport Authority</name>
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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>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <name>Raleigh Durham Airport Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>North Carolina Municipal Power Agency No. 1</name>
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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>Sales Tax Securitization Corp.</name>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>University of North Carolina at Charlotte (The)</name>
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        <name>North Carolina Medical Care Commission</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US74528NAS62"/>
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        <curCd>USD</curCd>
        <valUSD>2187346.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <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="US914719RH48"/>
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        <curCd>USD</curCd>
        <valUSD>3118170.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>
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          <isin value="US65819GLU03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1142660.00000000</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>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526QM337"/>
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        <balance>305000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216550.00000000</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>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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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>74526QK84</cusip>
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          <isin value="US74526QK844"/>
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        <balance>440000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>311300.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Town of Oak Island NC Enterprise System Revenue</name>
        <lei>N/A</lei>
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          <isin value="US67140PDN15"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>612950.00000000</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>2028-06-01</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>
        <name>Pinellas County Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Pinellas County Educational Facilities Authority</title>
        <cusip>723161GE9</cusip>
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          <isin value="US723161GE91"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>465129.00000000</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>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QU59</cusip>
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          <isin value="US74526QU595"/>
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        <balance>240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>170700.00000000</valUSD>
        <pctVal>0.035532538603</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>6.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Winston-Salem State University Foundation LLC</name>
        <lei>N/A</lei>
        <title>Winston-Salem State University Foundation LLC</title>
        <cusip>975706GT3</cusip>
        <identifiers>
          <isin value="US975706GT35"/>
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        <balance>2470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2957923.80000000</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>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia College Building Authority</name>
        <lei>N/A</lei>
        <title>Virginia College Building Authority</title>
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          <isin value="US9277817L27"/>
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        <balance>195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>194984.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QT514"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28400.00000000</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>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US928104LK26"/>
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        <balance>1160000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QP223"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

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          <maturityDt>2025-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <isin value="US74529JQC26"/>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2027-07-01</maturityDt>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
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      <invstOrSec>
        <name>County of Randolph NC</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2037-10-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Raleigh Durham Airport Authority</name>
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        <balance>2000000.00000000</balance>
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        <valUSD>2303480.00000000</valUSD>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
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          <isin value="US79467BCV53"/>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <name>North Carolina Medical Care Commission</name>
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        <name>Virginia Small Business Financing Authority</name>
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          <maturityDt>2037-01-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>

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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of North Carolina at Charlotte (The)</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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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>5.25000000</annualizedRt>
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      <invstOrSec>
        <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>2058-07-01</maturityDt>
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        <name>Port Beaumont Navigation District</name>
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          <maturityDt>2050-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>County of Buncombe NC</name>
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        <name>University of North Carolina System</name>
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        <name>Connecticut Housing Finance Authority</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>Durham Capital Financing Corp.</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Elizabeth City State University</name>
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      <invstOrSec>
        <name>City of Charlotte NC Airport Special Facilities Revenue</name>
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      <invstOrSec>
        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65820YMR44"/>
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        <name>Miami-Dade County Health Facilities Authority</name>
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          <isin value="US59334NEA63"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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        <curCd>USD</curCd>
        <valUSD>3409050.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2038-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority</title>
        <cusip>118217CZ9</cusip>
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          <isin value="US118217CZ97"/>
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        <curCd>USD</curCd>
        <valUSD>2316942.30000000</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>2055-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Central University</name>
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        <cusip>65819PDT2</cusip>
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          <isin value="US65819PDT21"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5325600.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <cusip>118217CT3</cusip>
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          <isin value="US118217CT38"/>
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        <valUSD>208827.10000000</valUSD>
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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>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Guam Government Waterworks 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>Durham County Industrial Facilities &amp; Pollution Control Financing Authority</name>
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        <name>City of Chicago IL</name>
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        <invCountry>US</invCountry>
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        <name>Dallas-Fort Worth International Airport</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Raleigh Durham Airport Authority</name>
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        <name>Columbus County Industrial Facilities &amp; Pollution Control Financing Authority</name>
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        <name>City of Asheville NC</name>
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        <name>Michigan Finance Authority</name>
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        <name>Raleigh Durham Airport Authority</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>County of Buncombe NC</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Sales Tax Securitization Corp.</name>
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      </invstOrSec>
      <invstOrSec>
        <name>County of Scotland NC</name>
        <lei>N/A</lei>
        <title>County of Scotland</title>
        <cusip>809323BL1</cusip>
        <identifiers>
          <isin value="US809323BL16"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1240260.00000000</valUSD>
        <pctVal>0.258169808603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</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>Tennessee Energy Acquisition Corp.</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>Tennessee Energy Acquisition Corp.</title>
        <cusip>880443DZ6</cusip>
        <identifiers>
          <isin value="US880443DZ63"/>
        </identifiers>
        <balance>805000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>819812.00000000</valUSD>
        <pctVal>0.170650272628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-02-01</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>Tennessee Energy Acquisition Corp.</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>Tennessee Energy Acquisition Corp.</title>
        <cusip>880443BS4</cusip>
        <identifiers>
          <isin value="US880443BS49"/>
        </identifiers>
        <balance>1290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1443871.20000000</valUSD>
        <pctVal>0.300553070607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</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>City of Winston-Salem NC Water &amp; Sewer System Revenue</name>
        <lei>N/A</lei>
        <title>City of Winston-Salem NC Water &amp; Sewer System Revenue</title>
        <cusip>975700NM3</cusip>
        <identifiers>
          <isin value="US975700NM39"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>800772.00000000</valUSD>
        <pctVal>0.166686947877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</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>
      <invstOrSec>
        <name>Toll Road Investors Partnership II LP</name>
        <lei>N/A</lei>
        <title>Toll Road Investors Partnership II LP</title>
        <cusip>88948ABM8</cusip>
        <identifiers>
          <isin value="US88948ABM80"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>622191.01000000</valUSD>
        <pctVal>0.129513919634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Chapel Hill</title>
        <cusip>914714CU2</cusip>
        <identifiers>
          <isin value="US914714CU27"/>
        </identifiers>
        <balance>405000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>464498.55000000</valUSD>
        <pctVal>0.096689002104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth Financing Authority</name>
        <lei>N/A</lei>
        <title>Commonwealth Financing Authority</title>
        <cusip>20282EAQ9</cusip>
        <identifiers>
          <isin value="US20282EAQ98"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>53717.40000000</valUSD>
        <pctVal>0.011181696480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</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>City of Charlotte NC Airport Special Facilities Revenue</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>City of Charlotte NC Airport Special Facilities Revenue</title>
        <cusip>161036JK5</cusip>
        <identifiers>
          <isin value="US161036JK54"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3114840.00000000</valUSD>
        <pctVal>0.648378280868</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>City of Charlotte NC Airport Special Facilities Revenue</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>City of Charlotte NC Airport Special Facilities Revenue</title>
        <cusip>161036KW7</cusip>
        <identifiers>
          <isin value="US161036KW73"/>
        </identifiers>
        <balance>1245000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1397848.65000000</valUSD>
        <pctVal>0.290973117271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</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>Winston-Salem State University Foundation LLC</name>
        <lei>N/A</lei>
        <title>Winston-Salem State University Foundation LLC</title>
        <cusip>975706FW7</cusip>
        <identifiers>
          <isin value="US975706FW72"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1053890.00000000</valUSD>
        <pctVal>0.219375437076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</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>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Sales Tax Securitization Corp.</title>
        <cusip>79467BCX1</cusip>
        <identifiers>
          <isin value="US79467BCX10"/>
        </identifiers>
        <balance>220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254779.80000000</valUSD>
        <pctVal>0.053034405852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</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>County of Gaston NC</name>
        <lei>549300RQ7QXM9RXM7Z26</lei>
        <title>County of Gaston</title>
        <cusip>36730WAS9</cusip>
        <identifiers>
          <isin value="US36730WAS98"/>
        </identifiers>
        <balance>610000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>769972.50000000</valUSD>
        <pctVal>0.160275791329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-01</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>Wayne County Airport Authority</name>
        <lei>N/A</lei>
        <title>Wayne County Airport Authority</title>
        <cusip>944514RR1</cusip>
        <identifiers>
          <isin value="US944514RR16"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>164868.00000000</valUSD>
        <pctVal>0.034318562240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</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>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Chapel Hill</title>
        <cusip>91471FBD6</cusip>
        <identifiers>
          <isin value="US91471FBD69"/>
        </identifiers>
        <balance>6500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7510620.00000000</valUSD>
        <pctVal>1.563394230155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-01</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>Winston-Salem State University</name>
        <lei>N/A</lei>
        <title>Winston-Salem State University</title>
        <cusip>975705AP9</cusip>
        <identifiers>
          <isin value="US975705AP93"/>
        </identifiers>
        <balance>1550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1671768.00000000</valUSD>
        <pctVal>0.347991569984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</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>
    </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>2020-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
