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      <invstOrSec>
        <name>Iowa Student Loan Liquidity Corp.</name>
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        <name>Tobacco Settlement Financing Corp. Virgin Islands</name>
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        <name>Knox County Health Educational &amp; Housing Facility Board</name>
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        <name>Wilson County Tenth Special School District TN</name>
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        <name>North Texas Education Finance Corp.</name>
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        <name>Puerto Rico Infrastructure Financing Authority</name>
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          <isin value="US745220FR99"/>
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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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      <invstOrSec>
        <name>Knox County Health Educational &amp; Housing Facility Board</name>
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          <isin value="US499527CC10"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
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          <isin value="US928104LJ52"/>
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          <maturityDt>2037-01-01</maturityDt>
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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>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <name>City of Memphis TN Storm Water System Revenue</name>
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        <name>Memphis-Shelby County Industrial Development Board</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Delaware Valley Regional Finance Authority</name>
        <lei>549300HGYP3NW885TT18</lei>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Metropolitan Nashville Airport Authority (The)</name>
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        <name>Puerto Rico Public Buildings Authority</name>
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      <invstOrSec>
        <name>Toll Road Investors Partnership II LP</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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          <isin value="US745190UQ97"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

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        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QX805"/>
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        <curCd>USD</curCd>
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        <name>Michigan Finance Authority</name>
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        <name>City of Chicago IL</name>
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        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Greeneville Health &amp; Educational Facilities Board</name>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Bonds</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
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          <isin value="US745190ZQ43"/>
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        <curCd>USD</curCd>
        <valUSD>91084.50000000</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>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Sales Tax Securitization Corp.</title>
        <cusip>79467BCW3</cusip>
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          <isin value="US79467BCW37"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29030.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-01</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="US74526QV338"/>
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        <curCd>USD</curCd>
        <valUSD>28300.00000000</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>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Infrastructure Financing Authority</name>
        <lei>549300G1ONPUNRBJUC88</lei>
        <title>Puerto Rico Infrastructure Financing Authority</title>
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          <isin value="US745220FQ17"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26539.75000000</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>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JRJ6</cusip>
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          <isin value="US74529JRJ69"/>
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        <balance>76000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69812.84000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32900000</annualizedRt>
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        <securityLending>
          <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>
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          <isin value="US74529JRK33"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>907.57000000</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>4.53600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Infrastructure Financing Authority</name>
        <lei>549300G1ONPUNRBJUC88</lei>
        <title>Puerto Rico Infrastructure Financing Authority</title>
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          <isin value="US745220FP34"/>
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        <curCd>USD</curCd>
        <valUSD>274123.20000000</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>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
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          <isin value="US64577B7R92"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382279.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</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>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>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>70750.00000000</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Miami-Dade County Health Facilities Authority</name>
        <lei>N/A</lei>
        <title>Miami-Dade County Health Facilities Authority</title>
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          <isin value="US59334NEA63"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60929.40000000</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>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Claiborne County Industrial Development Board</name>
        <lei>N/A</lei>
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          <isin value="US179475AT54"/>
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        <curCd>USD</curCd>
        <valUSD>501120.00000000</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>2039-10-01</maturityDt>
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          <annualizedRt>6.62500000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QK505"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7112.50000000</valUSD>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>Chattanooga Industrial Development Board</name>
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          <isin value="US162419CJ26"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2024-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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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>2031-07-01</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>
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          <isin value="US74529JQF56"/>
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        <balance>363000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
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          <maturityDt>2035-07-01</maturityDt>
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      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-09-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Franklin County Health &amp; Educational Facilities Board</name>
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          <isin value="US353325DY65"/>
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        <balance>375000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>Sales Tax Securitization Corp.</name>
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          <isin value="US79467BCR42"/>
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        <name>Metropolitan Nashville Airport Authority (The)</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>University of Puerto Rico</name>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Knox County Health Educational &amp; Housing Facility Board</name>
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      <invstOrSec>
        <name>City of Clarksville TN</name>
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          <maturityDt>2029-02-01</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="US74526QPS56"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Claiborne County Industrial Development Board</name>
        <lei>N/A</lei>
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          <isin value="US179475BD93"/>
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        <balance>250000.00000000</balance>
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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>2040-10-01</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville &amp; Davidson County TN Water &amp; Sewer Revenue</name>
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          <isin value="US592098M612"/>
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        <curCd>USD</curCd>
        <valUSD>2218020.00000000</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>2032-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Chicago IL</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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          <isin value="US74527JAD90"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12000000</annualizedRt>
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        <name>State Public School Building Authority</name>
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          <isin value="US85732GUH19"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Iowa Finance Authority</name>
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        <curCd>USD</curCd>
        <valUSD>528270.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>West Wilson Utility District of Wilson County Tennessee</name>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Tennessee Energy Acquisition Corp.</name>
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          <maturityDt>2026-09-01</maturityDt>
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        <name>Hallsdale-Powell Utility District</name>
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          <maturityDt>2035-04-01</maturityDt>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Bonds</name>
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        <name>Guam Power Authority</name>
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        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Bonds</name>
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        <name>Metropolitan Nashville Airport Authority (The)</name>
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      <invstOrSec>
        <name>Kentucky Economic Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Kentucky Economic Development Finance Authority</title>
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          <isin value="US49126KGW53"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Escambia County Health Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US296110FQ71"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-15</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QPR73"/>
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        <curCd>USD</curCd>
        <valUSD>65783.25000000</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>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>City of Clarksville TN Water Sewer &amp; Gas Revenue</name>
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          <isin value="US182618MT29"/>
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        <curCd>USD</curCd>
        <valUSD>566540.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tennessee Energy Acquisition Corp.</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>Tennessee Energy Acquisition Corp.</title>
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          <isin value="US880443BN51"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>232004.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-01</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>74526QL59</cusip>
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          <isin value="US74526QL594"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28300.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reading School District</name>
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        <cusip>755638ZF3</cusip>
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          <isin value="US755638ZF37"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29643.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tennessee State School Bond Authority</name>
        <lei>N/A</lei>
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          <isin value="US880558EK37"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1079430.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Orangeburg County Facilities Corp.</name>
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          <isin value="US685357AV75"/>
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        <balance>335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>365019.35000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Miami-Dade County Health Facilities Authority</name>
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          <isin value="US59334NEC20"/>
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        <valUSD>25351.25000000</valUSD>
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        <invCountry>US</invCountry>
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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>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QX490"/>
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        <balance>65000.00000000</balance>
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        <invCountry>PR</invCountry>

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          <maturityDt>2018-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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          <isin value="US6461362B62"/>
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          <maturityDt>2027-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Memphis-Shelby County Industrial Development Board</name>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QR955"/>
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        <invCountry>PR</invCountry>

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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Kentucky Economic Development Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US49126KGX37"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-03-01</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>City of Jackson Tennessee</name>
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          <annualizedRt>4.00000000</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>Village of Bridgeview IL</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tennessee Energy Acquisition Corp.</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
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        <cusip>880443BP0</cusip>
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          <isin value="US880443BP00"/>
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        <curCd>USD</curCd>
        <valUSD>120931.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Pigeon Forge Industrial Development Board</name>
        <lei>N/A</lei>
        <title>Pigeon Forge Industrial Development Board</title>
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          <isin value="US721016AT00"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1038610.00000000</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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          <isin value="US40065FCG72"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65752.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Memphis-Shelby County Airport Authority</name>
        <lei>N/A</lei>
        <title>Memphis-Shelby County Airport Authority</title>
        <cusip>586111NA0</cusip>
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          <isin value="US586111NA07"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1159160.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</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>
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        <cusip>74526QR20</cusip>
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          <isin value="US74526QR203"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7075.00000000</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>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tennessee Housing Development Agency</name>
        <lei>N/A</lei>
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        <cusip>880461YK8</cusip>
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          <isin value="US880461YK88"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1646085.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
        <title>Puerto Rico Highway &amp; Transportation Authority</title>
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          <isin value="US745190E792"/>
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        <balance>665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>711749.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Jackson Tennessee</name>
        <lei>N/A</lei>
        <title>City of Jackson Tennessee</title>
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          <isin value="US468736PP20"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1277420.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maryland Stadium Authority</name>
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          <isin value="US574296BW81"/>
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        <balance>385000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>455597.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Guam Power Authority</name>
        <lei>549300IPOV320QCKW060</lei>
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        <curCd>USD</curCd>
        <valUSD>480156.70000000</valUSD>
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        <invCountry>GU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Iowa Student Loan Liquidity Corp.</name>
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          <isin value="US462590MS69"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2039-12-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Metropolitan Government of Nashville &amp; Davidson County TN</name>
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          <maturityDt>2021-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Sales Tax Securitization Corp.</title>
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          <isin value="US79467BDA08"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-01-01</maturityDt>
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        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <name>Sales Tax Securitization Corp.</name>
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        <title>Sales Tax Securitization Corp.</title>
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      <invstOrSec>
        <name>Memphis-Shelby County Airport Authority</name>
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        <assetCat>DBT</assetCat>
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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>
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          <isin value="US74529JQG30"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>City of Chicago</title>
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      </invstOrSec>
      <invstOrSec>
        <name>Tennessee Housing Development Agency</name>
        <lei>N/A</lei>
        <title>Tennessee Housing Development Agency</title>
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          <isin value="US880461VX37"/>
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        <curCd>USD</curCd>
        <valUSD>1065645.90000000</valUSD>
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      <invstOrSec>
        <name>Tennessee Housing Development Agency</name>
        <lei>N/A</lei>
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          <isin value="US880461L631"/>
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        <curCd>USD</curCd>
        <valUSD>1153312.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2044-01-01</maturityDt>
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          <annualizedRt>2.40000000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Bonds</name>
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          <isin value="US592029AE23"/>
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        <curCd>USD</curCd>
        <valUSD>1897056.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-01</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="US74526QJ457"/>
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        <curCd>USD</curCd>
        <valUSD>7075.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</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>
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          <isin value="US74526QN574"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14200.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Chattanooga-Hamilton County Hospital Authority</name>
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          <isin value="US162362HY60"/>
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        <curCd>USD</curCd>
        <valUSD>1053330.00000000</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>2044-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nashville Metropolitan Development &amp; Housing Agency</name>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>509485.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-06-01</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Territory of Guam</name>
        <lei>N/A</lei>
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          <isin value="US40065HDV96"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165952.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Regional Transportation District</name>
        <lei>N/A</lei>
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          <isin value="US759151AN35"/>
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        <curCd>USD</curCd>
        <valUSD>483542.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Central Plains Energy Project</name>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
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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>2036-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-01</maturityDt>
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        <name>Mississippi Development Bank</name>
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          <maturityDt>2040-12-01</maturityDt>
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        <name>Michigan Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>Spartanburg Regional Health Services District</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Tennessee State School Bond Authority</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Doylestown Hospital Authority</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tennessee Energy Acquisition Corp.</name>
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          <isin value="US880443BQ82"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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          <isin value="US40065FDE16"/>
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        <curCd>USD</curCd>
        <valUSD>381922.80000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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          <isin value="US162410FF67"/>
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        <valUSD>1061240.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tennessee Housing Development Agency</name>
        <lei>N/A</lei>
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        <cusip>880461G77</cusip>
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          <isin value="US880461G771"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256462.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wilson County Tenth Special School District TN</name>
        <lei>N/A</lei>
        <title>Wilson County Tenth Special School District</title>
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          <isin value="US972183KV83"/>
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        <balance>460000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>531346.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
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          <isin value="US59447PD245"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22551.20000000</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>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Franklin TN</name>
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          <isin value="US354730E581"/>
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        <curCd>USD</curCd>
        <valUSD>656365.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QU751"/>
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        <curCd>USD</curCd>
        <valUSD>91975.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Metropolitan Nashville Airport Authority (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
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          <annualizedRt>5.20000000</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>2026-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <invCountry>US</invCountry>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <invCountry>PR</invCountry>

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        <name>City of Clarksville TN</name>
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        <invCountry>US</invCountry>
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        <name>City of Memphis TN</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-06-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US74529JQD09"/>
        </identifiers>
        <balance>7000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4844.00000000</valUSD>
        <pctVal>0.004903789155</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Port Beaumont Navigation District</name>
        <lei>549300G8PKBXALUKJY33</lei>
        <title>Port Beaumont Navigation District</title>
        <cusip>73360CAD6</cusip>
        <identifiers>
          <isin value="US73360CAD65"/>
        </identifiers>
        <balance>220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>169809.20000000</valUSD>
        <pctVal>0.171905143160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</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>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>City of Chicago</title>
        <cusip>167486UP2</cusip>
        <identifiers>
          <isin value="US167486UP23"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46537.20000000</valUSD>
        <pctVal>0.047111605427</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>5.50000000</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>
