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          <isin value="US04084RBZ38"/>
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          <isin value="US462467SX09"/>
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        <name>Arkansas Development Finance Authority</name>
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          <isin value="US04108KXB96"/>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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          <maturityDt>2038-06-01</maturityDt>
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        <name>County of Phillips AR</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>University of Arkansas</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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          <isin value="US6461362B62"/>
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        <name>Maryland Stadium Authority</name>
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        <name>City of Mountain View AR Sales &amp; Use Tax</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>University of Arkansas</name>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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      <invstOrSec>
        <name>Bentonville School District No. 6</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1111310.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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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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        <curCd>USD</curCd>
        <valUSD>8112.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority</title>
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          <isin value="US6461367M72"/>
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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>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
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        <title>New Jersey Transportation Trust Fund Authority</title>
        <cusip>6461367J4</cusip>
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          <isin value="US6461367J44"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>195706.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>59447PD32</cusip>
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          <isin value="US59447PD328"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>84942.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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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          <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>74526QP22</cusip>
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          <isin value="US74526QP223"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20250.00000000</valUSD>
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        <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>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Village of Bridgeview IL</name>
        <lei>N/A</lei>
        <title>Village of Bridgeview</title>
        <cusip>108555GG2</cusip>
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          <isin value="US108555GG22"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>366135.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.14000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QM33</cusip>
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          <isin value="US74526QM337"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>89100.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority</title>
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          <isin value="US19648FKA11"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102498.30000000</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>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Delaware Valley Regional Finance Authority</name>
        <lei>549300HGYP3NW885TT18</lei>
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        <cusip>246579JK3</cusip>
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        <balance>1315000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>City of Mountain View AR Sales &amp; Use Tax</name>
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        <balance>405000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority Public Safety Charges Revenue</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority Public Safety Charges</title>
        <cusip>04084DAV4</cusip>
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          <isin value="US04084DAV47"/>
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        <balance>2955000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority</title>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QN57</cusip>
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          <isin value="US74526QN574"/>
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        <invCountry>PR</invCountry>

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        <name>City of Valparaiso IN</name>
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          <maturityDt>2044-01-01</maturityDt>
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        <name>County of Mississippi AR Sales &amp; Use Tax Revenue</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
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        <balance>1075000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <curCd>USD</curCd>
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          <maturityDt>2037-01-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Guam Power Authority</name>
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        <invCountry>GU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of Arkansas</name>
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        <valUSD>1040010.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>Bentonville School District No. 6</name>
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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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        <name>Lavaca School District No. 3</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>1.30000000</annualizedRt>
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        <name>Reading School District</name>
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        <name>Batesville Public Facilities Board</name>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Doylestown Hospital Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>New York State Urban Development Corp.</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Arkansas State University Mid-South</name>
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        <name>University of Arkansas</name>
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        <name>University of Arkansas</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
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          <isin value="US04109KGB70"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>State of Illinois</name>
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          <isin value="US4521526L09"/>
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        <curCd>USD</curCd>
        <valUSD>145204.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
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          <isin value="US745190ZP69"/>
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        <curCd>USD</curCd>
        <valUSD>405642.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority</title>
        <cusip>118217CX4</cusip>
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          <isin value="US118217CX40"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>210620.65000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wayne County Airport Authority</name>
        <lei>N/A</lei>
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        <cusip>944514QW1</cusip>
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          <isin value="US944514QW10"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106761.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of Arkansas</name>
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          <isin value="US914072PZ07"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2250900.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of Arkansas</name>
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          <isin value="US9140726J70"/>
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        <curCd>USD</curCd>
        <valUSD>629056.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority</title>
        <cusip>64577B7R9</cusip>
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          <isin value="US64577B7R92"/>
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        <balance>580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>697247.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority</title>
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          <isin value="US04109FBZ09"/>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US118217CZ97"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
        <lei>N/A</lei>
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          <isin value="US882667AG31"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-31</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>Maryland Stadium Authority</name>
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        <title>Maryland Stadium Authority</title>
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        <balance>385000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2047-05-01</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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Hot Springs AR Wastewater Revenue</name>
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          <maturityDt>2050-12-01</maturityDt>
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          <annualizedRt>2.75000000</annualizedRt>
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        <name>Port Beaumont Navigation District</name>
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        <name>City of Fayetteville AR</name>
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        <name>Arkansas State University Mid-South</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of Arkansas - Pulaski Technical College</name>
        <lei>N/A</lei>
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          <isin value="US745601GX65"/>
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        <curCd>USD</curCd>
        <valUSD>1035650.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Bentonville AR</name>
        <lei>N/A</lei>
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          <isin value="US083422CD58"/>
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        <curCd>USD</curCd>
        <valUSD>441104.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Mountain View AR Sales &amp; Use Tax</name>
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          <isin value="US624309CF55"/>
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        <curCd>USD</curCd>
        <valUSD>402780.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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          <isin value="US6461367N55"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44999.55000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
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          <isin value="US6461367K17"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115654.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</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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        <cusip>74529JQC2</cusip>
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          <isin value="US74529JQC26"/>
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        <balance>66000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58763.10000000</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>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of Illinois</name>
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          <isin value="US452152T439"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32218.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
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          <isin value="US74529JQF56"/>
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        <balance>568000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>406705.04000000</valUSD>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>New Jersey Economic Development Authority</name>
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          <isin value="US64577XBF24"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Arkansas Development Finance Authority</name>
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          <isin value="US04109HBB96"/>
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        <curCd>USD</curCd>
        <valUSD>458145.00000000</valUSD>
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          <maturityDt>2028-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Arkansas State Community Water System Public Water Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <cusip>745272GG3</cusip>
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          <isin value="US745272GG31"/>
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        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <name>Orangeburg County Facilities Corp.</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US745272EZ30"/>
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        <curCd>USD</curCd>
        <valUSD>83854.20000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of Arkansas</name>
        <lei>549300FFADBQ3NEI2D96</lei>
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        <cusip>914072KB8</cusip>
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          <isin value="US914072KB83"/>
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        <curCd>USD</curCd>
        <valUSD>212808.00000000</valUSD>
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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>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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        <cusip>74529JRH0</cusip>
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          <isin value="US74529JRH04"/>
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        <balance>355000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>384692.20000000</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>Massachusetts Bay Transportation Authority</name>
        <lei>549300D2U0XBUXGX8P68</lei>
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          <isin value="US575579QA85"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1368210.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Benton AR Municipal Light &amp; Water Works</name>
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          <isin value="US082766LE45"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1194380.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</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>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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          <isin value="US40065FCH55"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>571620.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia</title>
        <cusip>25483VUV4</cusip>
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          <isin value="US25483VUV43"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>268817.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
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          <isin value="US64990FYS72"/>
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        <balance>910000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>966665.70000000</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>2049-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
        <title>Puerto Rico Highway &amp; Transportation Authority</title>
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          <isin value="US745190ZN12"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>786156.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QV338"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52487.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority</title>
        <cusip>040849FZ9</cusip>
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          <isin value="US040849FZ96"/>
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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>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
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          <isin value="US74529JPX71"/>
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        <balance>1346000.00000000</balance>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QR203"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Fort Smith AR Sales &amp; Use Tax Revenue</name>
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          <isin value="US348761DW43"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2023-05-01</maturityDt>
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        <name>City of Springdale AR Sales &amp; Use Tax Revenue</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
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        <name>Wayne County Airport Authority</name>
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          <isin value="US944514RR16"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>6.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
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        <name>Michigan Finance Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
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        <name>City of Fort Smith AR Water &amp; Sewer Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-10-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Red River Education Finance Corp.</name>
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          <isin value="US756870BE07"/>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
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          <isin value="US57420VRM71"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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          <isin value="US745272FA79"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-04-01</maturityDt>
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        <name>Wayne County Airport Authority</name>
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          <isin value="US944514QV37"/>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Arkansas</name>
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        <name>Toll Road Investors Partnership II LP</name>
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        <name>Puerto Rico Convention Center District Authority</name>
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        <name>City of Mountain View AR Sales &amp; Use Tax</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Tennessee Energy Acquisition Corp.</name>
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      <invstOrSec>
        <name>Territory of Guam</name>
        <lei>N/A</lei>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Rogers AR</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2036-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Mountain View AR Sales &amp; Use Tax</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <curCd>USD</curCd>
        <valUSD>450098.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of Arkansas - Pulaski Technical College</name>
        <lei>N/A</lei>
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          <isin value="US745601HF41"/>
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        <valUSD>1185810.00000000</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>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Chicago IL</name>
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          <isin value="US167486VN65"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32821.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>City of Benton AR Municipal Light &amp; Water Works</name>
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        <curCd>USD</curCd>
        <valUSD>1180200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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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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        <curCd>USD</curCd>
        <valUSD>6067.60000000</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>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Conway AR</name>
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          <maturityDt>2030-05-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>University of Arkansas</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <name>New Jersey Economic Development Authority</name>
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        <name>California Municipal Finance Authority</name>
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      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
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      <invstOrSec>
        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <valUSD>95340.80000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-01-01</maturityDt>
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          <annualizedRt>5.50000000</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>118217DA3</cusip>
        <identifiers>
          <isin value="US118217DA38"/>
        </identifiers>
        <balance>2010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306002.40000000</valUSD>
        <pctVal>0.182819059742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-06-01</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>
    </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>2021-02-01</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
