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        <name>Puerto Rico Sales Tax Financing Corp.</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>New Jersey Transportation Trust Fund Authority</name>
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        <name>Maryland Stadium Authority</name>
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      <invstOrSec>
        <name>Iowa Student Loan Liquidity Corp.</name>
        <lei>549300FO1LWVSZKGJK70</lei>
        <title>Iowa Student Loan Liquidity Corp.</title>
        <cusip>462590MS6</cusip>
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          <isin value="US462590MS69"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74246.93000000</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>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JQD0</cusip>
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          <isin value="US74529JQD09"/>
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        <balance>12000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10466.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bentonville School District No. 6</name>
        <lei>N/A</lei>
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          <isin value="US083419V658"/>
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        <curCd>USD</curCd>
        <valUSD>1129207.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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, Series WW</title>
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          <isin value="US74526QK505"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9737.50000000</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>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority</title>
        <cusip>6461367M7</cusip>
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          <isin value="US6461367M72"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>81527.87000000</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>2050-06-15</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>Territory of Guam</name>
        <lei>N/A</lei>
        <title>Territory of Guam</title>
        <cusip>40065NCP0</cusip>
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          <isin value="US40065NCP06"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12765.03000000</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>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84554.12000000</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>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>
        <title>Puerto Rico Electric Power Authority, Series WW</title>
        <cusip>74526QP22</cusip>
        <identifiers>
          <isin value="US74526QP223"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24312.50000000</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>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Village of Bridgeview IL</name>
        <lei>N/A</lei>
        <title>Village of Bridgeview</title>
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          <isin value="US108555GG22"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>396526.28000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526QM337"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106975.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Colorado Health Facilities Authority</name>
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          <isin value="US19648FKA11"/>
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        <balance>90000.00000000</balance>
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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>2044-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Delaware Valley Regional Finance Authority</name>
        <lei>549300HGYP3NW885TT18</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Mountain View AR Sales &amp; Use Tax</name>
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          <isin value="US624309CM07"/>
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        <balance>405000.00000000</balance>
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        <valUSD>429380.60000000</valUSD>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Arkansas Development Finance Authority Public Safety Charges Revenue</name>
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        <balance>2955000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Bentonville AR Sales &amp; Use Tax Revenue</name>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <assetCat>DBT</assetCat>
        <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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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority</title>
        <cusip>04084RBS9</cusip>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526QN574"/>
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        <balance>35000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

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        <name>County of Mississippi AR Sales &amp; Use Tax Revenue</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>City of Conway AR Wasterwater Department</name>
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          <maturityDt>2022-04-01</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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        <name>North Little Rock School District No. 1</name>
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          <maturityDt>2037-01-01</maturityDt>
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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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        <name>University of Arkansas</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</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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          <maturityDt>2037-07-01</maturityDt>
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        <name>Doylestown Hospital Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QJ457"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-07-01</maturityDt>
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        <name>Board of Regents of the University of Texas System</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Bentonville School District No. 6</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>University of Central Arkansas</name>
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        <name>Tuscaloosa County Industrial Development Authority</name>
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        <name>Arkansas Development Finance Authority Public Safety Charges Revenue</name>
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        <name>Public Finance Authority</name>
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          <maturityDt>2044-06-15</maturityDt>
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        <name>Arkansas Development Finance Authority</name>
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          <maturityDt>2042-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>North Carolina Turnpike Authority</name>
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          <maturityDt>2044-01-01</maturityDt>
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        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
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          <isin value="US882667AG31"/>
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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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          <maturityDt>2047-05-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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          <maturityDt>2023-07-01</maturityDt>
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        <name>Port Beaumont Navigation District</name>
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        <name>Arkansas State University</name>
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        <name>Puerto Rico Infrastructure Financing Authority</name>
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        <name>University of Arkansas - Pulaski Technical College</name>
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        <name>Arkansas State University Mid-South</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <isin value="US74529JQC26"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>None</couponKind>
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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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        <curCd>USD</curCd>
        <valUSD>426523.13000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Economic Development Authority</name>
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          <isin value="US64577XBF24"/>
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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>2044-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
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        <cusip>04109HBB9</cusip>
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          <isin value="US04109HBB96"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>454042.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arkansas State Community Water System Public Water Authority</name>
        <lei>N/A</lei>
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          <isin value="US041049BW65"/>
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        <balance>1020000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1081086.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <title>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</title>
        <cusip>745272GG3</cusip>
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          <isin value="US745272GG31"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65975.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-01</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="US162410EM28"/>
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        <curCd>USD</curCd>
        <valUSD>11399.72000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orangeburg County Facilities Corp.</name>
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          <isin value="US685357AV75"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>596177.40000000</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Bentonville AR Sales &amp; Use Tax Revenue</name>
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        <valUSD>1098503.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QL917"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>252200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JQG3</cusip>
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          <isin value="US74529JQG30"/>
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        <balance>2189000.00000000</balance>
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        <valUSD>719875.85000000</valUSD>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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          <maturityDt>2030-01-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <cusip>745272EZ3</cusip>
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          <isin value="US745272EZ30"/>
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          <maturityDt>2032-04-01</maturityDt>
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        <name>University of Arkansas</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <balance>355000.00000000</balance>
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        <name>Massachusetts Bay Transportation Authority</name>
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          <maturityDt>2029-07-01</maturityDt>
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      <invstOrSec>
        <name>City of Benton AR Municipal Light &amp; Water Works</name>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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      <invstOrSec>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>University of Arkansas</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>City of Mountain View AR Sales &amp; Use Tax</name>
        <lei>N/A</lei>
        <title>City of Mountain View AR Sales &amp; Use Tax</title>
        <cusip>624309CL2</cusip>
        <identifiers>
          <isin value="US624309CL24"/>
        </identifiers>
        <balance>395000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>420473.39000000</valUSD>
        <pctVal>0.236144509482</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514LD20</cusip>
        <identifiers>
          <isin value="US74514LD200"/>
        </identifiers>
        <balance>320000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>330301.15000000</valUSD>
        <pctVal>0.185502352594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>University of Arkansas - Pulaski Technical College</name>
        <lei>N/A</lei>
        <title>University of Arkansas - Pulaski Technical College</title>
        <cusip>745601HF4</cusip>
        <identifiers>
          <isin value="US745601HF41"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1161608.70000000</valUSD>
        <pctVal>0.652377827459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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>167486VN6</cusip>
        <identifiers>
          <isin value="US167486VN65"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>34126.21000000</valUSD>
        <pctVal>0.019165819556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-01</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>
      <invstOrSec>
        <name>City of Benton AR Municipal Light &amp; Water Works</name>
        <lei>N/A</lei>
        <title>City of Benton AR Municipal Light &amp; Water Works</title>
        <cusip>082766LF1</cusip>
        <identifiers>
          <isin value="US082766LF10"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1175118.10000000</valUSD>
        <pctVal>0.659964920274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
        <lei>N/A</lei>
        <title>Chattanooga Health Educational &amp; Housing Facility Board</title>
        <cusip>162410FF6</cusip>
        <identifiers>
          <isin value="US162410FF67"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6149.86000000</valUSD>
        <pctVal>0.003453858692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Conway AR</name>
        <lei>N/A</lei>
        <title>City of Conway</title>
        <cusip>212595DE9</cusip>
        <identifiers>
          <isin value="US212595DE94"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>913368.78000000</valUSD>
        <pctVal>0.512962360186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>University of Arkansas</name>
        <lei>549300FFADBQ3NEI2D96</lei>
        <title>University of Arkansas</title>
        <cusip>914072RT2</cusip>
        <identifiers>
          <isin value="US914072RT29"/>
        </identifiers>
        <balance>780000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>857895.95000000</valUSD>
        <pctVal>0.481807941045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QX49</cusip>
        <identifiers>
          <isin value="US74526QX490"/>
        </identifiers>
        <balance>95000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>91200.00000000</valUSD>
        <pctVal>0.051219363167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2018-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority</title>
        <cusip>64577BSZ8</cusip>
        <identifiers>
          <isin value="US64577BSZ84"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>180649.71000000</valUSD>
        <pctVal>0.101455735774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13049YCT6</cusip>
        <identifiers>
          <isin value="US13049YCT64"/>
        </identifiers>
        <balance>1130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1375250.12000000</valUSD>
        <pctVal>0.772362229637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp.</title>
        <cusip>649519CK9</cusip>
        <identifiers>
          <isin value="US649519CK93"/>
        </identifiers>
        <balance>1615000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1666269.95000000</valUSD>
        <pctVal>0.935803571324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>City of Chicago</title>
        <cusip>167486D71</cusip>
        <identifiers>
          <isin value="US167486D712"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103328.26000000</valUSD>
        <pctVal>0.058030785904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</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>
      <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>329040.42000000</valUSD>
        <pctVal>0.184794306676</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>2021-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
