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        <name>Silicon Valley Clean Water</name>
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        <name>Garvey School District</name>
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        <name>California Educational Facilities Authority</name>
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        <name>Norman Y Mineta San Jose International Airport SJC</name>
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        <name>California Statewide Communities Development Authority</name>
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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 Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Los Angeles County Metropolitan Transportation Authority</name>
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        <name>Toll Road Investors Partnership II LP</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Santa Maria Bonita School District</name>
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        <name>Belmont Joint Powers Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California State University</name>
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        <name>California Municipal Finance Authority</name>
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      <invstOrSec>
        <name>University of California</name>
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      <invstOrSec>
        <name>Gilroy Unified School District</name>
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        <name>Oxnard School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California School Finance Authority</name>
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        <name>Carpinteria Valley Water District</name>
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        <name>California Enterprise Development Authority</name>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058TCK43"/>
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      <invstOrSec>
        <name>Territory of Guam</name>
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          <maturityDt>2031-01-01</maturityDt>
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        <name>Transbay Joint Powers Authority</name>
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          <isin value="US89356CBM73"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2038-10-01</maturityDt>
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        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
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          <isin value="US126292AA99"/>
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          <maturityDt>2051-07-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SWG55"/>
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      <invstOrSec>
        <name>Guam Power Authority</name>
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        <invCountry>GU</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Puerto Rico Electric Power Authority</name>
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          <maturityDt>2025-07-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Southern California Public Power Authority</name>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13032UMG03"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <title>California Municipal Finance Authority</title>
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          <isin value="US13048T4N04"/>
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        <curCd>USD</curCd>
        <valUSD>2375407.40000000</valUSD>
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        <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>Puerto Rico Infrastructure Financing Authority</name>
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          <isin value="US745220FP34"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <cusip>13048TVD2</cusip>
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          <isin value="US13048TVD26"/>
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        <curCd>USD</curCd>
        <valUSD>93724.20000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QN574"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Oakland Unified School District Alameda County</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US1307956Y83"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048VBY39"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California State Public Works Board</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Oakland Unified School District Alameda County</name>
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        <name>Port of Oakland</name>
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        <name>Ceres Unified School District</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>Guam Power Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Alameda Corridor Transportation Authority</name>
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        <name>Fresno Joint Powers Financing Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>Tennessee Housing Development Agency</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California Educational Facilities Authority</name>
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      <invstOrSec>
        <name>Oakland Unified School District Alameda County</name>
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      <invstOrSec>
        <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>2020-07-01</maturityDt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
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      <invstOrSec>
        <name>West Valley-Mission Community College District</name>
        <lei>N/A</lei>
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          <isin value="US95640HJL33"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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          <isin value="US118217CS54"/>
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          <maturityDt>2036-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy</name>
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          <isin value="US54465AJH68"/>
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          <maturityDt>2023-09-01</maturityDt>
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        <name>Transbay Joint Powers Authority</name>
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          <isin value="US89356CAN65"/>
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          <maturityDt>2036-10-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QQ544"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>California Public Finance Authority</name>
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        <name>California School Finance Authority</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>La Mesa-Spring Valley School District</name>
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        <name>Tuscaloosa County Industrial Development Authority</name>
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      <invstOrSec>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Port Beaumont Navigation District</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Gilroy Unified School District</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Puerto Rico Electric Power Authority</name>
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      <invstOrSec>
        <name>Foothill-Eastern Transportation Corridor Agency</name>
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        <name>California School Finance Authority</name>
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        <name>California Community Housing Agency</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>California County Tobacco Securitization Agency</name>
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          <isin value="US13016NJA37"/>
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          <maturityDt>2049-06-01</maturityDt>
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        <name>Sierra View Local Health Care District CA</name>
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        <name>Transbay Joint Powers Authority</name>
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        <name>State of California</name>
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        <name>California School Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Riverside County Redevelopment Successor Agency</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Tobacco Securitization Authority of Northern California</name>
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        <name>California Statewide Communities Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Transbay Joint Powers Authority</name>
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          <isin value="US89356CAL00"/>
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          <maturityDt>2034-10-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Territory of Guam</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Monterey County Joint Union High School District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Contra Costa County Schools Pooled Notes</name>
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        <name>California Educational Facilities Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Santa Maria Bonita School District</name>
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        <name>Puerto Rico Infrastructure Financing Authority</name>
        <lei>549300G1ONPUNRBJUC88</lei>
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        <name>Sierra View Local Health Care District CA</name>
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        <name>California School Finance Authority</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13058TDQ04"/>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-01</maturityDt>
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          <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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          <isin value="US74529JQC26"/>
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        <curCd>USD</curCd>
        <valUSD>154330.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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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>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
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          <isin value="US13080STL87"/>
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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>2053-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oakland Unified School District Alameda County</name>
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          <isin value="US672325H679"/>
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        <curCd>USD</curCd>
        <valUSD>1161971.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ontario Public Financing Authority</name>
        <lei>N/A</lei>
        <title>Ontario Public Financing Authority</title>
        <cusip>68304RBX7</cusip>
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          <isin value="US68304RBX70"/>
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        <balance>1025000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California State University</name>
        <lei>N/A</lei>
        <title>California State University</title>
        <cusip>13077DKX9</cusip>
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          <isin value="US13077DKX92"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552003.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>1307954K0</cusip>
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          <isin value="US1307954K08"/>
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        <balance>2550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2569815.03000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JQF5</cusip>
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          <isin value="US74529JQF56"/>
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        <balance>1524000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SUX0</cusip>
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          <isin value="US13080SUX07"/>
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        <balance>435000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>494860.96000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>California County Tobacco Securitization Agency</title>
        <cusip>13016NJB1</cusip>
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          <isin value="US13016NJB10"/>
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        <curCd>USD</curCd>
        <valUSD>1318274.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Unified School District CA</name>
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          <isin value="US544647BR04"/>
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        <balance>3000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
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          <isin value="US13080SUE26"/>
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        <balance>455000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Long Beach Bond Finance Authority</name>
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          <maturityDt>2022-11-15</maturityDt>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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          <maturityDt>2022-07-01</maturityDt>
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        <name>California Municipal Finance Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-01-01</maturityDt>
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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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        <invCountry>PR</invCountry>

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          <maturityDt>2046-07-01</maturityDt>
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        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Roseville Joint Union High School District</name>
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        <name>Southern California Public Power Authority</name>
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          <isin value="US84247PMF52"/>
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          <maturityDt>2025-07-01</maturityDt>
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        <name>La Mesa-Spring Valley School District</name>
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          <maturityDt>2022-08-01</maturityDt>
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        <name>Sacramento City Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US13048VVX36"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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          <isin value="US745190ZN12"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>California Enterprise Development Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Tahoe-Truckee Unified School District</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>Jurupa Community Services District</name>
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        <name>San Mateo Foster City Public Financing Authority</name>
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        <name>Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Puerto Rico Convention Center District Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Chabot-Las Positas Community College District</name>
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        <name>City of Tulare CA Sewer Revenue</name>
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          <isin value="US13048TVE09"/>
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          <maturityDt>2035-11-01</maturityDt>
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        <name>California Health Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California School Finance Authority</name>
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        <name>University of California</name>
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        <name>Rancho Cucamonga Redevelopment Agency Successor Agency</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Folsom Cordova Unified School District School Facilities Improvement Dist No. 4</name>
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          <isin value="US34440TCP66"/>
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        <balance>2465000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2701105.83000000</valUSD>
        <pctVal>0.422176439253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</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>Marin Community College District</name>
        <lei>N/A</lei>
        <title>Marin Community College District</title>
        <cusip>56781RJA6</cusip>
        <identifiers>
          <isin value="US56781RJA68"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2351457.20000000</valUSD>
        <pctVal>0.367527187097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Montebello Unified School District</name>
        <lei>N/A</lei>
        <title>Montebello Unified School District</title>
        <cusip>612289TD0</cusip>
        <identifiers>
          <isin value="US612289TD08"/>
        </identifiers>
        <balance>1570000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1698838.44000000</valUSD>
        <pctVal>0.265524421701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13049YBF7</cusip>
        <identifiers>
          <isin value="US13049YBF79"/>
        </identifiers>
        <balance>2605000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3186490.71000000</valUSD>
        <pctVal>0.498040945571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-15</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>Folsom Cordova Unified School District</name>
        <lei>N/A</lei>
        <title>Folsom Cordova Unified School District</title>
        <cusip>34440PBS9</cusip>
        <identifiers>
          <isin value="US34440PBS92"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4532501.20000000</valUSD>
        <pctVal>0.708419194936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City &amp; County of San Francisco CA Special Tax District No. 2020-1</name>
        <lei>N/A</lei>
        <title>City &amp; County of San Francisco</title>
        <cusip>79771HAF0</cusip>
        <identifiers>
          <isin value="US79771HAF01"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1806850.40000000</valUSD>
        <pctVal>0.282406435047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sacramento City Financing Authority</name>
        <lei>549300D8GE38KYE3NW14</lei>
        <title>Sacramento City Financing Authority</title>
        <cusip>785849WN6</cusip>
        <identifiers>
          <isin value="US785849WN65"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1169463.10000000</valUSD>
        <pctVal>0.182784310748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13049YCT6</cusip>
        <identifiers>
          <isin value="US13049YCT64"/>
        </identifiers>
        <balance>3065000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3711909.63000000</valUSD>
        <pctVal>0.580162677455</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>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>California Health Facilities Financing Authority</title>
        <cusip>13032UYK8</cusip>
        <identifiers>
          <isin value="US13032UYK86"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1206277.50000000</valUSD>
        <pctVal>0.188538314213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</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>Lee Lake Public Financing Authority</name>
        <lei>N/A</lei>
        <title>Lee Lake Public Financing Authority</title>
        <cusip>523831AT2</cusip>
        <identifiers>
          <isin value="US523831AT29"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1074638.20000000</valUSD>
        <pctVal>0.167963403626</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>5.12500000</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>7375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1180438.81000000</valUSD>
        <pctVal>0.184499788207</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>2021-11-01</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>
</edgarSubmission>
