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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Bryan TX Electric System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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          <isin value="US160853VF16"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-15</maturityDt>
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          <annualizedRt>5.00000040</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
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          <isin value="US57583XCQ34"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>0.24999840</annualizedRt>
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      <invstOrSec>
        <name>Terre Haute Sanitary District</name>
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          <isin value="US881100DD04"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13078RGW43"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pennsylvania Housing Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-10-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Horizon Regional Municipal Utility District</name>
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          <isin value="US44044TLK69"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Idaho Housing &amp; Finance Association</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>0.70000000</annualizedRt>
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      <invstOrSec>
        <name>Chicago Transit Authority Capital Grant Receipts Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
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        <name>Maricopa County Pollution Control Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Illinois Housing Development Authority</name>
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        <name>Fort Bend County Municipal Utility District No. 23</name>
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        <name>Hospital Facilities Authority of Multnomah County Oregon</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Indiana Finance Authority</name>
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        <name>Hempstead Town Local Development Corp.</name>
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        <name>MFS Institutional Money Market Portfolio</name>
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        <name>Illinois State Toll Highway Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13057GAG47"/>
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        <valUSD>20172.87000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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          <annualizedRt>2.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Mesa AZ Utility System Revenue</name>
        <lei>N/A</lei>
        <title>City of Mesa</title>
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          <isin value="US590545U567"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Minnesota Housing Finance Agency</name>
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          <isin value="US60416TEG94"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-01-01</maturityDt>
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          <annualizedRt>0.40000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
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          <isin value="US57584YN479"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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          <annualizedRt>0.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13049YFD8</cusip>
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          <isin value="US13049YFD85"/>
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        <curCd>USD</curCd>
        <valUSD>150884.88000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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        <cusip>04052BMY7</cusip>
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          <isin value="US04052BMY73"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>147998.61000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>East Bethlehem Township Municipal Authority</name>
        <lei>N/A</lei>
        <title>East Bethlehem Township Municipal Authority</title>
        <cusip>271080AC7</cusip>
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          <isin value="US271080AC71"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150488.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pasco County School Board</name>
        <lei>549300NYEDMC7IDJPE68</lei>
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        <cusip>702528ME7</cusip>
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          <isin value="US702528ME79"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184648.83000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northern Illinois Municipal Power Agency</name>
        <lei>VWCV6ROJUT9NS55JU583</lei>
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        <cusip>665250CS3</cusip>
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          <isin value="US665250CS37"/>
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        <curCd>USD</curCd>
        <valUSD>119551.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Washington Metropolitan Area Transit Authority</name>
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        <curCd>USD</curCd>
        <valUSD>248095.92000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
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          <isin value="US45506EBY86"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of Illinois</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>South Carolina Ports Authority</name>
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        <balance>135000.00000000</balance>
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        <valUSD>156437.88000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Carroll County Water Authority</name>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Knoxville's Community Development Corp.</name>
        <lei>N/A</lei>
        <title>Knoxville's Community Development Corp.</title>
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          <isin value="US499743CL41"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-01</maturityDt>
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      <invstOrSec>
        <name>Northern Tobacco Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Northern Tobacco Securitization Corp.</title>
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          <isin value="US66585VBZ76"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74442CDV37"/>
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        <balance>125000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-01</maturityDt>
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          <annualizedRt>1.14300000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>St Johns County Industrial Development Authority</name>
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          <maturityDt>2026-12-15</maturityDt>
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        <name>State of Illinois Sales Tax Revenue</name>
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          <maturityDt>2027-06-15</maturityDt>
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        <name>New Hampshire Business Finance Authority</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Colorado Mountain College</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Mitchell High School Building Corp.</name>
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        <name>Port of Beaumont Industrial Development Authority</name>
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          <maturityDt>2028-01-01</maturityDt>
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        <name>Triway Local School District</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>Pennsylvania Higher Education Assistance Agency</name>
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      <invstOrSec>
        <name>Beech Grove Central School Building Corp.</name>
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        <name>Regional Transportation Authority</name>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <name>Missouri Development Finance Board</name>
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        <name>Beech Grove Central School Building Corp.</name>
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        <name>Texas Public Finance Authority</name>
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        <name>State of Connecticut</name>
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        <name>City of Sacramento CA Transient Occupancy Tax Revenue</name>
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        <name>Berks County Industrial Development Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Michigan Strategic Fund</name>
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        <name>Montour School District</name>
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        <name>Illinois Finance Authority</name>
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        <name>New York Transportation Development Corp.</name>
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      <invstOrSec>
        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>Louisiana Public Facilities Authority</title>
        <cusip>546399LA2</cusip>
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          <isin value="US546399LA22"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>231732.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Seattle Housing Authority</name>
        <lei>5493003LM6XXXMFX5M88</lei>
        <title>Seattle Housing Authority</title>
        <cusip>812636MQ8</cusip>
        <identifiers>
          <isin value="US812636MQ89"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>211351.25000000</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>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority</title>
        <cusip>928104LZ9</cusip>
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          <isin value="US928104LZ94"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>204895.12000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp.</title>
        <cusip>041806MH0</cusip>
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          <isin value="US041806MH07"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115405.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority</title>
        <cusip>70869PLQ8</cusip>
        <identifiers>
          <isin value="US70869PLQ80"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96124.18000000</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>2034-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of Nevada Department of Business &amp; Industry</name>
        <lei>N/A</lei>
        <title>State of Nevada Department of Business &amp; Industry</title>
        <cusip>25459JAF8</cusip>
        <identifiers>
          <isin value="US25459JAF84"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300008.64000000</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>2026-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.24999945</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Public Finance Authority</name>
        <lei>N/A</lei>
        <title>Texas Public Finance Authority</title>
        <cusip>88277PAE5</cusip>
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          <isin value="US88277PAE51"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146679.04000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Minnesota Higher Education Facilities Authority</name>
        <lei>549300DI4V4CIPMX7K35</lei>
        <title>Minnesota Higher Education Facilities Authority</title>
        <cusip>60416JED8</cusip>
        <identifiers>
          <isin value="US60416JED81"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180317.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ball State University</name>
        <lei>N/A</lei>
        <title>Ball State University</title>
        <cusip>058508LH3</cusip>
        <identifiers>
          <isin value="US058508LH37"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>245828.42000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SGT5</cusip>
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          <isin value="US13080SGT50"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103626.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newark Board of Education</name>
        <lei>N/A</lei>
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        <cusip>650370DH9</cusip>
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          <isin value="US650370DH93"/>
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        <balance>54000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67730.04000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
        <cusip>45203H5E8</cusip>
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          <isin value="US45203H5E85"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77485.02000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
        <lei>N/A</lei>
        <title>Metropolitan Washington Airports Authority Aviation Revenue</title>
        <cusip>592647JW2</cusip>
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          <isin value="US592647JW24"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>308316.15000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Schuylkill County Municipal Authority</name>
        <lei>N/A</lei>
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          <isin value="US808398DT59"/>
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        <balance>260000.00000000</balance>
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        <valUSD>285345.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indiana Housing &amp; Community Development Authority</name>
        <lei>549300QRKDYVNHT1OE86</lei>
        <title>Indiana Housing &amp; Community Development Authority</title>
        <cusip>45505TUJ8</cusip>
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          <isin value="US45505TUJ86"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10862.26000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Beach Development Authority</name>
        <lei>N/A</lei>
        <title>Virginia Beach Development Authority</title>
        <cusip>92774NAL4</cusip>
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          <isin value="US92774NAL47"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111033.31000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
        <cusip>45204FKF1</cusip>
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          <isin value="US45204FKF17"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4883.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Terre Haute Sanitary District</name>
        <lei>N/A</lei>
        <title>Terre Haute Sanitary District</title>
        <cusip>881100DM0</cusip>
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          <isin value="US881100DM03"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115210.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Dutchess County Local Development Corp.</name>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
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        <name>Plaza at Noah's Ark Community Improvement District</name>
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        <name>Massachusetts Development Finance Agency</name>
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          <isin value="US57584XFV82"/>
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        <name>Florida Atlantic University Finance Corp.</name>
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          <isin value="US31200CCT18"/>
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        <name>Dallas Fort Worth International Airport</name>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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      <invstOrSec>
        <name>Southern Illinois University</name>
        <lei>N/A</lei>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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          <maturityDt>2027-11-01</maturityDt>
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        <name>Clear Creek Independent School District</name>
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        <name>Alamo Community College District</name>
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        <name>Antonio B Won Pat International Airport Authority</name>
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        <name>Troy Capital Resource Corp.</name>
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        <name>Michigan State Housing Development Authority</name>
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        <name>Mississippi Home Corp.</name>
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        <balance>145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>164859.07000000</valUSD>
        <pctVal>0.641782986184</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Connecticut State Higher Education Supplement Loan Authority</name>
        <lei>N/A</lei>
        <title>Connecticut State Higher Education Supplement Loan Authority</title>
        <cusip>207743WB7</cusip>
        <identifiers>
          <isin value="US207743WB79"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>282979.80000000</valUSD>
        <pctVal>1.101617406150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-15</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>Oregon Health &amp; Science University</name>
        <lei>549300XTWOAGON8L2G98</lei>
        <title>Oregon Health &amp; Science University</title>
        <cusip>685869EV7</cusip>
        <identifiers>
          <isin value="US685869EV72"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>124526.03000000</valUSD>
        <pctVal>0.484769733270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</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>Clear Brook City Municipal Utility District</name>
        <lei>N/A</lei>
        <title>Clear Brook City Municipal Utility District</title>
        <cusip>18450CVE7</cusip>
        <identifiers>
          <isin value="US18450CVE73"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>286314.60000000</valUSD>
        <pctVal>1.114599512032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Educational Enhancement Funding Corp.</name>
        <lei>N/A</lei>
        <title>Educational Enhancement Funding Corp.</title>
        <cusip>83754LAV9</cusip>
        <identifiers>
          <isin value="US83754LAV99"/>
        </identifiers>
        <balance>65000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65232.09000000</valUSD>
        <pctVal>0.253943234759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.96100000</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>Houston Independent School District</name>
        <lei>N/A</lei>
        <title>Houston Independent School District</title>
        <cusip>442403PR6</cusip>
        <identifiers>
          <isin value="US442403PR66"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>427900.68000000</valUSD>
        <pctVal>1.665782636045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.99999880</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 Elgin TX</name>
        <lei>N/A</lei>
        <title>City of Elgin</title>
        <cusip>286525TF7</cusip>
        <identifiers>
          <isin value="US286525TF78"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>299408.80000000</valUSD>
        <pctVal>1.165574170434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</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>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp.</title>
        <cusip>64972EYZ6</cusip>
        <identifiers>
          <isin value="US64972EYZ68"/>
        </identifiers>
        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>54953.18000000</valUSD>
        <pctVal>0.213928271952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.60000120</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>
