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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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          <maturityDt>2026-06-01</maturityDt>
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        <name>University of North Carolina at Wilmington</name>
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        <name>Illinois Sports Facilities Authority (The)</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>MFS Institutional Money Market Portfolio</name>
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        <name>County of Pitt NC</name>
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        <name>County of Harnett NC</name>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DLJ80"/>
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        <name>University of North Carolina at Greensboro</name>
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        <name>County of Henderson NC</name>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DSN20"/>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>County of Mecklenburg NC</name>
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        <name>City of Charlotte NC Airport Revenue</name>
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        <name>Toll Road Investors Partnership II LP</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Indiana Finance Authority</name>
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          <annualizedRt>4.00000000</annualizedRt>
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          <maturityDt>2034-06-01</maturityDt>
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        <name>North Carolina State University at Raleigh</name>
        <lei>N/A</lei>
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          <isin value="US658289H972"/>
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          <maturityDt>2034-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Harnett NC</name>
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          <maturityDt>2026-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Guam Government Waterworks Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>University of North Carolina System</name>
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        <name>North Carolina Central University</name>
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        <name>University of North Carolina at Greensboro</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>North Carolina Capital Facilities Finance Agency</name>
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        <name>North Carolina State Education Assistance Authority</name>
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        <name>Montgomery County Housing Opportunities Commission</name>
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        <name>Sales Tax Securitization Corp.</name>
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          <isin value="US23720EDD94"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
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          <isin value="US19648FKA11"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Delaware Valley Regional Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Raleigh Durham Airport Authority</name>
        <lei>N/A</lei>
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          <isin value="US751073MC85"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DMB46"/>
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        <curCd>USD</curCd>
        <valUSD>1884547.93000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Raleigh Durham Airport Authority</name>
        <lei>N/A</lei>
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        <cusip>751073ME4</cusip>
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          <isin value="US751073ME42"/>
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        <curCd>USD</curCd>
        <valUSD>1262591.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Infrastructure Financing Authority</name>
        <lei>549300G1ONPUNRBJUC88</lei>
        <title>Puerto Rico Infrastructure Financing Authority</title>
        <cusip>745220FP3</cusip>
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          <isin value="US745220FP34"/>
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        <balance>760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>779862.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of North Carolina at Wilmington</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Wilmington</title>
        <cusip>91472TBG8</cusip>
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          <isin value="US91472TBG85"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>448334.44000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Commonwealth Financing Authority</name>
        <lei>N/A</lei>
        <title>Commonwealth Financing Authority</title>
        <cusip>20282EAQ9</cusip>
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          <isin value="US20282EAQ98"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54731.68000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QN574"/>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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        <name>County of Randolph NC</name>
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        <name>Western Carolina University</name>
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          <maturityDt>2032-04-01</maturityDt>
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        <name>Sales Tax Securitization Corp.</name>
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        <cusip>79467BCX1</cusip>
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          <isin value="US79467BCX10"/>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>County of Scotland NC</name>
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        <name>Raleigh Durham Airport Authority</name>
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        <name>State of Illinois</name>
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        <name>City of Charlotte NC</name>
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        <invCountry>US</invCountry>
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        <name>County of Dare NC</name>
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        <name>City of Charlotte NC</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Connecticut Housing Finance Authority</name>
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        <name>County of Lee NC</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>County of Dare NC</name>
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        <name>University of North Carolina at Charlotte (The)</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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          <maturityDt>2027-06-01</maturityDt>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>City of Charlotte NC Airport Revenue</name>
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        <name>Winston-Salem State University</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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      <invstOrSec>
        <name>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US79766DGF06"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth Financing Authority</name>
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          <isin value="US20282EAN67"/>
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          <maturityDt>2032-06-01</maturityDt>
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        <name>Port Beaumont Navigation District</name>
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      <invstOrSec>
        <name>County of Dare NC</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>City of Jacksonville NC Enterprise System Revenue</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Public Finance Authority</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>North Carolina State Education Assistance Authority</name>
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        <name>Western Carolina University</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
        <lei>N/A</lei>
        <title>Texas Private Activity Bond Surface Transportation Corp.</title>
        <cusip>882667AG3</cusip>
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          <isin value="US882667AG31"/>
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        <balance>435000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>481326.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maryland Stadium Authority</name>
        <lei>549300VA283TTQRDNF71</lei>
        <title>Maryland Stadium Authority</title>
        <cusip>574296DQ9</cusip>
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          <isin value="US574296DQ95"/>
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        <balance>1010000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1227807.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Town of Mooresville NC</name>
        <lei>549300ISWSZ083ZKZF60</lei>
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          <isin value="US616126BJ67"/>
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        <curCd>USD</curCd>
        <valUSD>159240.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526QL594"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>189287.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>North Carolina Housing Finance Agency</title>
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          <isin value="US658207ZW82"/>
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        <balance>4685000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5197390.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Territory of Guam</name>
        <lei>N/A</lei>
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        <cusip>40065NCM7</cusip>
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          <isin value="US40065NCM74"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42926.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of North Carolina</name>
        <lei>N/A</lei>
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        <cusip>658268ET0</cusip>
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          <isin value="US658268ET05"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1318128.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Charlotte NC Airport Revenue</name>
        <lei>N/A</lei>
        <title>City of Charlotte</title>
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          <isin value="US161036SP41"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1795592.25000000</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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      <invstOrSec>
        <name>City of Charlotte NC</name>
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        <title>City of Charlotte</title>
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        <balance>2015000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2391973.86000000</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>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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        <balance>380000.00000000</balance>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-01</maturityDt>
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        <name>City of Charlotte NC</name>
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          <maturityDt>2049-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Charlotte NC</name>
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        <name>North Carolina Turnpike Authority</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>North Carolina Medical Care Commission</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-10-01</maturityDt>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
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        <title>Sales Tax Securitization Corp.</title>
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          <isin value="US79467BCW37"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2036-01-01</maturityDt>
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        <name>University of North Carolina at Wilmington</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Charlotte NC Airport Revenue</name>
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          <isin value="US161036SR07"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
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          <isin value="US59447PA274"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US74529JRL16"/>
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        <valUSD>176270.46000000</valUSD>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-07-01</maturityDt>
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          <annualizedRt>4.78400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Town of Holly Springs NC</name>
        <lei>N/A</lei>
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          <isin value="US436083FF12"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Charlotte NC</name>
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          <isin value="US1610373A26"/>
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        <curCd>USD</curCd>
        <valUSD>735268.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <cusip>745272GF5</cusip>
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          <isin value="US745272GF57"/>
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        <valUSD>115755.86000000</valUSD>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
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        <name>Wayne County Airport Authority</name>
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          <isin value="US944514RS98"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Spartanburg Regional Health Services District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DXA44"/>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Turnpike Authority</name>
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        <name>County of New Hanover NC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Wake NC</name>
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        <name>State of North Carolina</name>
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        <name>City of Jacksonville NC Enterprise System Revenue</name>
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        <name>Durham County Industrial Facilities &amp; Pollution Control Financing Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Greenville Utilities Commission</name>
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        <name>County of Wake NC</name>
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        <title>County of Wake</title>
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        <name>County of Buncombe NC</name>
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        <name>North Carolina Turnpike Authority</name>
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          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <isin value="US74529JQC26"/>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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          <isin value="US65818PNG09"/>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>North Carolina State University at Raleigh</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Durham Capital Financing Corp.</name>
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        <name>Pinellas County Educational Facilities Authority</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Sales Tax Securitization Corp.</title>
        <cusip>79467BCT0</cusip>
        <identifiers>
          <isin value="US79467BCT08"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>461410.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-01</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>
      <invstOrSec>
        <name>Cape Fear Public Utility Authority</name>
        <lei>N/A</lei>
        <title>Cape Fear Public Utility Authority</title>
        <cusip>139391CZ7</cusip>
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          <isin value="US139391CZ75"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1389607.50000000</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>2040-06-01</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>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>North Carolina Housing Finance Agency</title>
        <cusip>658207D28</cusip>
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          <isin value="US658207D288"/>
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        <balance>2780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2987489.19000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QL91</cusip>
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          <isin value="US74526QL917"/>
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        <balance>720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>717300.00000000</valUSD>
        <pctVal>0.125374981058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
        <cusip>65820YMP8</cusip>
        <identifiers>
          <isin value="US65820YMP87"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>868264.40000000</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>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>North Carolina Turnpike Authority</title>
        <cusip>65830RBM0</cusip>
        <identifiers>
          <isin value="US65830RBM07"/>
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        <balance>2600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3090517.30000000</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>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>North Carolina Turnpike Authority</title>
        <cusip>65830WAH1</cusip>
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          <isin value="US65830WAH16"/>
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        <balance>1230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1586010.34000000</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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JQG3</cusip>
        <identifiers>
          <isin value="US74529JQG30"/>
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        <balance>9954000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3382662.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
        <cusip>65821DWZ0</cusip>
        <identifiers>
          <isin value="US65821DWZ04"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>765563.22000000</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>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</title>
        <cusip>745272EZ3</cusip>
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          <isin value="US745272EZ30"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>172253.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QPM8</cusip>
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          <isin value="US74526QPM86"/>
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        <balance>340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>363572.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JRH0</cusip>
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          <isin value="US74529JRH04"/>
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        <balance>957000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1078345.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32900000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
        <cusip>40065FCH5</cusip>
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          <isin value="US40065FCH55"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1132911.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Dare NC</name>
        <lei>N/A</lei>
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          <isin value="US23720EDE77"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Allegheny County Hospital Development Authority</name>
        <lei>54930046B973R604OG22</lei>
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          <isin value="US01728A3Z77"/>
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        <balance>555000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
        <lei>549300J6QBXVWJXB7Y41</lei>
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          <isin value="US745190ZN12"/>
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        <balance>1640000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QV33</cusip>
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          <isin value="US74526QV338"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>174343.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
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      <invstOrSec>
        <name>Northern Hospital District of Surry County</name>
        <lei>N/A</lei>
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          <isin value="US665203CW39"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>178204.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QR203"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Charlotte NC Airport Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Pitt NC</name>
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          <isin value="US724505EY43"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2023-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wayne County Airport Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Chapel Hill</title>
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          <isin value="US91471FBD69"/>
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        <balance>6500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QU595"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>6.05000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QK844"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of North Carolina at Charlotte (The)</name>
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        <name>Michigan Finance Authority</name>
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        <name>Town of Mooresville NC</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Territory of Guam</name>
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        <name>City of Charlotte NC Airport Revenue</name>
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        <name>Red River Education Finance Corp.</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2046-10-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Elizabeth City State University</name>
        <lei>N/A</lei>
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          <isin value="US286650DH63"/>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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          <isin value="US40065FCG72"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-01</maturityDt>
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      <invstOrSec>
        <name>Virginia College Building Authority</name>
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          <isin value="US9277817L27"/>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Commonwealth Financing Authority</name>
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          <isin value="US20282EAP16"/>
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      <invstOrSec>
        <name>County of Johnston NC</name>
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      <invstOrSec>
        <name>Appalachian State University</name>
        <lei>N/A</lei>
        <title>Appalachian State University</title>
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          <isin value="US037777ZY87"/>
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        <name>North Carolina Turnpike Authority</name>
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        <name>County of Buncombe NC</name>
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          <maturityDt>2027-06-01</maturityDt>
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        <name>North Carolina Central University</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>University of North Carolina at Chapel Hill</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>City of Chicago IL</name>
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          <maturityDt>2042-01-01</maturityDt>
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        <name>North Carolina Turnpike Authority</name>
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          <maturityDt>2030-07-01</maturityDt>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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        <name>Northern Hospital District of Surry County</name>
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          <maturityDt>2038-10-01</maturityDt>
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        <name>City of Charlotte NC</name>
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        <name>State Public School Building Authority</name>
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        <name>County of Lee NC</name>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>North Carolina Agricultural &amp; Technical State University</name>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>County of Randolph NC</name>
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        <name>Town of Holly Springs NC</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
        <cusip>65820HN90</cusip>
        <identifiers>
          <isin value="US65820HN902"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2936072.25000000</valUSD>
        <pctVal>0.513188348988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</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>Raleigh Durham Airport Authority</name>
        <lei>N/A</lei>
        <title>Raleigh Durham Airport Authority</title>
        <cusip>751073MD6</cusip>
        <identifiers>
          <isin value="US751073MD68"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1265298.30000000</valUSD>
        <pctVal>0.221158163105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Charlotte NC</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>City of Charlotte</title>
        <cusip>161035LK4</cusip>
        <identifiers>
          <isin value="US161035LK44"/>
        </identifiers>
        <balance>1760000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2199160.48000000</valUSD>
        <pctVal>0.384385478215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</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>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13049YCT6</cusip>
        <identifiers>
          <isin value="US13049YCT64"/>
        </identifiers>
        <balance>3045000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3665007.98000000</valUSD>
        <pctVal>0.640597108699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Health Care Facilities Financing Authority</name>
        <lei>N/A</lei>
        <title>New Jersey Health Care Facilities Financing Authority</title>
        <cusip>64579F7P2</cusip>
        <identifiers>
          <isin value="US64579F7P26"/>
        </identifiers>
        <balance>320000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>363462.53000000</valUSD>
        <pctVal>0.063528659994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Raleigh NC Combined Enterprise System Revenue</name>
        <lei>N/A</lei>
        <title>City of Raleigh NC Combined Enterprise System Revenue</title>
        <cusip>751100JN9</cusip>
        <identifiers>
          <isin value="US751100JN92"/>
        </identifiers>
        <balance>3145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3319490.26000000</valUSD>
        <pctVal>0.580204974864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</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>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp.</title>
        <cusip>649519CK9</cusip>
        <identifiers>
          <isin value="US649519CK93"/>
        </identifiers>
        <balance>3145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3172151.73000000</valUSD>
        <pctVal>0.554452060591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Town of Oak Island NC Enterprise System Revenue</name>
        <lei>N/A</lei>
        <title>Town of Oak Island NC Enterprise System Revenue</title>
        <cusip>67140PCR3</cusip>
        <identifiers>
          <isin value="US67140PCR38"/>
        </identifiers>
        <balance>2010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2302524.14000000</valUSD>
        <pctVal>0.402452140580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>City of Chicago</title>
        <cusip>167486D71</cusip>
        <identifiers>
          <isin value="US167486D712"/>
        </identifiers>
        <balance>235000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>294566.58000000</valUSD>
        <pctVal>0.051486518036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority</title>
        <cusip>118217DA3</cusip>
        <identifiers>
          <isin value="US118217DA38"/>
        </identifiers>
        <balance>6270000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1037770.90000000</valUSD>
        <pctVal>0.181389247079</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>2022-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
