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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>North Carolina Medical Care Commission</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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        <name>Sales Tax Securitization Corp.</name>
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        <name>Town of Mooresville NC</name>
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        <name>North Carolina State University at Raleigh</name>
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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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          <maturityDt>2036-03-01</maturityDt>
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        <name>City of Chicago IL</name>
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          <maturityDt>2033-01-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>University of North Carolina System</name>
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          <maturityDt>2045-02-01</maturityDt>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>North Carolina Central University</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>County of Forsyth NC</name>
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        <name>University of North Carolina at Chapel Hill</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>County of Pitt NC</name>
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        <name>North Carolina Medical Care Commission</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>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>Puerto Rico Electric Power Authority</name>
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        <name>City of Jacksonville NC Enterprise System Revenue</name>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65820YQW92"/>
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          <maturityDt>2039-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Henderson NC</name>
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          <isin value="US424898FH29"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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          <isin value="US118217CS54"/>
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        <valUSD>365539.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-06-01</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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          <isin value="US161036NE49"/>
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        <valUSD>1113124.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Winston-Salem State University</name>
        <lei>N/A</lei>
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          <isin value="US975705AP93"/>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QQ544"/>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <invCountry>PR</invCountry>

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          <maturityDt>2024-07-01</maturityDt>
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        <name>City of Charlotte NC</name>
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      <invstOrSec>
        <name>North Carolina State University at Raleigh</name>
        <lei>N/A</lei>
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        <name>Commonwealth Financing Authority</name>
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        <name>Port Beaumont Navigation District</name>
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          <maturityDt>2029-06-01</maturityDt>
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        <name>North Carolina Medical Care Commission</name>
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          <maturityDt>2051-09-01</maturityDt>
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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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        <invCountry>PR</invCountry>

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          <maturityDt>2029-07-01</maturityDt>
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        <name>County of Gaston NC</name>
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        <name>University of North Carolina at Greensboro</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>East Carolina University</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>University of North Carolina at Asheville (The)</name>
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        <name>Sales Tax Securitization Corp.</name>
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          <isin value="US74446EAA47"/>
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      <invstOrSec>
        <name>City of Durham NC Water &amp; Sewer Utility System Revenue</name>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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      <invstOrSec>
        <name>County of Henderson NC</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>North Carolina State Education Assistance Authority</name>
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          <maturityDt>2028-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Western Carolina University</name>
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          <isin value="US957897KR12"/>
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          <maturityDt>2043-10-01</maturityDt>
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        <name>County of Buncombe NC</name>
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        <name>City of Durham NC Water &amp; Sewer Utility System Revenue</name>
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        <name>North Carolina Housing Finance Agency</name>
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        <name>University of North Carolina at Wilmington</name>
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        <name>Durham Capital Financing Corp.</name>
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        <name>Town of Mooresville NC</name>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
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        <name>Maryland Stadium Authority</name>
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        <name>Town of Mooresville NC</name>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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          <isin value="US658207ZW82"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Territory of Guam</name>
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        <valUSD>39053.06000000</valUSD>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of North Carolina</name>
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          <isin value="US658268ET05"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Charlotte NC Airport Revenue</name>
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          <isin value="US161036SP41"/>
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          <maturityDt>2038-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <curCd>USD</curCd>
        <valUSD>2173024.96000000</valUSD>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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          <isin value="US40065FDC59"/>
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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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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Charlotte NC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Turnpike Authority</name>
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        <invCountry>US</invCountry>
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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>University of North Carolina at Wilmington</name>
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        <name>City of Charlotte NC Airport Revenue</name>
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        <name>Michigan Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>Town of Holly Springs NC</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>Wayne County Airport Authority</name>
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        <name>Spartanburg Regional Health Services District</name>
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          <maturityDt>2043-04-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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          <maturityDt>2033-07-01</maturityDt>
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        <name>North Carolina Turnpike Authority</name>
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        <name>County of Wake NC</name>
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          <maturityDt>2037-08-01</maturityDt>
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        <name>State of North Carolina</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
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        <name>City of Jacksonville NC Enterprise System Revenue</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>County of Buncombe NC</name>
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        <name>Puerto Rico Sales Tax Financing Corp.</name>
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        <name>Commonwealth of Puerto Rico</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
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          <isin value="US65820YMP87"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>836206.72000000</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>2031-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority</name>
        <lei>549300FCT1PN0GJGQ240</lei>
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          <isin value="US65830RBM07"/>
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        <balance>2600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2898034.62000000</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>2039-01-01</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>
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          <isin value="US65830WAH16"/>
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        <balance>1230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1453814.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
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          <isin value="US74529JQG30"/>
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        <balance>9954000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3041894.62000000</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>
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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>
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          <isin value="US65821DWZ04"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>703174.74000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
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        <title>Commonwealth of Puerto Rico</title>
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          <isin value="US74514L3N58"/>
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        <balance>194798.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184986.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico 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>172579.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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>350553.67000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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>989991.71000000</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>1078947.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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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        <balance>275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>306257.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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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        <valUSD>579687.51000000</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>2044-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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          <isin value="US745190ZN12"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <cusip>74526QV33</cusip>
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          <isin value="US74526QV338"/>
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      <invstOrSec>
        <name>Northern Hospital District of Surry County</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-10-01</maturityDt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp.</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
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          <isin value="US74529JPX71"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2058-07-01</maturityDt>
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      <invstOrSec>
        <name>North Carolina Capital Facilities Finance Agency</name>
        <lei>549300PWNPSB7G58A235</lei>
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        <balance>1000000.00000000</balance>
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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>2034-10-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QR20</cusip>
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          <isin value="US74526QR203"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33425.00000000</valUSD>
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        <name>Wayne County Airport Authority</name>
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        <name>University of North Carolina at Chapel Hill</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-01</maturityDt>
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        <name>University of North Carolina at Charlotte (The)</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2038-10-01</maturityDt>
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        <name>Michigan Finance Authority</name>
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          <maturityDt>2036-07-01</maturityDt>
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        <name>Town of Mooresville NC</name>
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        <name>North Carolina State University at Raleigh</name>
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        <name>Virginia Small Business Financing Authority</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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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>Town of Mooresville NC</name>
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      <invstOrSec>
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        <name>Appalachian State University</name>
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        <name>North Carolina Turnpike Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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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>Northern Hospital District of Surry County</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Charlotte NC</name>
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          <maturityDt>2035-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
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        <name>Tennessee Energy Acquisition Corp.</name>
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          <maturityDt>2026-09-01</maturityDt>
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        <name>North Carolina Medical Care Commission</name>
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          <maturityDt>2046-09-01</maturityDt>
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        <name>Commonwealth of Puerto Rico</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>County of Dare NC</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3P0</cusip>
        <identifiers>
          <isin value="US74514L3P07"/>
        </identifiers>
        <balance>680587.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>640220.16000000</valUSD>
        <pctVal>0.118445098767</pctVal>
        <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>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>3359819.81000000</valUSD>
        <pctVal>0.621589593864</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>343717.66000000</valUSD>
        <pctVal>0.063590112793</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>3243282.19000000</valUSD>
        <pctVal>0.600029338855</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>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>2185014.52000000</valUSD>
        <pctVal>0.404242597782</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>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3Q8</cusip>
        <identifiers>
          <isin value="US74514L3Q89"/>
        </identifiers>
        <balance>95532.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>87172.53000000</valUSD>
        <pctVal>0.016127512956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</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>
      <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>263555.79000000</valUSD>
        <pctVal>0.048759619780</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>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3J4</cusip>
        <identifiers>
          <isin value="US74514L3J47"/>
        </identifiers>
        <balance>195850.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223073.35000000</valUSD>
        <pctVal>0.041270092109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>932613.59000000</valUSD>
        <pctVal>0.172539878750</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>2022-05-02</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>
