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        <name>Salem Public Water Authority</name>
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        <name>Arkansas Development Finance Authority</name>
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          <isin value="US04084RBZ38"/>
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          <maturityDt>2044-09-01</maturityDt>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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          <isin value="US6461366M81"/>
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          <maturityDt>2039-12-15</maturityDt>
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      <invstOrSec>
        <name>Northern Illinois University</name>
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          <isin value="US665245ZE91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Iowa Finance Authority</name>
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          <isin value="US462467SX09"/>
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        <curCd>USD</curCd>
        <valUSD>430833.17000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US04108KXB96"/>
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        <valUSD>2611825.36000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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          <isin value="US20775DSQ69"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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          <maturityDt>2027-07-01</maturityDt>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>University of Arkansas</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>City of Fort Smith AR Water &amp; Sewer Revenue</name>
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        <name>City of Little Rock AR</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>University of Arkansas</name>
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          <maturityDt>2030-12-01</maturityDt>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Bentonville School District No. 6</name>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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          <maturityDt>2039-12-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Reading School District</name>
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      <invstOrSec>
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          <maturityDt>2027-06-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <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>Tennessee Energy Acquisition Corp.</name>
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          <isin value="US880443BP00"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-09-01</maturityDt>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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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>2043-11-01</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Doylestown Hospital Authority</name>
        <lei>N/A</lei>
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          <isin value="US261333FQ68"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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          <maturityDt>2036-06-01</maturityDt>
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        <name>City of Malvern AR</name>
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          <maturityDt>2043-08-01</maturityDt>
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        <name>University of Arkansas</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>Bentonville School District No. 6</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
        <lei>N/A</lei>
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          <isin value="US882667AH14"/>
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        <valUSD>185234.78000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-06-30</maturityDt>
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      <invstOrSec>
        <name>University of Central Arkansas</name>
        <lei>N/A</lei>
        <title>University of Central Arkansas</title>
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          <isin value="US914115N308"/>
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        <valUSD>527410.62000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-01</maturityDt>
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      <invstOrSec>
        <name>City of Cabot AR Sales &amp; Use Tax Revenue</name>
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          <isin value="US127028DA38"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Maryland Community Development Administration</name>
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          <isin value="US57419R5N15"/>
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        <curCd>USD</curCd>
        <valUSD>285873.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of Central Arkansas</name>
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          <isin value="US914115M987"/>
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          <maturityDt>2038-11-01</maturityDt>
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      <invstOrSec>
        <name>University of Arkansas</name>
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          <isin value="US914072W583"/>
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        <valUSD>1602689.10000000</valUSD>
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      <invstOrSec>
        <name>University of Arkansas</name>
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          <isin value="US914073BA84"/>
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      <invstOrSec>
        <name>County of Mississippi AR Sales &amp; Use Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Hot Springs AR Waterworks Revenue</name>
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          <isin value="US441182NB40"/>
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        <name>Puerto Rico Electric Power Authority</name>
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          <maturityDt>2020-07-01</maturityDt>
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        <name>Arkansas Development Finance Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Arkansas State University Mid-South</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Public Finance Authority</name>
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        <name>University of Arkansas</name>
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        <name>City of Fort Smith AR Water &amp; Sewer Revenue</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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        <name>Earle Special School District</name>
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        <name>Arkansas Development Finance Authority Public Safety Charges Revenue</name>
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        <name>Michigan Finance Authority</name>
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        <name>University of Arkansas</name>
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        <name>New Jersey Economic Development Authority</name>
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          <maturityDt>2025-11-01</maturityDt>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wayne County Airport Authority</name>
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          <isin value="US944514QW10"/>
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          <maturityDt>2044-12-01</maturityDt>
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        <name>University of Arkansas</name>
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          <isin value="US914072PZ07"/>
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          <maturityDt>2025-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
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          <isin value="US74446EAA47"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-08-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Cabot AR Sales &amp; Use Tax Revenue</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Greene County Technical School District No. T-1</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <name>Salem Public Water Authority</name>
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          <isin value="US794025ET93"/>
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          <maturityDt>2031-01-01</maturityDt>
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        <name>North Little Rock School District No. 1</name>
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        <name>University of Arkansas</name>
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          <maturityDt>2033-12-01</maturityDt>
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        <name>Arkansas Development Finance Authority</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Conway Health Facilities Board</name>
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          <maturityDt>2038-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Port Authority</name>
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          <isin value="US575896YK55"/>
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          <maturityDt>2051-07-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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        <name>City of Hot Springs AR Waterworks Revenue</name>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
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          <isin value="US04108VBW37"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-07-01</maturityDt>
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      <invstOrSec>
        <name>City of Mountain View AR Sales &amp; Use Tax</name>
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          <isin value="US624309CF55"/>
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          <maturityDt>2027-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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          <isin value="US6461367K17"/>
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          <maturityDt>2045-06-15</maturityDt>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>Salem Public Water Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>New Jersey Economic Development Authority</name>
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        <name>Arkansas State Community Water System Public Water Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US74526QYY24"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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      <invstOrSec>
        <name>Orangeburg County Facilities Corp.</name>
        <lei>N/A</lei>
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          <isin value="US685357AV75"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Conway AR Electric Revenue</name>
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          <isin value="US212582DK34"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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          <isin value="US74514L3M75"/>
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        <curCd>USD</curCd>
        <valUSD>40947.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Bentonville AR Sales &amp; Use Tax Revenue</name>
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        <title>City of Bentonville</title>
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          <isin value="US083422DH53"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>904251.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
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        <cusip>928104NZ7</cusip>
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          <isin value="US928104NZ76"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>389192.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JQG30"/>
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        <balance>2189000.00000000</balance>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JRH04"/>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>Massachusetts Bay Transportation Authority Sales Tax Revenue</name>
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        <name>City of Benton AR Municipal Light &amp; Water Works</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>District of Columbia</name>
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        <name>Benton School District No. 8</name>
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        <name>Puerto Rico Highway &amp; Transportation Authority</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
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      <invstOrSec>
        <name>City of Conway AR Sales &amp; Use Tax Revenue</name>
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          <maturityDt>2035-05-01</maturityDt>
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        <name>Connecticut Housing Finance Authority</name>
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          <maturityDt>2047-11-15</maturityDt>
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        <name>Metropolitan Transportation Authority</name>
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          <isin value="US59261AA495"/>
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        <name>City of Mountain View AR Sales &amp; Use Tax</name>
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          <maturityDt>2035-11-01</maturityDt>
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        <name>University of Arkansas</name>
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        <name>City of Mountain View AR Sales &amp; Use Tax</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>City of Benton AR Municipal Light &amp; Water Works</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>University of Arkansas</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clarksville School District No. 17 of Johnson County</name>
        <lei>N/A</lei>
        <title>Clarksville School District No. 17 of Johnson County</title>
        <cusip>182338RT2</cusip>
        <identifiers>
          <isin value="US182338RT23"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>328716.33000000</valUSD>
        <pctVal>0.206192253978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Conway AR Sales &amp; Use Tax Revenue</name>
        <lei>N/A</lei>
        <title>City of Conway</title>
        <cusip>212595DE9</cusip>
        <identifiers>
          <isin value="US212595DE94"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>862461.60000000</valUSD>
        <pctVal>0.540991989275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>University of Arkansas</name>
        <lei>549300FFADBQ3NEI2D96</lei>
        <title>University of Arkansas</title>
        <cusip>914072RT2</cusip>
        <identifiers>
          <isin value="US914072RT29"/>
        </identifiers>
        <balance>780000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>807402.26000000</valUSD>
        <pctVal>0.506455191492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority</title>
        <cusip>64577BSZ8</cusip>
        <identifiers>
          <isin value="US64577BSZ84"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160109.69000000</valUSD>
        <pctVal>0.100431207250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3P0</cusip>
        <identifiers>
          <isin value="US74514L3P07"/>
        </identifiers>
        <balance>216442.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>181593.17000000</valUSD>
        <pctVal>0.113907042675</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>1130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1177593.45000000</valUSD>
        <pctVal>0.738663174190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp.</title>
        <cusip>649519DA0</cusip>
        <identifiers>
          <isin value="US649519DA03"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>364646.25000000</valUSD>
        <pctVal>0.228729835820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3Q8</cusip>
        <identifiers>
          <isin value="US74514L3Q89"/>
        </identifiers>
        <balance>20032.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18333.43000000</valUSD>
        <pctVal>0.011499919261</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>80000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>85428.77000000</valUSD>
        <pctVal>0.053586478776</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>63265.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>69089.47000000</valUSD>
        <pctVal>0.043337407501</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>2010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>257887.82000000</valUSD>
        <pctVal>0.161764007524</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>2022-08-01</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
