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          <maturityDt>2032-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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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>2030-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isin value="US92818L4U36"/>
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          <maturityDt>2027-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Alexandria Industrial Development Authority</name>
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          <isin value="US015317AW08"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Portsmouth VA</name>
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          <maturityDt>2032-02-01</maturityDt>
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        <name>Montgomery County Economic Development Authority</name>
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          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Embrey Mill Community Development Authority</name>
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      <invstOrSec>
        <name>Cherry Hill Community Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US164631AB99"/>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>Lexington Industrial Development Authority</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Loudoun County Economic Development Authority</name>
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        <name>MFS Institutional Money Market Portfolio</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>Toll Road Investors Partnership II LP</name>
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        <name>University of Virginia</name>
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      <invstOrSec>
        <name>Hampton Roads Sanitation District</name>
        <lei>N/A</lei>
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        <name>Commonwealth of Puerto Rico</name>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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      <invstOrSec>
        <name>Iowa Student Loan Liquidity Corp.</name>
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          <isin value="US462590MS69"/>
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          <maturityDt>2039-12-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>None</couponKind>
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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>2021-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>City of Valparaiso IN</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-01</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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      <invstOrSec>
        <name>Fairfax County Industrial Development Authority</name>
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          <isin value="US30382VAH96"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Virginia Resources Authority</name>
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          <isin value="US92818PKQ53"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Virginia College Building Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Territory of Guam</name>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Campbell County Industrial Development Authority</name>
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          <maturityDt>2039-06-01</maturityDt>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <name>Commonwealth of Puerto Rico</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax</name>
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        <name>Virginia Port Authority</name>
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        <name>Virginia Housing Development Authority</name>
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        <name>City of Chicago IL</name>
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          <maturityDt>2040-01-01</maturityDt>
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        <name>Virginia Port Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Washington Metropolitan Area Transit Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Virginia Housing Development Authority</name>
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        <name>Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax</name>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QZM7</cusip>
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          <isin value="US74526QZM76"/>
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        <curCd>USD</curCd>
        <valUSD>230400.00000000</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>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp.</title>
        <cusip>649519EN1</cusip>
        <identifiers>
          <isin value="US649519EN15"/>
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        <balance>590000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>421151.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
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          <isin value="US74514L3T29"/>
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        <balance>632095.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>276541.88000000</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>2043-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Doylestown Hospital Authority</name>
        <lei>N/A</lei>
        <title>Doylestown Hospital Authority</title>
        <cusip>261333FQ6</cusip>
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          <isin value="US261333FQ68"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32637.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority, Series WW</title>
        <cusip>74526QUY6</cusip>
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          <isin value="US74526QUY69"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18156.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Higher Education Student Assistance Authority</name>
        <lei>5493007OOYUHTF8GSL63</lei>
        <title>New Jersey Higher Education Student Assistance Authority</title>
        <cusip>646080WP2</cusip>
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          <isin value="US646080WP24"/>
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        <balance>1590000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1566418.71000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority</title>
        <cusip>63607WAC8</cusip>
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          <isin value="US63607WAC82"/>
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        <balance>997671.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>963367.16000000</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>2036-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <cusip>74529JQB4</cusip>
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          <isin value="US74529JQB43"/>
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        <balance>9000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8395.37000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fredericksburg Economic Development Authority</name>
        <lei>N/A</lei>
        <title>Fredericksburg Economic Development Authority</title>
        <cusip>355849BC3</cusip>
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          <isin value="US355849BC32"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1017687.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Commonwealth Transportation Board</name>
        <lei>N/A</lei>
        <title>Virginia Commonwealth Transportation Board</title>
        <cusip>92778UDQ0</cusip>
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          <isin value="US92778UDQ04"/>
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        <balance>3360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3879847.44000000</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>2033-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QZJ4</cusip>
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          <isin value="US74526QZJ48"/>
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        <balance>315000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>309186.36000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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        <name>Virginia College Building Authority</name>
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        <title>Virginia College Building Authority</title>
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          <isin value="US92778FAW32"/>
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        <balance>1600000.00000000</balance>
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        <valUSD>1490230.72000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-01-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>Chicago O'Hare International Airport</title>
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          <isin value="US167593RG94"/>
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        <balance>510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>529337.11000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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          <isin value="US38122ND823"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2050-06-01</maturityDt>
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          <annualizedRt>3.85000000</annualizedRt>
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        <name>City of Alexandria VA</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-12-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Lynchburg VA</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-06-01</maturityDt>
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        <name>Lexington Industrial Development Authority</name>
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          <isin value="US52976TBF30"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2043-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <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>2030-07-01</maturityDt>
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      <invstOrSec>
        <name>Chesapeake Hospital Authority</name>
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        <name>New Jersey Economic Development Authority</name>
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          <isin value="US64577XCL82"/>
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          <maturityDt>2035-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Richmond VA Public Utility Revenue</name>
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          <maturityDt>2038-01-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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          <isin value="US462590MT43"/>
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        <valUSD>309632.48000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia College Building Authority</name>
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          <isin value="US927781QU13"/>
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          <maturityDt>2023-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Virginia Resources Authority</name>
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          <isin value="US92818PGT49"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1075327.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Norfolk Airport Authority VA</name>
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          <isin value="US655857ET32"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Campbell County Industrial Development Authority</name>
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        <name>Loudoun County Economic Development Authority</name>
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        <name>Virginia College Building Authority</name>
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        <title>Virginia College Building Authority</title>
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          <isin value="US9277816E92"/>
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          <maturityDt>2035-07-01</maturityDt>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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          <isin value="US592643DR88"/>
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          <maturityDt>2052-10-01</maturityDt>
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        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
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        <name>Michigan Finance Authority</name>
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        <name>Amherst Industrial Development Authority VA</name>
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        <name>Hampton Roads Sanitation District</name>
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        <name>County of Henrico VA Water &amp; Sewer Revenue</name>
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        <name>Virginia College Building Authority</name>
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      <invstOrSec>
        <name>Virginia Port Authority Commonwealth Port Fund</name>
        <lei>N/A</lei>
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          <isin value="US928075JR28"/>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QYD86"/>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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        <name>Virginia Resources Authority</name>
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          <isin value="US92818PKN23"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-01</maturityDt>
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        <name>State of Illinois</name>
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          <maturityDt>2039-05-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>City of Norfolk VA</name>
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          <maturityDt>2043-08-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QZZ89"/>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Salem Economic Development Authority</name>
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          <isin value="US794565AV32"/>
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          <maturityDt>2039-04-01</maturityDt>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
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          <isin value="US74446EAA47"/>
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        <name>Guam Government Waterworks Authority</name>
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        <name>Virginia Resources Authority</name>
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        <name>Hampton Roads Transportation Accountability Commission</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Tennergy Corp.</name>
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        <name>Maryland Stadium Authority</name>
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          <maturityDt>2029-01-01</maturityDt>
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        <name>Fairfax County Economic Development Authority</name>
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        <name>Guam Government Waterworks Authority</name>
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          <maturityDt>2036-07-01</maturityDt>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Virginia Commonwealth Transportation Board</name>
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        <name>Henrico County Economic Development Authority</name>
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        <name>Hampton Roads Transportation Accountability Commission</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
        <cusip>40065FDF8</cusip>
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          <isin value="US40065FDF80"/>
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        <balance>430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>426164.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Lynchburg Economic Development Authority</name>
        <lei>N/A</lei>
        <title>Lynchburg Economic Development Authority</title>
        <cusip>55123TAS1</cusip>
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          <isin value="US55123TAS15"/>
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        <curCd>USD</curCd>
        <valUSD>3015691.50000000</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>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority</title>
        <cusip>928104LZ9</cusip>
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          <isin value="US928104LZ94"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2598778.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Commonwealth University</name>
        <lei>54930081U4ULRPR3MK80</lei>
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          <isin value="US92778REX17"/>
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        <balance>745000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>755057.72000000</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>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>County of Fairfax VA</name>
        <lei>N/A</lei>
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          <isin value="US30382ADB52"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>727859.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QZS4</cusip>
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          <isin value="US74526QZS47"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>127312.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Virginia Resources Authority</name>
        <lei>N/A</lei>
        <title>Virginia Resources Authority</title>
        <cusip>92818MM64</cusip>
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          <isin value="US92818MM640"/>
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        <balance>3450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3539997.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fairfax County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Fairfax County Industrial Development Authority</title>
        <cusip>303823MW5</cusip>
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          <isin value="US303823MW50"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3703529.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Municipal Power Agency</name>
        <lei>N/A</lei>
        <title>Texas Municipal Power Agency</title>
        <cusip>882555ZR9</cusip>
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          <isin value="US882555ZR91"/>
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        <balance>1455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1203973.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Port Authority Commonwealth Port Fund</name>
        <lei>N/A</lei>
        <title>Virginia Port Authority Commonwealth Port Fund</title>
        <cusip>928075GV6</cusip>
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          <isin value="US928075GV66"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Virginia Public School Authority</name>
        <lei>N/A</lei>
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          <isin value="US928177CT95"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JQC26"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Commonwealth of Puerto Rico</name>
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          <isin value="US74514L3G08"/>
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        <name>Commonwealth of Puerto Rico</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Fairfax VA</name>
        <lei>N/A</lei>
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        <name>Virginia Housing Development Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2033-05-01</maturityDt>
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          <annualizedRt>1.80000000</annualizedRt>
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        <name>Hampton Roads Sanitation District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <name>Virginia College Building Authority</name>
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        <name>City of Alexandria VA</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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        <name>State of Illinois</name>
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        <name>Virginia Resources Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Upper Occoquan Sewage Authority</name>
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        <name>Franklin County Industrial Development Authority VA</name>
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        <name>City of Alexandria VA</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Toll Road Investors Partnership II LP</name>
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        <name>Fairfax County Industrial Development Authority</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax</name>
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        <name>Fairfax County Redevelopment &amp; Housing Authority</name>
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        <name>Matching Fund Special Purpose Securitization Corp.</name>
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        <name>Virginia Commonwealth University</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prince William County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Prince William County Industrial Development Authority</title>
        <cusip>741756CB4</cusip>
        <identifiers>
          <isin value="US741756CB42"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>881977.40000000</valUSD>
        <pctVal>0.252293280898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</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>West Point Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>West Point Industrial Development Authority</title>
        <cusip>955489AE9</cusip>
        <identifiers>
          <isin value="US955489AE90"/>
        </identifiers>
        <balance>1683272.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16.83000000</valUSD>
        <pctVal>0.000004814291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salem Economic Development Authority</name>
        <lei>N/A</lei>
        <title>Salem Economic Development Authority</title>
        <cusip>794565AY7</cusip>
        <identifiers>
          <isin value="US794565AY70"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>893854.26000000</valUSD>
        <pctVal>0.255690705794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</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>Fairfax County Water Authority</name>
        <lei>N/A</lei>
        <title>Fairfax County Water Authority</title>
        <cusip>303891D28</cusip>
        <identifiers>
          <isin value="US303891D288"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3197528.10000000</valUSD>
        <pctVal>0.914666129897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-04-01</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>74514L3P0</cusip>
        <identifiers>
          <isin value="US74514L3P07"/>
        </identifiers>
        <balance>476628.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>357321.67000000</valUSD>
        <pctVal>0.102213340682</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>Virginia Commonwealth Transportation Board</name>
        <lei>N/A</lei>
        <title>Virginia Commonwealth Transportation Board</title>
        <cusip>927793E54</cusip>
        <identifiers>
          <isin value="US927793E546"/>
        </identifiers>
        <balance>2750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2825902.20000000</valUSD>
        <pctVal>0.808361005096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp.</title>
        <cusip>649519DA0</cusip>
        <identifiers>
          <isin value="US649519DA03"/>
        </identifiers>
        <balance>845000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>766616.96000000</valUSD>
        <pctVal>0.219293950197</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>44577.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41314.94000000</valUSD>
        <pctVal>0.011818309361</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>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3J4</cusip>
        <identifiers>
          <isin value="US74514L3J47"/>
        </identifiers>
        <balance>318785.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>329613.55000000</valUSD>
        <pctVal>0.094287318425</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>Virginia Resources Authority</name>
        <lei>N/A</lei>
        <title>Virginia Resources Authority</title>
        <cusip>92818L4S8</cusip>
        <identifiers>
          <isin value="US92818L4S89"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5007.12000000</valUSD>
        <pctVal>0.001432307372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</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>
    </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>2023-01-30</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>
