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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>North Carolina State Education Assistance Authority</name>
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          <maturityDt>2037-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Indiana Finance Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>North Carolina State University at Raleigh</name>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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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        <name>County of Forsyth NC</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Charlotte NC</name>
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          <maturityDt>2039-06-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Territory of Guam</name>
        <lei>N/A</lei>
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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>North Carolina State Education Assistance Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
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        <title>Sales Tax Securitization Corp.</title>
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          <isin value="US79467BCZ67"/>
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        <valUSD>61458.92000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Michigan Finance Authority</name>
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          <maturityDt>2037-07-01</maturityDt>
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        <name>County of Lee NC</name>
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        <name>Village of Bridgeview IL</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Raleigh Durham Airport Authority</name>
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        <name>University of North Carolina at Wilmington</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of New Hanover NC</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>North Carolina Turnpike Authority</name>
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          <maturityDt>2034-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QZM76"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of North Carolina at Wilmington</name>
        <lei>N/A</lei>
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          <isin value="US91472TBF03"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</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>2043-11-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QUY69"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65820YQW92"/>
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        <name>New Jersey Higher Education Student Assistance Authority</name>
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        <name>Winston-Salem State University</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>City of Charlotte NC</name>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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      <invstOrSec>
        <name>City of Charlotte NC</name>
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        <name>North Carolina State University at Raleigh</name>
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        <name>Western Carolina University</name>
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        <name>City of Charlotte NC Water &amp; Sewer System Revenue</name>
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          <isin value="US161045QN28"/>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DWM90"/>
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        <name>North Carolina Medical Care Commission</name>
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          <maturityDt>2049-07-01</maturityDt>
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        <name>City of Winston-Salem NC Water &amp; Sewer System Revenue</name>
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          <isin value="US975700NN12"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</maturityDt>
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        <name>Golden State Tobacco Securitization Corp.</name>
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          <isin value="US38122ND823"/>
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          <maturityDt>2050-06-01</maturityDt>
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        <name>University of North Carolina System</name>
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        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
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        <name>North Carolina Housing Finance Agency</name>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Commonwealth Financing Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>University of North Carolina at Asheville (The)</name>
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        <name>Michigan Finance Authority</name>
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        <name>North Carolina Housing Finance Agency</name>
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        <name>Town of Oak Island NC Enterprise System Revenue</name>
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          <maturityDt>2029-06-01</maturityDt>
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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>North Carolina State Education Assistance Authority</name>
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        <name>Wayne County Airport Authority</name>
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          <maturityDt>2039-06-01</maturityDt>
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        <name>Public Finance Authority</name>
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          <maturityDt>2034-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Guam Government Waterworks Authority</name>
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          <isin value="US40065FDD33"/>
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        <valUSD>485935.25000000</valUSD>
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        <invCountry>GU</invCountry>

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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina State Education Assistance Authority</name>
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        <name>Western Carolina University</name>
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          <maturityDt>2043-10-01</maturityDt>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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          <maturityDt>2050-06-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>County of Buncombe NC</name>
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        <name>City of Durham NC Water &amp; Sewer Utility System Revenue</name>
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        <name>North Carolina Housing Finance Agency</name>
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        <name>Durham Capital Financing Corp.</name>
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        <name>City of Charlotte NC Airport Revenue</name>
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        <name>Tennergy Corp.</name>
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        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
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        <name>Maryland Stadium Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US745272GF57"/>
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        <curCd>USD</curCd>
        <valUSD>115094.30000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wayne County Airport Authority</name>
        <lei>N/A</lei>
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          <isin value="US944514RS98"/>
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        <curCd>USD</curCd>
        <valUSD>240000.31000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Spartanburg Regional Health Services District</name>
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          <isin value="US847113CG08"/>
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        <curCd>USD</curCd>
        <valUSD>1436438.67000000</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>2043-04-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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          <isin value="US65821DXA44"/>
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        <balance>255000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>279968.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Mecklenburg NC</name>
        <lei>5493006G3IC5PBHB7A65</lei>
        <title>County of Mecklenburg</title>
        <cusip>584002YH6</cusip>
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          <isin value="US584002YH61"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1296932.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QZS47"/>
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        <balance>240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>174600.00000000</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>2032-07-01</maturityDt>
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          <annualizedRt>6.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority</name>
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          <isin value="US65830WAL28"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1751816.55000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of New Hanover NC</name>
        <lei>549300TDDH9O6TH23823</lei>
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          <isin value="US644804FH41"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1648948.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Wake NC</name>
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        <title>County of Wake</title>
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        <balance>3000000.00000000</balance>
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        <valUSD>3034126.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Durham County Industrial Facilities &amp; Pollution Control Financing 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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        <name>North Carolina Medical Care Commission</name>
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        <name>Greenville Utilities Commission</name>
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        <name>County of Buncombe NC</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>District of Columbia</name>
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      <invstOrSec>
        <name>State of North Carolina</name>
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      <invstOrSec>
        <name>North Carolina State University at Raleigh</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Metropolitan Transportation Authority</name>
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      <invstOrSec>
        <name>Durham Capital Financing Corp.</name>
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          <isin value="US266780DK89"/>
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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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          <isin value="US74526QKX96"/>
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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>2037-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Illinois</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-10-01</maturityDt>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Cape Fear Public Utility Authority</name>
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        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>North Carolina Turnpike Authority</name>
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      <invstOrSec>
        <name>City of Charlotte NC Airport Revenue</name>
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        <name>Red River Education Finance Corp.</name>
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        <name>Western Carolina University</name>
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        <name>Toll Road Investors Partnership II LP</name>
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          <maturityDt>2043-02-15</maturityDt>
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        <name>State of Illinois</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Medical Care Commission</name>
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      <invstOrSec>
        <name>Elizabeth City State University</name>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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        <name>Virginia College Building Authority</name>
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          <isin value="US20282EAP16"/>
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        <name>County of Johnston NC</name>
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        <name>Appalachian State University</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>County of Buncombe NC</name>
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          <maturityDt>2027-06-01</maturityDt>
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        <name>North Carolina Central University</name>
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        <name>North Carolina Medical Care Commission</name>
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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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          <maturityDt>2042-01-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>County of Forsyth NC</name>
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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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          <maturityDt>2040-07-01</maturityDt>
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        <name>Territory of Guam</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Matching Fund Special Purpose Securitization Corp.</name>
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          <isin value="US57665NAB10"/>
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        <invCountry>VI</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <maturityDt>2018-07-01</maturityDt>
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        <name>Northern Hospital District of Surry County</name>
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        <name>State Public School Building Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>County of Lee NC</name>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>North Carolina Agricultural &amp; Technical State University</name>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>University of North Carolina at Wilmington</name>
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        <name>New York Liberty Development Corp.</name>
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        <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>Town of Oak Island NC Enterprise System Revenue</name>
        <lei>N/A</lei>
        <title>Town of Oak Island NC Enterprise System Revenue</title>
        <cusip>67140PCR3</cusip>
        <identifiers>
          <isin value="US67140PCR38"/>
        </identifiers>
        <balance>2010000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2110201.52000000</valUSD>
        <pctVal>0.478869108654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3Q8</cusip>
        <identifiers>
          <isin value="US74514L3Q89"/>
        </identifiers>
        <balance>62012.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>57474.08000000</valUSD>
        <pctVal>0.013042622327</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>County of Union NC Enterprise System Revenue</name>
        <lei>N/A</lei>
        <title>County of Union</title>
        <cusip>906400GD2</cusip>
        <identifiers>
          <isin value="US906400GD29"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1918630.25000000</valUSD>
        <pctVal>0.435395742514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>City of Chicago</title>
        <cusip>167486D71</cusip>
        <identifiers>
          <isin value="US167486D712"/>
        </identifiers>
        <balance>235000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246541.58000000</valUSD>
        <pctVal>0.055947806662</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>554850.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>573697.26000000</valUSD>
        <pctVal>0.130189412210</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>
    </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>
