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        <name>Virginia Resources Authority</name>
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          <isin value="US92818MJH43"/>
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          <maturityDt>2028-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QPN69"/>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Resources Authority</name>
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          <isin value="US92818L4U36"/>
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        <valUSD>45086.57000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Alexandria Industrial Development Authority</name>
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          <isin value="US015317AW08"/>
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        <curCd>USD</curCd>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Montgomery County Economic Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US613741KG12"/>
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        <valUSD>1023023.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fairfax County Redevelopment &amp; Housing Authority</name>
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          <isin value="US303835DQ22"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Winchester Economic Development Authority</name>
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          <isin value="US973121AR76"/>
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        <curCd>USD</curCd>
        <valUSD>2034057.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
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          <isin value="US6461366M81"/>
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        <curCd>USD</curCd>
        <valUSD>202827.13000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QKV31"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Cherry Hill Community Development Authority</name>
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          <annualizedRt>5.15000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Virginia Housing Development Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <maturityDt>2031-07-01</maturityDt>
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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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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-01</maturityDt>
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        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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      <invstOrSec>
        <name>Rockingham County Economic Development Authority</name>
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          <isin value="US77345QAA22"/>
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        <name>Virginia Small Business Financing Authority</name>
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          <isin value="US928105BY05"/>
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        <name>Montgomery County Economic Development Authority</name>
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      <invstOrSec>
        <name>Virginia College Building Authority</name>
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          <isin value="US92778VMA34"/>
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        <name>Hampton Roads Sanitation District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth of Puerto Rico</name>
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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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        <fairValLevel>2</fairValLevel>
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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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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Fairfax County Industrial Development Authority</name>
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        <name>Virginia Resources Authority</name>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
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      <invstOrSec>
        <name>Village of Bridgeview IL</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Colorado Health Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
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        <name>Chesapeake Hospital Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Valparaiso IN</name>
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          <maturityDt>2044-01-01</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Port Authority</name>
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        <name>Virginia Housing Development Authority</name>
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          <isin value="US92812WGS70"/>
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      <invstOrSec>
        <name>City of Chicago IL</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Fairfax County Economic Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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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>Virginia Small Business Financing Authority</name>
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        <name>Virginia Housing Development Authority</name>
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        <name>Henrico County Economic Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <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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          <isin value="US92778CAM29"/>
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          <maturityDt>2034-05-15</maturityDt>
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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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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
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          <isin value="US649519EN15"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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          <isin value="US74514L3T29"/>
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        <curCd>USD</curCd>
        <valUSD>274961.64000000</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>2043-11-01</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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        <name>Doylestown Hospital Authority</name>
        <lei>N/A</lei>
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          <isin value="US261333FQ68"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QUY69"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>New Jersey Higher Education Student Assistance Authority</name>
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          <maturityDt>2041-12-01</maturityDt>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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        <name>Fredericksburg Economic Development Authority</name>
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        <name>Virginia Commonwealth Transportation Board</name>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QZJ48"/>
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        <name>Virginia College Building Authority</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>City of Alexandria VA</name>
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        <name>Washington Metropolitan Area Transit Authority Dedicated Revenue</name>
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        <name>Port Beaumont Navigation District</name>
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        <name>Public Finance Authority</name>
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        <name>County of Fairfax VA Sewer Revenue</name>
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        <name>Fairfax County Economic Development Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
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        <name>Chesapeake Hospital Authority</name>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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        <name>Virginia Resources Authority</name>
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          <isin value="US92818PGT49"/>
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        <name>Campbell County Industrial Development Authority</name>
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        <name>Virginia College Building Authority</name>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <name>Virginia Housing Development Authority</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>Guam Government Waterworks Authority</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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        <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>436824.57000000</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>
        <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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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3066862.50000000</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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        <securityLending>
          <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>2571558.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <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>
        <title>Virginia Commonwealth University</title>
        <cusip>92778REX1</cusip>
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          <isin value="US92778REX17"/>
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        <balance>745000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>763060.66000000</valUSD>
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        <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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      <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>120750.00000000</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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      <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>3602665.95000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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>3863272.40000000</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>1241692.49000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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>
        <identifiers>
          <isin value="US928075GV66"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1040428.70000000</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>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
        <lei>N/A</lei>
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          <isin value="US74529JQC26"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110916.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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          <isin value="US74514L3G08"/>
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        <balance>147336.00000000</balance>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
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        <name>County of Fairfax VA</name>
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        <name>Virginia Housing Development Authority</name>
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          <maturityDt>2033-05-01</maturityDt>
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        <name>Hampton Roads Sanitation District</name>
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        <name>District of Columbia</name>
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        <name>Loudoun County Economic Development Authority</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <invCountry>PR</invCountry>

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        <name>Virginia College Building Authority</name>
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      <invstOrSec>
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      <invstOrSec>
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          <maturityDt>2046-12-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
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          <isin value="US09182TCG04"/>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-01</maturityDt>
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        <name>Virginia Resources Authority</name>
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          <isin value="US92818NJW92"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QYY24"/>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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      <invstOrSec>
        <name>Upper Occoquan Sewage Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Franklin County Industrial Development Authority VA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-15</maturityDt>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Franklin County Industrial Development Authority VA</name>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>City of Newport News VA</name>
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        <name>Roanoke Economic Development Authority</name>
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        <name>Washington Metropolitan Area Transit Authority</name>
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        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
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      <invstOrSec>
        <name>Red River Education Finance Corp.</name>
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      <invstOrSec>
        <name>Fairfax County Industrial Development Authority</name>
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      <invstOrSec>
        <name>New River Valley Regional Jail Authority</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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      <invstOrSec>
        <name>Fairfax County Industrial Development Authority</name>
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        <name>Virginia Housing Development Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Richmond VA Public Utility Revenue</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>Virginia Port Authority Commonwealth Port Fund</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Lynchburg Economic Development Authority</name>
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      <invstOrSec>
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        <name>Chesapeake Hospital Authority</name>
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        <name>Virginia Public Building Authority</name>
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        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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          <maturityDt>2045-04-01</maturityDt>
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        <name>Virginia Housing Development 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>Virginia College Building Authority</name>
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        <name>Virginia Commonwealth University</name>
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        <name>Metropolitan Washington Airports Authority Aviation Revenue</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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          <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>3215697.30000000</valUSD>
        <pctVal>0.890483053467</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>371401.64000000</valUSD>
        <pctVal>0.102847636327</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>2858832.08000000</valUSD>
        <pctVal>0.791660807112</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>811512.06000000</valUSD>
        <pctVal>0.224721940437</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>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority</title>
        <cusip>928097AC8</cusip>
        <identifiers>
          <isin value="US928097AC85"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>980197.50000000</valUSD>
        <pctVal>0.271433901070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-31</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>41956.15000000</valUSD>
        <pctVal>0.011618394730</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>338059.41000000</valUSD>
        <pctVal>0.093614587315</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>5009.43000000</valUSD>
        <pctVal>0.001387199137</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>2023-05-01</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Kasey Phillips</ncom:signature>
      <ncom:signerName>Kasey Phillips</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
