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        <name>Maryland Stadium Authority Built to Learn Revenue</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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          <maturityDt>2022-07-01</maturityDt>
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        <name>Black Belt Energy Gas District</name>
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        <name>Maryland Economic Development Corp.</name>
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        <name>Toll Road Investors Partnership II LP</name>
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        <name>County of Baltimore MD</name>
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        <name>Maryland Community Development Administration</name>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <name>Maryland Stadium Authority Built to Learn Revenue</name>
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        <name>Maryland Community Development Administration</name>
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      <invstOrSec>
        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Maryland Health &amp; Higher Educational Facilities Authority</title>
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          <isin value="US574218XQ13"/>
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        <curCd>USD</curCd>
        <valUSD>503188.60000000</valUSD>
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        <invCountry>US</invCountry>
        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Washington Metropolitan Area Transit Authority</name>
        <lei>549300ADKOK76HQMJS30</lei>
        <title>Washington Metropolitan Area Transit Authority</title>
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          <isin value="US938782FT15"/>
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        <curCd>USD</curCd>
        <valUSD>1154713.30000000</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>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
        <lei>549300JJ16DDBSZWSN94</lei>
        <title>Maryland Economic Development Corp.</title>
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          <isin value="US57420NAW11"/>
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        <curCd>USD</curCd>
        <valUSD>370086.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
        <cusip>74529JPV1</cusip>
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          <isin value="US74529JPV16"/>
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        <balance>21000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19321.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</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>74526QZM7</cusip>
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          <isin value="US74526QZM76"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <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>
        <name>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp.</title>
        <cusip>649519EN1</cusip>
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          <isin value="US649519EN15"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>125524.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>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>
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          <isin value="US74514L3T29"/>
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        <balance>196379.26000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101871.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maryland Community Development Administration</name>
        <lei>N/A</lei>
        <title>Maryland Community Development Administration</title>
        <cusip>57419TH46</cusip>
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          <isin value="US57419TH462"/>
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        <balance>985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1030551.42000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QUY69"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2500.00000000</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>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Higher Education Student Assistance Authority</name>
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        <title>New Jersey Higher Education Student Assistance Authority</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Maryland Community Development Administration</name>
        <lei>N/A</lei>
        <title>Maryland Community Development Administration</title>
        <cusip>57419TT68</cusip>
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          <isin value="US57419TT681"/>
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        <curCd>USD</curCd>
        <valUSD>467460.65000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US63607WAC82"/>
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        <balance>283355.63000000</balance>
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        <curCd>USD</curCd>
        <valUSD>262383.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-20</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp. Sales Tax</title>
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          <isin value="US74529JQB43"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>968.07000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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        <title>Golden State Tobacco Securitization Corp.</title>
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          <isin value="US38122ND823"/>
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          <maturityDt>2050-06-01</maturityDt>
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          <annualizedRt>3.85000000</annualizedRt>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
        <lei>549300JJ16DDBSZWSN94</lei>
        <title>Maryland Economic Development Corp.</title>
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          <isin value="US57420MAQ69"/>
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          <maturityDt>2028-07-01</maturityDt>
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        <name>State of Maryland Department of Transportation</name>
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          <maturityDt>2025-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Montgomery MD</name>
        <lei>549300GNX5SDUEBKPK13</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US574218T522"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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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="US74526QZL93"/>
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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>2020-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526Q2V37"/>
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        <curCd>USD</curCd>
        <valUSD>9862.04000000</valUSD>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Montgomery County Housing Opportunities Commission</name>
        <lei>549300HDL0LLRHMDL092</lei>
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        <name>Cedar Port Navigation &amp; Improvement District</name>
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        <name>Iowa Student Loan Liquidity Corp.</name>
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      <invstOrSec>
        <name>Maryland Community Development Administration</name>
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      <invstOrSec>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>Montgomery County Housing Opportunities Commission</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Maryland Stadium Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Michigan Finance Authority</name>
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          <isin value="US59447PA274"/>
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        <curCd>USD</curCd>
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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>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JRL16"/>
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        <valUSD>233049.32000000</valUSD>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-07-01</maturityDt>
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          <annualizedRt>4.78400000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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          <isin value="US40065FDF80"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Rockville MD</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Frederick MD</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Spartanburg Regional Health Services District</name>
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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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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <name>West Virginia Housing Development Fund</name>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <name>Texas Municipal Power Agency</name>
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        <name>County of Frederick MD</name>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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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="US74529JQF56"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US5742188B27"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
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          <isin value="US59261AJ991"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
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          <isin value="US09182TCG04"/>
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        <balance>745000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>755994.04000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.24999880</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="US74526QKX96"/>
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        <curCd>USD</curCd>
        <valUSD>31250.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Illinois</name>
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          <isin value="US4521527F22"/>
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        <curCd>USD</curCd>
        <valUSD>164522.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QYY24"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23750.00000000</valUSD>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
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          <isin value="US88285ADU97"/>
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        <balance>380000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Howard MD</name>
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          <isin value="US44256PTH63"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JQG30"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
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        <name>Washington Metropolitan Area Transit Authority Dedicated Revenue</name>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>Guam Government Waterworks Authority</name>
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        <assetCat>DBT</assetCat>
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        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Toll Road Investors Partnership II LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-15</maturityDt>
          <couponKind>None</couponKind>
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        <name>Commonwealth of Puerto Rico</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp.</name>
        <lei>N/A</lei>
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          <isin value="US414009RR38"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-07-01</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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          <isin value="US74526QXN77"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Mississippi Development Bank</name>
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          <isin value="US60534TQH13"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.87500000</annualizedRt>
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      <invstOrSec>
        <name>State of Maryland Department of Transportation</name>
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          <isin value="US574204R963"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>County of Howard MD</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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          <isin value="US5742184G59"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Montgomery County Housing Opportunities Commission</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
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        <name>Guam Government Waterworks Authority</name>
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        <invCountry>GU</invCountry>

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          <maturityDt>2036-07-01</maturityDt>
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        <name>Virginia College Building Authority</name>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <name>County of Baltimore MD</name>
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        <name>County of Prince George's MD</name>
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        <name>State of Maryland</name>
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        <invCountry>US</invCountry>
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        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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      <invstOrSec>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-01</maturityDt>
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        <name>New York State Dormitory Authority</name>
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          <isin value="US65000BNG94"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-05-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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          <isin value="US57421CAC82"/>
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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="US74526QKP62"/>
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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>Maryland Economic Development Corp.</name>
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        <title>Maryland Economic Development Corp.</title>
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          <isin value="US57420MAS26"/>
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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>
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          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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          <isin value="US574218Y803"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Housing Development Corp.</name>
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          <isin value="US64972EA740"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.45000000</annualizedRt>
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        <name>Maryland Economic Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</maturityDt>
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          <annualizedRt>5.00000000</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>2040-07-01</maturityDt>
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          <annualizedRt>4.32900000</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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        <name>Puerto Rico Electric Power Authority</name>
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          <maturityDt>2018-07-01</maturityDt>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>

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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State of Maryland Department of Transportation</name>
        <lei>N/A</lei>
        <title>State of Maryland Department of Transportation</title>
        <cusip>574204C27</cusip>
        <identifiers>
          <isin value="US574204C270"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1492230.30000000</valUSD>
        <pctVal>1.239920580888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</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>Maryland Health &amp; Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Maryland Health &amp; Higher Educational Facilities Authority</title>
        <cusip>5742182G7</cusip>
        <identifiers>
          <isin value="US5742182G77"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>491486.75000000</valUSD>
        <pctVal>0.408385043889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cedar Port Navigation &amp; Improvement District</name>
        <lei>N/A</lei>
        <title>Cedar Port Navigation &amp; Improvement District, Series 2023</title>
        <cusip>15051PBD1</cusip>
        <identifiers>
          <isin value="US15051PBD15"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44546.84000000</valUSD>
        <pctVal>0.037014758197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
        <lei>N/A</lei>
        <title>Metropolitan Washington Airports Authority Aviation</title>
        <cusip>592647KW0</cusip>
        <identifiers>
          <isin value="US592647KW05"/>
        </identifiers>
        <balance>1525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1543372.29000000</valUSD>
        <pctVal>1.282415366009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Westminster MD</name>
        <lei>N/A</lei>
        <title>City of Westminster</title>
        <cusip>960735AJ7</cusip>
        <identifiers>
          <isin value="US960735AJ71"/>
        </identifiers>
        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>402905.68000000</valUSD>
        <pctVal>0.334781464221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</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>Howard County Housing Commission</name>
        <lei>5493007CCS6UI1IIE878</lei>
        <title>Howard County Housing Commission</title>
        <cusip>442577BG6</cusip>
        <identifiers>
          <isin value="US442577BG65"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497179.95000000</valUSD>
        <pctVal>0.413115624585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</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>City of Baltimore MD</name>
        <lei>N/A</lei>
        <title>City of Baltimore</title>
        <cusip>05923TCY3</cusip>
        <identifiers>
          <isin value="US05923TCY38"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>227101.29000000</valUSD>
        <pctVal>0.188702483401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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>Montgomery County Revenue Authority</name>
        <lei>549300JQFJ2YGGW7AW57</lei>
        <title>Montgomery County Revenue Authority</title>
        <cusip>61336RBV8</cusip>
        <identifiers>
          <isin value="US61336RBV87"/>
        </identifiers>
        <balance>415000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>418802.73000000</valUSD>
        <pctVal>0.347990604573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-01</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>
      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority</title>
        <cusip>13013JCM6</cusip>
        <identifiers>
          <isin value="US13013JCM62"/>
        </identifiers>
        <balance>720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>718301.81000000</valUSD>
        <pctVal>0.596849693715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.24999880</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>Maryland Health &amp; Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Maryland Health &amp; Higher Educational Facilities Authority</title>
        <cusip>5742188D8</cusip>
        <identifiers>
          <isin value="US5742188D82"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>512805.75000000</valUSD>
        <pctVal>0.426099378509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3P0</cusip>
        <identifiers>
          <isin value="US74514L3P07"/>
        </identifiers>
        <balance>150243.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>115834.38000000</valUSD>
        <pctVal>0.096248837553</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>County of Frederick MD</name>
        <lei>N/A</lei>
        <title>County of Frederick</title>
        <cusip>355612AE2</cusip>
        <identifiers>
          <isin value="US355612AE28"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>226630.93000000</valUSD>
        <pctVal>0.188311652948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</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>240000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>221722.58000000</valUSD>
        <pctVal>0.184233218015</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>6747.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6517.65000000</valUSD>
        <pctVal>0.005415630800</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>Maryland Stadium Authority Built to Learn Revenue</name>
        <lei>N/A</lei>
        <title>Maryland Stadium Authority Built to Learn</title>
        <cusip>574294AV6</cusip>
        <identifiers>
          <isin value="US574294AV69"/>
        </identifiers>
        <balance>1405000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1226300.30000000</valUSD>
        <pctVal>1.018954634763</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>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>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3J4</cusip>
        <identifiers>
          <isin value="US74514L3J47"/>
        </identifiers>
        <balance>121739.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>127134.61000000</valUSD>
        <pctVal>0.105638398766</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>2023-10-30</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>
</edgarSubmission>
