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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>West Virginia Hospital Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US956622W915"/>
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        <curCd>USD</curCd>
        <valUSD>1052516.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Village of Bridgeview IL</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>238059.48000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.14000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>West Virginia Economic Development Authority</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>West Virginia Economic Development Authority</title>
        <cusip>95648XCE3</cusip>
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          <isin value="US95648XCE31"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1026399.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morgantown Building Commission</name>
        <lei>N/A</lei>
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          <isin value="US617534AZ54"/>
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        <balance>790000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>711333.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anaheim City School District</name>
        <lei>N/A</lei>
        <title>Anaheim City School District</title>
        <cusip>032555QY3</cusip>
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          <isin value="US032555QY38"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>285272.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>City of Chicago</title>
        <cusip>167486P60</cusip>
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          <isin value="US167486P609"/>
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        <balance>360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>368931.53000000</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>2040-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>West Virginia Housing Development Fund</name>
        <lei>N/A</lei>
        <title>West Virginia Housing Development Fund</title>
        <cusip>95662NJE9</cusip>
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          <isin value="US95662NJE94"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>987229.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <cusip>74526YGW9</cusip>
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          <isin value="US74526YGW93"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9827.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23962.73000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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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      <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>170000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Higher Education Student Assistance Authority</name>
        <lei>5493007OOYUHTF8GSL63</lei>
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          <isin value="US646080WP24"/>
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        <curCd>USD</curCd>
        <valUSD>374724.95000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority</title>
        <cusip>63607WAC8</cusip>
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          <isin value="US63607WAC82"/>
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        <balance>277224.53910000</balance>
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        <curCd>USD</curCd>
        <valUSD>268442.84000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Golden State Tobacco Securitization Corp.</title>
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          <isin value="US38122ND823"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>204736.05000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority</title>
        <cusip>928105BZ7</cusip>
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          <isin value="US928105BZ79"/>
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        <balance>490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>417627.49000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>West Virginia Economic Development Authority</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>West Virginia Economic Development Authority</title>
        <cusip>95648MMY2</cusip>
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          <isin value="US95648MMY20"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>West Virginia Water Development Authority</name>
        <lei>N/A</lei>
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        <cusip>956695H37</cusip>
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          <isin value="US956695H375"/>
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        <balance>1475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1503230.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QKR2</cusip>
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          <isin value="US74526QKR29"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8193.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isin value="US956622N674"/>
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      <invstOrSec>
        <name>Little Rock School District</name>
        <lei>N/A</lei>
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          <isin value="US5374282N38"/>
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      <invstOrSec>
        <name>Berkeley County Public Service Sewer District</name>
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        <name>Berkeley County Building Commission</name>
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          <isin value="US084244JR42"/>
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      <invstOrSec>
        <name>West Virginia Hospital Finance Authority</name>
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          <isin value="US956622K522"/>
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      <invstOrSec>
        <name>West Virginia Hospital Finance Authority</name>
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          <isin value="US956622N914"/>
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      <invstOrSec>
        <name>City of Wheeling WV Waterworks &amp; Sewerage System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>West Virginia Lottery Excess Lottery Revenue</name>
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          <maturityDt>2033-07-01</maturityDt>
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      <invstOrSec>
        <name>Berkeley County Public Service District</name>
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          <maturityDt>2044-12-01</maturityDt>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>West Virginia University</name>
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        <name>West Virginia Parkways Authority</name>
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        <invCountry>PR</invCountry>

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      <invstOrSec>
        <name>Wayne County Airport Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74446EAA47"/>
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      <invstOrSec>
        <name>County of Monongalia WV</name>
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          <isin value="US61022DAD93"/>
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          <maturityDt>2053-06-01</maturityDt>
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      <invstOrSec>
        <name>West Virginia University</name>
        <lei>N/A</lei>
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          <isin value="US956704B667"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
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          <isin value="US650116HR05"/>
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        <curCd>USD</curCd>
        <valUSD>445269.09000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-06-30</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Berkeley County Public Service District</name>
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          <isin value="US084246NW39"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Tennergy Corp.</name>
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        <title>Tennergy Corp.</title>
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          <isin value="US880397CF98"/>
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        <balance>310000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>325364.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
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          <annualizedRt>5.50000080</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <title>Buckeye Tobacco Settlement Financing Authority</title>
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          <isin value="US118217CZ97"/>
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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>2055-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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          <isin value="US65830VAM28"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-01</maturityDt>
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        <name>Putnam County Building Commission</name>
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        <title>Putnam County Building Commission</title>
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        <invCountry>US</invCountry>
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        <name>Berkeley County Board of Education</name>
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        <name>Port of Beaumont Navigation District</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>West Virginia Housing Development Fund</name>
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          <maturityDt>2049-11-01</maturityDt>
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        <name>West Virginia Housing Development Fund</name>
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        <name>West Virginia Hospital Finance Authority</name>
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        <name>Virgin Islands Public Finance Authority</name>
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        <name>West Virginia Hospital Finance Authority</name>
        <lei>N/A</lei>
        <title>West Virginia Hospital Finance Authority</title>
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          <isin value="US956622S392"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>San Antonio Housing Trust Public Facility Corp.</name>
        <lei>N/A</lei>
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          <isin value="US79626WAB37"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-04-01</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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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>74529JRL1</cusip>
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          <isin value="US74529JRL16"/>
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        <balance>39000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35539.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.78400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
        <cusip>40065FDF8</cusip>
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          <isin value="US40065FDF80"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>133358.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fairmont State University</name>
        <lei>N/A</lei>
        <title>Fairmont State University</title>
        <cusip>305349CV2</cusip>
        <identifiers>
          <isin value="US305349CV20"/>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1152736.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wayne County Airport Authority</name>
        <lei>N/A</lei>
        <title>Wayne County Airport Authority</title>
        <cusip>944514RS9</cusip>
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          <isin value="US944514RS98"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>84444.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13656.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
        <lei>549300YJRISCG6HQ4512</lei>
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        <cusip>745272FP4</cusip>
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          <isin value="US745272FP49"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>90092.31000000</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>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>West Virginia Economic Development Authority</name>
        <lei>549300WW88TKKF5H1220</lei>
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        <cusip>95648VBK4</cusip>
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          <isin value="US95648VBK44"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>985640.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526YGU38"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>134983.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Jefferson County Building Commission</name>
        <lei>N/A</lei>
        <title>Jefferson County Building Commission, Series 2025</title>
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          <isin value="US473667AT00"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>746533.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Morgantown Building Commission</name>
        <lei>N/A</lei>
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          <isin value="US617534BA94"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>487021.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>West Virginia Housing Development Fund</name>
        <lei>N/A</lei>
        <title>West Virginia Housing Development Fund</title>
        <cusip>95662M6Z8</cusip>
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          <isin value="US95662M6Z85"/>
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        <balance>485000.00000000</balance>
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          <maturityDt>2026-05-01</maturityDt>
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          <annualizedRt>1.80000000</annualizedRt>
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        <name>West Virginia Hospital Finance Authority</name>
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        <name>West Virginia Housing Development Fund</name>
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          <maturityDt>2047-11-01</maturityDt>
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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>2033-07-01</maturityDt>
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        <name>Putnam County Building Commission</name>
        <lei>N/A</lei>
        <title>Putnam County Building Commission</title>
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          <isin value="US74670ABW09"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2047-05-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>West Virginia Housing Development Fund</name>
        <lei>N/A</lei>
        <title>West Virginia Housing Development Fund</title>
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          <isin value="US95662NKJ62"/>
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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>2053-11-01</maturityDt>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
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          <isin value="US09182TCG04"/>
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        <balance>565000.00000000</balance>
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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>2053-02-01</maturityDt>
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          <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>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Illinois</name>
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      <invstOrSec>
        <name>Puerto Rico Electric Power Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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      <invstOrSec>
        <name>Morgantown Utility Board, Inc.</name>
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          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
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          <isin value="US74514L3M75"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Parkersburg Municipal Building Commission</name>
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          <maturityDt>2054-11-01</maturityDt>
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        <name>Virginia Small Business Financing Authority</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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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>West Virginia Housing Development Fund</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>West Virginia Housing Development Fund</name>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>Allegheny County Hospital Development 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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      <invstOrSec>
        <name>Morgantown Utility Board, Inc.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32900000</annualizedRt>
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      <invstOrSec>
        <name>Matching Fund Special Purpose Securitization Corp.</name>
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          <isin value="US57665NAB10"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>VI</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JPW98"/>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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        <name>Commonwealth of Puerto Rico</name>
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          <isin value="US74514L3K10"/>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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        <name>West Virginia University</name>
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        <title>West Virginia University</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Berkeley County Board of Education</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>West Virginia Housing Development Fund</name>
        <lei>N/A</lei>
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          <isin value="US95662NFY94"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>State of West Virginia</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Community Choice Financing Authority</name>
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        <name>West Virginia Economic Development Authority</name>
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        <name>West Virginia Housing Development Fund</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>West Virginia Economic Development Authority</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>Commonwealth of Puerto Rico</name>
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          <maturityDt>2043-11-01</maturityDt>
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        <name>Commonwealth of Puerto Rico</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>West Virginia Economic Development Authority</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>West Virginia Economic Development Authority, Series 2023 A-1</title>
        <cusip>95649DAU2</cusip>
        <identifiers>
          <isin value="US95649DAU28"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1020958.40000000</valUSD>
        <pctVal>1.187041554846</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Putnam County Building Commission</name>
        <lei>N/A</lei>
        <title>Putnam County Building Commission</title>
        <cusip>74670ABV2</cusip>
        <identifiers>
          <isin value="US74670ABV26"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>488595.75000000</valUSD>
        <pctVal>0.568077464048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</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>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>MFS Municipal Series Trust</ncom:nameOfApplicant>
      <ncom:signature>James Byrne</ncom:signature>
      <ncom:signerName>James Byrne</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
