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        <name>Homewood Educational Building Authority</name>
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        <name>Orange Beach Water Sewer &amp; Fire Protection Authority</name>
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        <name>University of South Alabama</name>
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        <name>Alabama Federal Aid Highway Finance Authority</name>
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      <invstOrSec>
        <name>Jefferson County Board of Education/AL</name>
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      <invstOrSec>
        <name>Town of Pike Road AL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Jacksonville Public Educational Building Authority</name>
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          <isin value="US469480AS61"/>
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      <invstOrSec>
        <name>Prichard Water Works &amp; Sewer Board</name>
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          <isin value="US741530JB63"/>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Baldwin County Public Building Authority</name>
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          <maturityDt>2046-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Higher Education Student Assistance Authority</name>
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          <isin value="US646080WP24"/>
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      <invstOrSec>
        <name>Maryland Community Development Administration</name>
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          <isin value="US57419TT681"/>
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          <maturityDt>2043-09-01</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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      <invstOrSec>
        <name>New Hampshire Business Finance Authority</name>
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          <isin value="US63607WAC82"/>
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        <valUSD>208303.79000000</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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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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          <isin value="US38122ND823"/>
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          <maturityDt>2050-06-01</maturityDt>
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          <annualizedRt>3.85000000</annualizedRt>
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        <name>Alabama Community College System</name>
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        <name>Jacksonville Public Educational Building Authority</name>
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        <name>Auburn University</name>
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        <name>Limestone County Water &amp; Sewer Authority</name>
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        <name>Stadium Trace Village Improvement District (The)</name>
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        <name>Montevallo American Village Public Educational Building Authority</name>
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        <name>Little Rock School District</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Baldwin County Solid Waste Disposal Authority, Inc.</name>
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      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority</name>
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        <name>County of Jefferson AL</name>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Prattville AL</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Cedar Port Navigation &amp; Improvement District</name>
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          <isin value="US15051PAZ36"/>
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      <invstOrSec>
        <name>Iowa Student Loan Liquidity Corp.</name>
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          <isin value="US462590MT43"/>
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        <name>Alabama Community College System</name>
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          <maturityDt>2049-05-01</maturityDt>
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        <name>University of South Alabama</name>
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        <name>Walker County Board of Education/AL</name>
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        <name>Alabama Special Care Facilities Financing Authority-Birmingham AL</name>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <name>Alabama Housing Finance Authority</name>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>State of Illinois</name>
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        <name>Birmingham-Jefferson Civic Center Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Alabama Housing Finance Authority</name>
        <lei>549300VFN7EHPOFS7D76</lei>
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        <name>St Clair County Board of Education</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Alabama Special Care Facilities Financing Authority-Birmingham AL</name>
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        <name>Lee County Board of Education/AL</name>
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      <invstOrSec>
        <name>Prattville Waterworks Board</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>St Clair County Board of Education</name>
        <lei>N/A</lei>
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          <isin value="US788216EW57"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cullman City Board of Education</name>
        <lei>N/A</lei>
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          <isin value="US230041DN20"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2054-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cherokee County Public Building Authority</name>
        <lei>N/A</lei>
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          <isin value="US164198AT03"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>682663.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Baldwin County Solid Waste Disposal Authority, Inc.</name>
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          <isin value="US057861AQ99"/>
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        <curCd>USD</curCd>
        <valUSD>456646.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mobile County Board of School Commissioners</name>
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          <isin value="US607298BN54"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alabama Housing Finance Authority</name>
        <lei>549300VFN7EHPOFS7D76</lei>
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          <isin value="US01030RLM24"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-04-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Mobile County Board of School Commissioners</name>
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          <isin value="US607298AS50"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JQF56"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>Texas Water Development Board</name>
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          <isin value="US88285ADU97"/>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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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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        <name>Virginia Small Business Financing Authority</name>
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          <isin value="US928104NZ76"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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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>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <assetCat>DBT</assetCat>
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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>
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        <balance>142000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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          <isin value="US40065FCH55"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>State of Alabama Docks Department</name>
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      <invstOrSec>
        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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        <name>Alabama Housing Finance Authority</name>
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        <name>Territory of Guam</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>Territory of Guam</name>
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        <name>Kentucky Public Energy Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Toll Road Investors Partnership II LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lawrence County Board of Education</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>County of Mobile AL</name>
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        <name>Harvest-Monrovia Water Sewer &amp; Fire Protection Authority, Inc.</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>Marshall County Board of Education/AL</name>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <name>DCH Healthcare Authority</name>
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      <invstOrSec>
        <name>Alabama Housing Finance Authority</name>
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          <isin value="US01030RJD52"/>
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        <name>Alabama Community College System</name>
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        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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          <maturityDt>2045-04-01</maturityDt>
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        <name>City of Huntsville AL Electric System Revenue</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Colorado Health Facilities Authority</name>
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          <isin value="US19648FKT02"/>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Rainsville AL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-01</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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        <name>Irondale Public Building Authority</name>
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        <name>New York City Housing Development Corp.</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Matching Fund Special Purpose Securitization Corp.</name>
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        <name>Alabama Housing Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Enterprise Board of Education</name>
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        <name>Limestone County Water &amp; Sewer Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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          <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>Health Care Authority for Baptist Health (The)</name>
        <lei>N/A</lei>
        <title>Health Care Authority for Baptist Health (The)</title>
        <cusip>42219UCG5</cusip>
        <identifiers>
          <isin value="US42219UCG58"/>
        </identifiers>
        <balance>875000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>908554.85000000</valUSD>
        <pctVal>1.356436318438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</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>Madison Water &amp; Wastewater Board</name>
        <lei>N/A</lei>
        <title>Madison Water &amp; Wastewater Board</title>
        <cusip>556589JF7</cusip>
        <identifiers>
          <isin value="US556589JF79"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>689283.10000000</valUSD>
        <pctVal>1.029072301497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Town of Pike Road AL</name>
        <lei>N/A</lei>
        <title>Town of Pike Road</title>
        <cusip>72129PGM5</cusip>
        <identifiers>
          <isin value="US72129PGM59"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>509426.65000000</valUSD>
        <pctVal>0.760553762538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-01</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>Alabama Community College System</name>
        <lei>N/A</lei>
        <title>Alabama Community College System</title>
        <cusip>01025PEA7</cusip>
        <identifiers>
          <isin value="US01025PEA75"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>850958.80000000</valUSD>
        <pctVal>1.270447702540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</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>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>30000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26168.09000000</valUSD>
        <pctVal>0.039067919410</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>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>410000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>429647.86000000</valUSD>
        <pctVal>0.641447196548</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>Alabama Housing Finance Authority</name>
        <lei>549300VFN7EHPOFS7D76</lei>
        <title>Alabama Housing Finance Authority, Series 2024B</title>
        <cusip>01030RKE1</cusip>
        <identifiers>
          <isin value="US01030RKE17"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>722862.30000000</valUSD>
        <pctVal>1.079204713892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</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>121336.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103671.38000000</valUSD>
        <pctVal>0.154777254245</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>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>260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254080.66000000</valUSD>
        <pctVal>0.379332337543</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>Bessemer Public Educational Building Authority</name>
        <lei>N/A</lei>
        <title>Bessemer Public Educational Building Authority</title>
        <cusip>086413BK6</cusip>
        <identifiers>
          <isin value="US086413BK62"/>
        </identifiers>
        <balance>210000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210253.58000000</valUSD>
        <pctVal>0.313900247182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <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>74514L3T2</cusip>
        <identifiers>
          <isin value="US74514L3T29"/>
        </identifiers>
        <balance>130226.57000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>80089.34000000</valUSD>
        <pctVal>0.119570204810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <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>115194.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>124251.13000000</valUSD>
        <pctVal>0.185502003912</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>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>
