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        <name>Cape Fear Public Utility Authority</name>
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        <name>North Carolina Housing Finance Agency</name>
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          <isin value="US658207XH34"/>
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        <name>North Carolina Medical Care Commission</name>
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        <name>City of Charlotte NC Airport Revenue</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Agricultural &amp; Technical State University</name>
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        <name>County of Durham NC</name>
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        <name>Raleigh Durham Airport Authority</name>
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          <maturityDt>2037-05-01</maturityDt>
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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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        <name>North Carolina Housing Finance Agency</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>New York City Transitional Finance Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>City of Raleigh NC</name>
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        <name>Town of Clayton NC Water &amp; Sewer Revenue</name>
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          <maturityDt>2042-02-01</maturityDt>
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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>University of North Carolina at Asheville (The)</name>
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        <name>North Carolina Housing Finance Agency</name>
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          <isin value="US658207YP41"/>
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        <name>City of Shelby NC</name>
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        <name>County of Henderson NC</name>
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        <name>Gastonia Housing Authority</name>
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        <name>City of Raleigh NC Combined Enterprise System Revenue</name>
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        <name>Appalachian State University</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Greater Asheville Regional Airport Authority</name>
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        <name>County of Brunswick NC Enterprise Systems Revenue</name>
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        <name>County of Iredell NC</name>
        <lei>549300NE65QUOJ0ETV20</lei>
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        <name>Town of Fuquay-Varina NC Combined Utilities Revenue</name>
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        <name>Centennial Authority</name>
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        <name>Grand Strand Water &amp; Sewer Authority</name>
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        <name>Public Finance Authority</name>
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        <name>City of Mebane NC Combined Utilities Revenue</name>
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        <name>City of Durham NC Water &amp; Sewer Utility System Revenue</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>Western Carolina University</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>City of Sanford NC Utility Systems Revenue</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Inlivian</name>
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        <name>North Carolina Housing Finance Agency</name>
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        <name>Public Finance Authority</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jarrell Independent School District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>3018515.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-02-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Town of Holly Springs NC</name>
        <lei>N/A</lei>
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          <isin value="US436084AW72"/>
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        <curCd>USD</curCd>
        <valUSD>2421736.50000000</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>2053-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Sanford NC Utility Systems Revenue</name>
        <lei>N/A</lei>
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          <isin value="US800618ED81"/>
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        <curCd>USD</curCd>
        <valUSD>177222.14000000</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>2042-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina State Education Assistance Authority</name>
        <lei>N/A</lei>
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        <cusip>658262HB9</cusip>
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          <isin value="US658262HB99"/>
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        <curCd>USD</curCd>
        <valUSD>2097227.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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        <cusip>745272GF5</cusip>
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          <isin value="US745272GF57"/>
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        <curCd>USD</curCd>
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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>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65821DXA44"/>
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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>2033-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Town of Fuquay-Varina NC Combined Utilities Revenue</name>
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          <isin value="US36106QBR92"/>
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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>2044-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Series 2024 A</title>
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          <isin value="US65820YSY31"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2020820.20000000</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>2054-10-01</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>County of New Hanover NC</name>
        <lei>549300TDDH9O6TH23823</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Johnston NC</name>
        <lei>5493003J6KNUY7E7SF98</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida State Board of Governors</name>
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        <valUSD>4744711.72000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
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          <isin value="US65820YRS71"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Cape Fear Public Utility Authority</name>
        <lei>N/A</lei>
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          <isin value="US139391GH32"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Harnett NC</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-04-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>City of Raleigh NC</name>
        <lei>549300I7RPBIIRI16112</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>District of Columbia</name>
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        <name>City of Fayetteville NC Public Works Commission Revenue</name>
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        <name>Black Belt Energy Gas District</name>
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          <isin value="US09182TAW71"/>
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          <maturityDt>2052-12-01</maturityDt>
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          <annualizedRt>3.99999960</annualizedRt>
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        <name>County of Ashe NC</name>
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          <isin value="US043891AS91"/>
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          <maturityDt>2042-06-01</maturityDt>
          <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="US74529JQF56"/>
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        <balance>1515000.00000000</balance>
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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
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        <name>County of Johnston NC Water &amp; Sewer System Revenue</name>
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          <maturityDt>2048-04-01</maturityDt>
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        <name>Metropolitan Transportation Authority</name>
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          <isin value="US59261AJ991"/>
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        <balance>2605000.00000000</balance>
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          <maturityDt>2045-11-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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          <maturityDt>2046-07-01</maturityDt>
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        <name>Durham Capital Financing Corp.</name>
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          <isin value="US266780DK89"/>
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        <name>County of Cabarrus NC</name>
        <lei>549300HVGPJDNBDPZV71</lei>
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        <name>Black Belt Energy Gas District</name>
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          <isin value="US09182TCG04"/>
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        <name>Gastonia Housing Authority</name>
        <lei>N/A</lei>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority</name>
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      <invstOrSec>
        <name>City of Asheville NC Water System Revenue</name>
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        <name>Texas Water Development Board</name>
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      <invstOrSec>
        <name>City of Sanford NC Utility Systems Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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          <isin value="US74514L3M75"/>
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        <curCd>USD</curCd>
        <valUSD>143761.30000000</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>2037-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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          <isin value="US658207D288"/>
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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>2051-07-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
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          <isin value="US65820YMP87"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>802112.24000000</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>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority</title>
        <cusip>928104NZ7</cusip>
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          <isin value="US928104NZ76"/>
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        <balance>1505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1244735.99000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>North Carolina Turnpike Authority</name>
        <lei>549300FCT1PN0GJGQ240</lei>
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          <isin value="US65830RBM07"/>
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        <balance>2600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2620238.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
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          <isin value="US09182TKW61"/>
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        <balance>2430000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2555788.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Series 2024B</title>
        <cusip>65820YTL0</cusip>
        <identifiers>
          <isin value="US65820YTL01"/>
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        <balance>1340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1353776.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <cusip>74529JQG3</cusip>
        <identifiers>
          <isin value="US74529JQG30"/>
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        <balance>718000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>267069.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Town of Carolina Beach NC Enterprise System Revenue</name>
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          <isin value="US143813BS10"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>326524.83000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Town of Carolina Beach NC Enterprise System Revenue</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
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        <valUSD>445513.73000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <balance>194798.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <balance>635000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>Energy Southeast A Cooperative District</name>
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        <name>Guam Government Waterworks Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-07-01</maturityDt>
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        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
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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>2054-01-01</maturityDt>
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      <invstOrSec>
        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
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          <isin value="US23503CGH43"/>
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      <invstOrSec>
        <name>Northern Hospital District of Surry County</name>
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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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        <invCountry>PR</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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          <isin value="US65819GLU03"/>
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        <name>City of Raleigh NC</name>
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          <isin value="US751120HZ21"/>
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          <maturityDt>2046-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Town of Carolina Beach NC Enterprise System Revenue</name>
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          <maturityDt>2047-06-01</maturityDt>
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        <name>Greenville Utilities Commission</name>
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          <isin value="US396321FP18"/>
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        <name>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-01</maturityDt>
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        <name>North Carolina Housing Finance Agency</name>
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          <maturityDt>2044-07-01</maturityDt>
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        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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          <maturityDt>2048-04-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>County of Ashe NC</name>
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        <name>City of Winston-Salem NC</name>
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          <maturityDt>2045-06-01</maturityDt>
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        <name>Territory of Guam</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Red River Education Finance Corp.</name>
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        <name>Town of Mooresville NC</name>
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        <name>City of Sanford NC Utility Systems Revenue</name>
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        <name>Toll Road Investors Partnership II LP</name>
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        <name>County of Henderson NC</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>North Carolina Medical Care Commission</name>
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          <isin value="US65820YLT19"/>
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          <maturityDt>2035-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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        <name>City of Sanford NC Utility Systems Revenue</name>
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        <name>University of North Carolina at Chapel Hill</name>
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        <name>Elizabeth City State University</name>
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        <name>Virginia College Building Authority</name>
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        <name>North Carolina Turnpike Authority</name>
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        <name>North Carolina Central University</name>
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        <name>City of Raleigh NC</name>
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        <name>North Carolina Housing Finance Agency</name>
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        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Matching Fund Special Purpose Securitization Corp.</name>
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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="US74529JPW98"/>
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        <curCd>USD</curCd>
        <valUSD>331706.19000000</valUSD>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>County of Lee NC</name>
        <lei>N/A</lei>
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          <isin value="US523724AU67"/>
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        <valUSD>858549.28000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Capital Facilities Finance Agency</name>
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        <title>North Carolina Capital Facilities Finance Agency</title>
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          <isin value="US65819GLE60"/>
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          <maturityDt>2044-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Charlotte NC Airport Revenue</name>
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          <isin value="US161036ZC54"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Tennessee Energy Acquisition Corp.</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
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          <isin value="US880443BS49"/>
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        <balance>710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>712316.94000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
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        <title>North Carolina Medical Care Commission</title>
        <cusip>65820YSL1</cusip>
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          <isin value="US65820YSL10"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>643163.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virgin Islands Hotel Development Financing Corp.</name>
        <lei>N/A</lei>
        <title>Virgin Islands Hotel Development Financing Corp., Series 2025A-1</title>
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          <isin value="US92766AAN81"/>
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        <balance>1485000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1508427.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>VI</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
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        <title>Commonwealth of Puerto Rico</title>
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          <isin value="US74514L3K10"/>
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        <balance>185717.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>188118.12000000</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>2033-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <cusip>658207T62</cusip>
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          <isin value="US658207T623"/>
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        <balance>1190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1245035.00000000</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>2042-07-01</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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          <maturityDt>2056-10-01</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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        <name>City of Wilmington NC</name>
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        <name>University of North Carolina at Charlotte (The)</name>
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        <name>University of North Carolina at Greensboro</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Greensboro</title>
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          <isin value="US914719WW59"/>
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        <name>Cedar Port Navigation &amp; Improvement District</name>
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        <name>Raleigh Housing Authority</name>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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        <name>North Carolina Turnpike Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority</title>
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        <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>North Carolina Agricultural &amp; Technical State University</name>
        <lei>N/A</lei>
        <title>North Carolina Agricultural &amp; Technical State University, Series 2023</title>
        <cusip>658187JV2</cusip>
        <identifiers>
          <isin value="US658187JV20"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2069933.20000000</valUSD>
        <pctVal>0.358346540499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</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>Inlivian</name>
        <lei>N/A</lei>
        <title>Inlivian, Series BDS 2024</title>
        <cusip>45753EAB9</cusip>
        <identifiers>
          <isin value="US45753EAB92"/>
        </identifiers>
        <balance>3935000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3988862.28000000</valUSD>
        <pctVal>0.690551269271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45000000</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>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Series 2024B</title>
        <cusip>65820YTK2</cusip>
        <identifiers>
          <isin value="US65820YTK28"/>
        </identifiers>
        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1122157.74000000</valUSD>
        <pctVal>0.194267787976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</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>680587.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>623405.78000000</valUSD>
        <pctVal>0.107923919762</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>1130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1131112.26000000</valUSD>
        <pctVal>0.195817993202</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>County of Henderson NC</name>
        <lei>N/A</lei>
        <title>County of Henderson, Series 2026 A</title>
        <cusip>424898HL1</cusip>
        <identifiers>
          <isin value="US424898HL13"/>
        </identifiers>
        <balance>415000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>417292.17000000</valUSD>
        <pctVal>0.072241560982</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>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 Union NC Enterprise System Revenue</name>
        <lei>N/A</lei>
        <title>County of Union</title>
        <cusip>906400GD2</cusip>
        <identifiers>
          <isin value="US906400GD29"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2058032.25000000</valUSD>
        <pctVal>0.356286249731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3T2</cusip>
        <identifiers>
          <isin value="US74514L3T29"/>
        </identifiers>
        <balance>715349.57000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>514157.50000000</valUSD>
        <pctVal>0.089010873102</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>554850.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>605468.13000000</valUSD>
        <pctVal>0.104818556351</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>2026-07-30</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>
