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        <name>Build NYC Resource Corp.</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Chappaqua Central School District</name>
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        <name>Chautauqua Tobacco Asset Securitization Corp.</name>
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        <name>Chicago Board of Education</name>
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        <name>Children's Trust Fund</name>
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        <invCountry>PR</invCountry>
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        <name>Town of Clarkstown NY</name>
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      <invstOrSec>
        <name>Clinton County Capital Resource Corp.</name>
        <lei>N/A</lei>
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          <isin value="US187469AG68"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2046-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Dutchess County Local Development Corp.</name>
        <lei>N/A</lei>
        <title>Dutchess County Local Development Corp., Health Quest System, Inc., Project, Series 2016 B</title>
        <cusip>267045GX4</cusip>
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          <isin value="US267045GX49"/>
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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>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Erie NY</name>
        <lei>N/A</lei>
        <title>County of Erie, Buffalo Bills Stadium Project, Series 2024B</title>
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          <isin value="US295084YR22"/>
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        <valUSD>1329817.38000000</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>2047-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Erie NY</name>
        <lei>N/A</lei>
        <title>County of Erie, Buffalo Bills Stadium Project, Series 2024B</title>
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          <isin value="US295084YS05"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1625753.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Brightline Florida Passenger Rail Project</title>
        <cusip>340618DT1</cusip>
        <identifiers>
          <isin value="US340618DT16"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Genesee County Funding Corp. (The)</name>
        <lei>N/A</lei>
        <title>Genesee County Funding Corp. (The), Rochester Regional Health Energy Projects, Series 2025A</title>
        <cusip>371669BE1</cusip>
        <identifiers>
          <isin value="US371669BE18"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1028981.20000000</valUSD>
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        <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>5.25000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2</title>
        <cusip>38122NB84</cusip>
        <identifiers>
          <isin value="US38122NB843"/>
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        <balance>3650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>391331.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Territory of Guam</name>
        <lei>N/A</lei>
        <title>Territory of Guam, Series 2025G</title>
        <cusip>40065NDC8</cusip>
        <identifiers>
          <isin value="US40065NDC83"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1373502.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Town of Hempstead NY</name>
        <lei>N/A</lei>
        <title>Town of Hempstead</title>
        <cusip>424672T37</cusip>
        <identifiers>
          <isin value="US424672T373"/>
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        <balance>1725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1732019.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>Town of Hempstead NY</name>
        <lei>N/A</lei>
        <title>Town of Hempstead, Series 2025A</title>
        <cusip>424672V83</cusip>
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          <isin value="US424672V833"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2051414.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hudson Yards Infrastructure Corp.</name>
        <lei>549300EE2HJ67TPURL87</lei>
        <title>Hudson Yards Infrastructure Corp., Second Indenture, Series 2017A</title>
        <cusip>44420RAS9</cusip>
        <identifiers>
          <isin value="US44420RAS94"/>
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        <balance>1585000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1630168.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Hudson Yards Infrastructure Corp.</name>
        <lei>549300EE2HJ67TPURL87</lei>
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          <isin value="US44420RBA77"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2037-02-15</maturityDt>
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        <name>Hudson Yards Infrastructure Corp.</name>
        <lei>549300EE2HJ67TPURL87</lei>
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          <isin value="US44420RBC34"/>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Hudson Yards Infrastructure Corp.</name>
        <lei>549300EE2HJ67TPURL87</lei>
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          <isin value="US44420RCB42"/>
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          <maturityDt>2040-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Hudson Yards Infrastructure Corp.</name>
        <lei>549300EE2HJ67TPURL87</lei>
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        <cusip>44420RCE8</cusip>
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          <isin value="US44420RCE80"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2043-02-15</maturityDt>
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      <invstOrSec>
        <name>Town of Huntington NY</name>
        <lei>N/A</lei>
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          <isin value="US446457H303"/>
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        <balance>1385000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Town of Irondequoit NY</name>
        <lei>N/A</lei>
        <title>Town of Irondequoit, Series 2025B</title>
        <cusip>463074R55</cusip>
        <identifiers>
          <isin value="US463074R550"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2024696.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>JPMorgan Institutional Tax Free Money Market Fund</name>
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      <invstOrSec>
        <name>City of Jamestown NY</name>
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      <invstOrSec>
        <name>Jefferson County Port Authority</name>
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      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
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        <name>Long Island Power Authority</name>
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        <name>Long Island Power Authority</name>
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        <name>Long Island Power Authority</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Long Island Power Authority</name>
        <lei>1R46U5SYJ63KQXF39168</lei>
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        <name>Lower Alabama Gas District (The)</name>
        <lei>549300YTI1NTDG2OVU42</lei>
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        <name>Madison County Capital Resource Corp.</name>
        <lei>N/A</lei>
        <title>Madison County Capital Resource Corp., Colgate University Refunding Project</title>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <cusip>56035DCZ3</cusip>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <name>Metropolitan Transportation Authority Dedicated Tax Fund</name>
        <lei>5493000TKYODLXADQD60</lei>
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        <name>Metropolitan Transportation Authority Dedicated Tax Fund</name>
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        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
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        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority, Series 2020C-1</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority, Series 2024A</title>
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      <invstOrSec>
        <name>Monroe County Industrial Development Corp.</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>New York Convention Center Development Corp.</name>
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        <name>New York Convention Center Development Corp.</name>
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        <name>New York Liberty Development Corp.</name>
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          <isin value="US649519DA03"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York Liberty Development Corp.</name>
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          <isin value="US649519EM32"/>
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        <name>City of New York NY</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <lei>549300ABYZD2SFD5JB29</lei>
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        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
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          <maturityDt>2031-12-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp., Series 2025A</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>New York City Health and Hospitals Corp.</name>
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        <name>New York City Industrial Development Agency</name>
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          <isin value="US64971X7C64"/>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <isin value="US64971XHJ00"/>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <isin value="US64971XKS61"/>
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          <maturityDt>2044-11-01</maturityDt>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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        <name>New York City Municipal Water Finance Authority</name>
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        <name>New York City Municipal Water Finance Authority</name>
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        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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        <invCountry>US</invCountry>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>New York City Transitional Finance Authority Building Aid Revenue</name>
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        <name>New York State Environmental Facilities Corp.</name>
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        <name>New York State Environmental Facilities Corp.</name>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 1</title>
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        <name>New York Power Authority</name>
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        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oneida County Local Development Corp.</name>
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          <isin value="US682440BM30"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Onondaga County Trust for Cultural Resources</name>
        <lei>N/A</lei>
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          <isin value="US68276FDH01"/>
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          <maturityDt>2040-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Onondaga NY</name>
        <lei>N/A</lei>
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          <isin value="US68277DHA54"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>County of Onondaga NY</name>
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        <balance>1565000.00000000</balance>
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        <valUSD>1571015.55000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Onondaga Civic Development Corp.</name>
        <lei>N/A</lei>
        <title>Onondaga Civic Development Corp., Syracuse University Project</title>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <name>Town of Oyster Bay NY</name>
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          <isin value="US692160VE17"/>
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        <balance>6000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Housing Finance Agency</name>
        <lei>549300JZVUPNWP77SP29</lei>
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        <cusip>70879QXV0</cusip>
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          <isin value="US70879QXV03"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
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        <cusip>73358W5Q3</cusip>
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          <isin value="US73358W5Q38"/>
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        <balance>1355000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <name>Kentucky Public Energy Authority</name>
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        <name>Kentucky Public Energy Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
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        <name>Saratoga County Capital Resource Corp.</name>
        <lei>N/A</lei>
        <title>Saratoga County Capital Resource Corp., WSWHE Boces Project</title>
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      <invstOrSec>
        <name>Saratoga County Capital Resource Corp.</name>
        <lei>N/A</lei>
        <title>Saratoga County Capital Resource Corp., WSWHE Boces Project</title>
        <cusip>80349LAF2</cusip>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Southeast Alabama Gas Supply District (The)</name>
        <lei>549300BL04JIB2GJZ178</lei>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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      <invstOrSec>
        <name>County of Suffolk NY</name>
        <lei>N/A</lei>
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          <isin value="US86476PWT10"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Suffolk Tobacco Asset Securitization Corp.</name>
        <lei>N/A</lei>
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        <cusip>864809BM9</cusip>
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          <isin value="US864809BM96"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2395146.83000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Suffolk Tobacco Asset Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Suffolk Tobacco Asset Securitization Corp., Series 2021B-2</title>
        <cusip>864809CD8</cusip>
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          <isin value="US864809CD88"/>
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        <curCd>USD</curCd>
        <valUSD>629208.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Suffolk Regional Off-Track Betting Corp.</name>
        <lei>N/A</lei>
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        <cusip>86480TAB0</cusip>
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          <isin value="US86480TAB08"/>
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        <curCd>USD</curCd>
        <valUSD>1016792.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. V</name>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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          <isin value="US89602HCB15"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>None</couponKind>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>TSASC, Inc.</name>
        <lei>N/A</lei>
        <title>TSASC, Inc., Series A</title>
        <cusip>898526FD5</cusip>
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          <isin value="US898526FD51"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2031666.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <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>TSASC, Inc.</name>
        <lei>N/A</lei>
        <title>TSASC, Inc., Series A</title>
        <cusip>898526FE3</cusip>
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          <isin value="US898526FE35"/>
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        <balance>2000000.00000000</balance>
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        <name>TSASC, Inc.</name>
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          <couponKind>Fixed</couponKind>
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        <name>Utility Debt Securitization Authority</name>
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          <isin value="US91802RCG20"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>Utility Debt Securitization Authority</name>
        <lei>N/A</lei>
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        <cusip>91802RCZ0</cusip>
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          <isin value="US91802RCZ01"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Town of Webster NY</name>
        <lei>N/A</lei>
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        <cusip>948407XM8</cusip>
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          <isin value="US948407XM89"/>
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        <curCd>USD</curCd>
        <valUSD>4041243.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Westchester County Local Development Corp.</name>
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        <cusip>95737TET9</cusip>
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          <isin value="US95737TET97"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1860754.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Westchester County Local Development Corp.</name>
        <lei>549300KOSU8OC75V9238</lei>
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          <isin value="US95737TFB70"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Westchester Tobacco Asset Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Series B</title>
        <cusip>957480BM7</cusip>
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          <isin value="US957480BM78"/>
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        <curCd>USD</curCd>
        <valUSD>1812197.08000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Westchester Tobacco Asset Securitization Corp.</name>
        <lei>N/A</lei>
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          <isin value="US957480BN51"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2038201.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Yonkers NY</name>
        <lei>N/A</lei>
        <title>City of Yonkers, Series 2024A</title>
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          <isin value="US9860822K08"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1091061.60000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Yonkers NY</name>
        <lei>N/A</lei>
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          <isin value="US9860822L80"/>
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        <balance>1505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1631969.33000000</valUSD>
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          <maturityDt>2042-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Yonkers NY</name>
        <lei>N/A</lei>
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          <isin value="US9860823C72"/>
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      <invstOrSec>
        <name>City of Yonkers NY</name>
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          <isin value="US9860823D55"/>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 30 Year Bond</title>
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          <other otherDesc="Inhouse Sedol" value="P45E348"/>
          <other otherDesc="Option Ticker" value="USG6C 140.0 Comdty"/>
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          <other otherDesc="Inhouse Sedol" value="P45E9D4"/>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 30 Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="P45EA71"/>
          <other otherDesc="Option Ticker" value="USG6C 135.0 Comdty"/>
        </identifiers>
        <balance>-2000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-46876.00000000</valUSD>
        <pctVal>-0.01100655308</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
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                <identifiers>
                  <ticker value="USH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100000.00000000</shareNo>
            <exercisePrice>135.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-01-23</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>109374.01000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="TYH6COM"/>
          <other otherDesc="Future Ticker" value="TYH6 Comdty"/>
        </identifiers>
        <balance>75.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>18636.31000000</valUSD>
        <pctVal>0.004375832735</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
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                  <ticker value="TYH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>8500781.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>18636.31000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Long Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="USH6COM"/>
          <other otherDesc="Future Ticker" value="USH6 Comdty"/>
        </identifiers>
        <balance>34.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>24380.04000000</valUSD>
        <pctVal>0.005724468906</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury Long Bond</issueTitle>
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                  <ticker value="USH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>3992875.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>24380.04000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Ultra Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="UXYH6CM"/>
          <other otherDesc="Future Ticker" value="UXYH6 Comdty"/>
        </identifiers>
        <balance>-25.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-11595.18000000</valUSD>
        <pctVal>-0.00272256515</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury 10 Year Ultra Note</issueTitle>
                <identifiers>
                  <ticker value="UXYH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>-2904687.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-11595.18000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="WNH6COS"/>
          <other otherDesc="Future Ticker" value="WNH6 Comdty"/>
        </identifiers>
        <balance>-13.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-11710.51000000</valUSD>
        <pctVal>-0.00274964480</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury Ultra Bond</issueTitle>
                <identifiers>
                  <ticker value="WNH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>-1572187.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-11710.51000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>








    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>JPMorgan Trust I</ncom:nameOfApplicant>
      <ncom:signature>Timothy J. Clemens</ncom:signature>
      <ncom:signerName>Timothy J. Clemens</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
