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        <name>New York State Environmental Facilities Corp.</name>
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        <name>Oklahoma Development Finance Authority</name>
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          <maturityDt>2057-08-15</maturityDt>
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        <name>Commonwealth of Pennsylvania</name>
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          <maturityDt>2041-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Trinity River Authority</name>
        <lei>N/A</lei>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board</name>
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        <name>Main Street Natural Gas, Inc.</name>
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          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Hudson Yards Infrastructure Corp.</name>
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        <name>Nebraska Public Power District</name>
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        <name>Jackson State University Educational Building Corp.</name>
        <lei>N/A</lei>
        <title>Jackson State University Educational Building Corp., Series 2021A</title>
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        <name>Indiana Housing &amp; Community Development Authority</name>
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        <name>Oklahoma Industries Authority</name>
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        <name>Cumberland County Industrial Facilities &amp; Pollution Control Financing Authority</name>
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        <cusip>230589AB9</cusip>
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        <name>Maryland State Transportation Authority</name>
        <lei>254900MKNK0MO0Z4X426</lei>
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        <cusip>574300PM5</cusip>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <invCountry>US</invCountry>
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        <name>County of Wake NC</name>
        <lei>5493007XQJHO082P1H29</lei>
        <title>County of Wake</title>
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      <invstOrSec>
        <name>City &amp; County of Broomfield CO</name>
        <lei>N/A</lei>
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          <maturityDt>2042-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Knox County Health Educational &amp; Housing Facility Board</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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          <isin value="US64972GC287"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mission Economic Development Corp.</name>
        <lei>N/A</lei>
        <title>Mission Economic Development Corp., Graphic Packaging International LLC Project</title>
        <cusip>605155BW9</cusip>
        <identifiers>
          <isin value="US605155BW91"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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      <invstOrSec>
        <name>Central Texas Turnpike System</name>
        <lei>N/A</lei>
        <title>Central Texas Turnpike System, Second Tier, Series 2024C</title>
        <cusip>88283KBZ0</cusip>
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          <isin value="US88283KBZ03"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Santa Fe NM</name>
        <lei>N/A</lei>
        <title>County of Santa Fe, Cresta Ranch Apartments, Series 2024</title>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.29000000</annualizedRt>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>USCPI</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="5773609SD"/>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>LCH Clearnet</counterpartyName>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project, Series 2024A</title>
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        <name>Round Rock Independent School District</name>
        <lei>N/A</lei>
        <title>Round Rock Independent School District, Series 2025B</title>
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          <isin value="US779240RJ17"/>
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        <name>Rhode Island Health and Educational Building Corp.</name>
        <lei>N/A</lei>
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          <isin value="US762244MD02"/>
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        <invCountry>US</invCountry>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority, Academic of Math and Science Projects</title>
        <cusip>04052BSX3</cusip>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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          <isin value="US56035DHZ87"/>
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        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>Black Belt Energy Gas District</name>
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      <invstOrSec>
        <name>Plano Independent School District</name>
        <lei>N/A</lei>
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          <maturityDt>2043-02-15</maturityDt>
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      <invstOrSec>
        <name>City of Farmington NM</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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      <invstOrSec>
        <name>Tennergy Corp./TN</name>
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          <isin value="US880397BW31"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Glendale AZ Water &amp; Sewer Revenue</name>
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        <title>City of Glendale Water and Sewer, Senior Lien</title>
        <cusip>378352SQ2</cusip>
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          <isin value="US378352SQ20"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>391669.08000000</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>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Housing Finance Agency</name>
        <lei>549300JZVUPNWP77SP29</lei>
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          <isin value="US70879QZ716"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-10-01</maturityDt>
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      <invstOrSec>
        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
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          <isin value="US88285AFT07"/>
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          <maturityDt>2042-10-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Commonwealth Financing Authority</name>
        <lei>N/A</lei>
        <title>Commonwealth Financing Authority, Tobacco Master Settlement Payment</title>
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          <isin value="US20282EAK29"/>
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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>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority, Academic of Math and Science Projects</title>
        <cusip>04052BSY1</cusip>
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          <isin value="US04052BSY10"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Idaho Health Facilities Authority</name>
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        <name>County of Harnett NC</name>
        <lei>N/A</lei>
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        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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          <maturityDt>2046-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Fort Bend TX Toll Road Revenue</name>
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        <title>County of Fort Bend Toll Road, Senior Lien</title>
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          <isin value="US346817FR53"/>
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          <maturityDt>2046-03-01</maturityDt>
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        <name>County of Wake NC</name>
        <lei>5493007XQJHO082P1H29</lei>
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          <maturityDt>2039-05-01</maturityDt>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
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        <name>Ohio Air Quality Development Authority</name>
        <lei>549300DZUU80AYOR6M80</lei>
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        <name>Central Texas Turnpike System</name>
        <lei>N/A</lei>
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        <lei>N/A</lei>
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        <name>California Health Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>Cook County Community Consolidated School District No. 15 Palatine</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Washington Metropolitan Area Transit Authority Dedicated Revenue</name>
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      <invstOrSec>
        <name>Douglas County School District/GA</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Territory of Guam</name>
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        <name>San Joaquin Valley Clean Energy Authority</name>
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        <name>Montgomery County Industrial Development Authority</name>
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          <isin value="US61361TAA97"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Delaware River Port Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York City Housing Development Corp.</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Delaware Valley Regional Finance Authority</name>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New Hampshire Business Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-01-20</maturityDt>
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        <name>Public Finance Authority</name>
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        <title>Public Finance Authority, Astro Texas Land Projects</title>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>Gainesville &amp; Hall County Hospital Authority</name>
        <lei>N/A</lei>
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          <isin value="US362762QZ29"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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          <isin value="US6582076L45"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Build NYC Resource Corp.</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project</title>
        <cusip>12008ETS5</cusip>
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          <isin value="US12008ETS53"/>
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        <curCd>USD</curCd>
        <valUSD>227160.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority, CommonSpirit Health, Series 2025A</title>
        <cusip>19648FB60</cusip>
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          <isin value="US19648FB606"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1698493.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>544532PW8</cusip>
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          <isin value="US544532PW82"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1034547.10000000</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>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Hope Cultural Education Facilities Finance Corp.</name>
        <lei>N/A</lei>
        <title>New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Project, Series 2025</title>
        <cusip>64542UHW7</cusip>
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          <isin value="US64542UHW71"/>
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        <curCd>USD</curCd>
        <valUSD>1105017.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Wisconsin Housing and Economic Development Authority, Home Ownership</name>
        <lei>N/A</lei>
        <title>Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024C</title>
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          <isin value="US97689QWD41"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
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        <cusip>84136FBL0</cusip>
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          <isin value="US84136FBL04"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000080</annualizedRt>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Personal Income Tax, General Purpose, Series 2017A</title>
        <cusip>64990FP99</cusip>
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          <isin value="US64990FP994"/>
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        <valUSD>1009336.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Clean Energy Project, Series 2025E</title>
        <cusip>13013JHG4</cusip>
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          <isin value="US13013JHG40"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, School Districts Financing Program, Series 2025A</title>
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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>City of Murfreesboro TN</name>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Virginia Public Building Authority</name>
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          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Oklahoma Development Finance Authority</name>
        <lei>549300PXGPHUWC32DJ91</lei>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>State of Kansas Department of Transportation</name>
        <lei>5493001635XK841MIO47</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Wisconsin</name>
        <lei>549300VTAT608CNZ5827</lei>
        <title>State of Wisconsin, Series 2021A</title>
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          <isin value="US97705MVD46"/>
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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>2036-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series 2018A</title>
        <cusip>888808HK1</cusip>
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          <isin value="US888808HK19"/>
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        <name>New York Transportation Development Corp.</name>
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        <name>TSASC, Inc.</name>
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        <name>Port Authority of New York &amp; New Jersey</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Camden County Improvement Authority (The)</name>
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        <name>City of New York NY</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>State of Illinois</name>
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        <name>Baldwin County Industrial Development Authority</name>
        <lei>N/A</lei>
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        <name>State of Oregon Department of Transportation</name>
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        <name>Greater Clark County School Building Corp.</name>
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        <name>Oklahoma Housing Finance Agency</name>
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        <name>City of Houston TX Airport System Revenue</name>
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        <name>City &amp; County of Broomfield CO Sewer Revenue</name>
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        <name>City of Chicago IL Waterworks Revenue</name>
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        <name>Ohio Water Development Authority Water Pollution Control Loan Fund</name>
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          <isin value="US67766WQ212"/>
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        <name>State of North Carolina</name>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Children's Trust Fund</name>
        <lei>N/A</lei>
        <title>Children's Trust Fund, Tobacco Settlement Asset-Backed, Series 2005A</title>
        <cusip>16876QBJ7</cusip>
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          <isin value="US16876QBJ76"/>
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        <curCd>USD</curCd>
        <valUSD>921991.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City &amp; County of Broomfield CO Water Revenue</name>
        <lei>N/A</lei>
        <title>City and County of Broomfield Water Activity Enterprise</title>
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          <isin value="US11477KDS24"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>629119.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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          <isin value="US64972FWL65"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.19999880</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Transit Authority Sales Tax Receipts Fund</name>
        <lei>N/A</lei>
        <title>Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A</title>
        <cusip>16772PEP7</cusip>
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          <isin value="US16772PEP71"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1801448.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Iowa Tobacco Settlement Authority</name>
        <lei>N/A</lei>
        <title>Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2</title>
        <cusip>888805CJ5</cusip>
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          <isin value="US888805CJ51"/>
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        <balance>8910000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1267585.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group, Series 2024U-1</title>
        <cusip>57584Y8H5</cusip>
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          <isin value="US57584Y8H58"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10000000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.19999880</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Third Creek Metropolitan District No. 1</name>
        <lei>N/A</lei>
        <title>Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1</title>
        <cusip>88423EAA1</cusip>
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          <isin value="US88423EAA10"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>752094.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>McKinney Independent School District</name>
        <lei>N/A</lei>
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          <isin value="US581664LH04"/>
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        <balance>2650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2959381.67000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dallas Independent School District</name>
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        <title>Dallas Independent School District, Unlimited Tax, Series 2026A</title>
        <cusip>235308X24</cusip>
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        <balance>1105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1098230.22000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Housing Finance Agency</name>
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        <balance>980000.00000000</balance>
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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>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <title>Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024A</title>
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        <balance>2960000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Valparaiso IN</name>
        <lei>N/A</lei>
        <title>City of Valparaiso, Green Oaks of Valparaiso Project</title>
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          <isin value="US920286AA93"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>185894.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <name>City of Atlanta GA Department of Aviation</name>
        <lei>N/A</lei>
        <title>City of Atlanta Department of Aviation, Series 2025BB-1</title>
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          <isin value="US04780M2X65"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Kentucky State Property &amp; Building Commission</name>
        <lei>N/A</lei>
        <title>Kentucky State Property and Building Commission, Project No. 132, Series A</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
        <title>Oregon State Facilities Authority, Peacehealth, Series 2018A</title>
        <cusip>68608JXD8</cusip>
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          <isin value="US68608JXD89"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
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        <name>City of Gainesville GA Water &amp; Sewerage Revenue</name>
        <lei>N/A</lei>
        <title>City of Gainesville Water and Sewerage</title>
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        <balance>1250000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Metropolitan Nashville Airport Authority (The)</name>
        <lei>549300IC0HNF8TDXEE63</lei>
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          <isin value="US592190QT21"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1675654.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
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        <name>Roswell Development Authority</name>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="USH6COM"/>
          <other otherDesc="Future Ticker" value="USH6 Comdty"/>
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        <curCd>USD</curCd>
        <valUSD>-200984.88000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CME Clearing House</counterpartyName>
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                  <ticker value="USH6 Comdty"/>
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      <invstOrSec>
        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>State of Washington, Series 2026A</title>
        <cusip>93974FBQ5</cusip>
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          <isin value="US93974FBQ54"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2342901.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Utah Housing Corp.</name>
        <lei>549300YXWQEI0S47WI02</lei>
        <title>Utah Housing Corp., Single Family Mortgage, Series 2025A</title>
        <cusip>917437RU1</cusip>
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          <isin value="US917437RU11"/>
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        <balance>980000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1102138.97000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&amp;D Redevelopment Project, Series 2018</title>
        <cusip>650116CK0</cusip>
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          <isin value="US650116CK07"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1035317.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
        <lei>N/A</lei>
        <title>Los Angeles Department of Water and Power, Water System, Series 2017A</title>
        <cusip>544525WL8</cusip>
        <identifiers>
          <isin value="US544525WL85"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>462372.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Michigan State Hospital Finance Authority</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>Michigan State Hospital Finance Authority, Corewell Health, Series 2025B-2</title>
        <cusip>59465HXF8</cusip>
        <identifiers>
          <isin value="US59465HXF80"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1145959.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority, Southern California Edison Co., Series 2006C</title>
        <cusip>13078HBB7</cusip>
        <identifiers>
          <isin value="US13078HBB78"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1166260.37000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A</title>
        <cusip>45471FAE1</cusip>
        <identifiers>
          <isin value="US45471FAE16"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>433946.34000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Caney Independent School District</name>
        <lei>N/A</lei>
        <title>New Caney Independent School District, Unlimited Tax</title>
        <cusip>643154LA3</cusip>
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          <isin value="US643154LA30"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>909167.70000000</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>2054-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lower Colorado River Authority</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2019A</title>
        <cusip>54811BTL5</cusip>
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          <isin value="US54811BTL52"/>
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        <balance>1050000.00000000</balance>
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        <valUSD>1135408.68000000</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>2029-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Illinois Housing Development Authority</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>Illinois Housing Development Authority, Series 2024A</title>
        <cusip>45203MWL1</cusip>
        <identifiers>
          <isin value="US45203MWL17"/>
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        <balance>890000.00000000</balance>
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        <valUSD>970174.14000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of South Miami Health Facilities Authority, Inc.</name>
        <lei>N/A</lei>
        <title>City of South Miami Health Facilities Authority, Inc., Baptist Health South, Series 2025B</title>
        <cusip>838810EM7</cusip>
        <identifiers>
          <isin value="US838810EM78"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2153062.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission, Series 2016A-3</title>
        <cusip>7092244G1</cusip>
        <identifiers>
          <isin value="US7092244G14"/>
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        <balance>1445000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1476066.34000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bond</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="WNH6COS"/>
          <other otherDesc="Future Ticker" value="WNH6 Comdty"/>
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              <counterpartyName>CME Clearing House</counterpartyName>
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        <name>Virginia Public School Authority</name>
        <lei>N/A</lei>
        <title>Virginia Public School Authority, Prince William County</title>
        <cusip>92817TNX0</cusip>
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          <isin value="US92817TNX09"/>
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        <balance>5525000.00000000</balance>
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        <invCountry>US</invCountry>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Pinal County Electric District No. 3</name>
        <lei>N/A</lei>
        <title>Pinal County Electric District No. 3</title>
        <cusip>722021CE0</cusip>
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          <isin value="US722021CE06"/>
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        <name>Hurst-Euless-Bedford Independent School District</name>
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        <name>Onondaga Civic Development Corp.</name>
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        <name>Commonwealth of Massachusetts</name>
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        <name>Dallas Fort Worth International Airport</name>
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        <name>N/A</name>
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        <name>Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado</name>
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        <name>Dominion Water &amp; Sanitation District</name>
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        <name>Pennsylvania Higher Educational Facilities Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Tobacco Settlement Financing Corp.</name>
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        <name>Pearland Independent School District</name>
        <lei>549300UU8ZB6DL6OXQ09</lei>
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          <isin value="US7048798J70"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A</title>
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          <isin value="US546399UN42"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Los Angeles Department of Water &amp; Power</name>
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          <isin value="US544532LY84"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. V</name>
        <lei>254900XZ4J30QIJO9G03</lei>
        <title>Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply, Series 2024</title>
        <cusip>88256RAK2</cusip>
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          <isin value="US88256RAK23"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2163917.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Minnesota Municipal Gas Agency</name>
        <lei>549300SISI6N1C6S3136</lei>
        <title>Minnesota Municipal Gas Agency, Series Subseries,2022A</title>
        <cusip>60406UAL1</cusip>
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          <isin value="US60406UAL17"/>
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        <balance>1435000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ohio Air Quality Development Authority</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series 2026A</title>
        <cusip>677525XC6</cusip>
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          <isin value="US677525XC67"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1502923.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tennessee Energy Acquisition Corp.</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>Tennessee Energy Acquisition Corp., Gas Project, Series 2026A</title>
        <cusip>880443JQ0</cusip>
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          <isin value="US880443JQ01"/>
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        <balance>1500000.00000000</balance>
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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>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series 2018A</title>
        <cusip>888808HQ8</cusip>
        <identifiers>
          <isin value="US888808HQ88"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>984124.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Austin TX</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>City of Austin</title>
        <cusip>0523973T1</cusip>
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          <isin value="US0523973T17"/>
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        <balance>2200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2462162.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 58-A</title>
        <cusip>65820BCH7</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Mansfield Independent School District</name>
        <lei>N/A</lei>
        <title>Mansfield Independent School District, Unlimited Tax, Series 2024</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="YB074F8"/>
          <other otherDesc="Option Ticker" value="USK6C 131.0 Comdty"/>
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        <valUSD>-126562.50000000</valUSD>
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              <counterpartyName>CME Clearing House</counterpartyName>
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        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
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          <isin value="US23503CFL63"/>
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        <name>Commonwealth Financing Authority</name>
        <lei>N/A</lei>
        <title>Commonwealth Financing Authority, Tobacco Master Settlement Payment</title>
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          <isin value="US20282EAG17"/>
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        <balance>380000.00000000</balance>
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        <name>City of Mesa AZ Utility System Revenue</name>
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        <balance>1500000.00000000</balance>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Lower Colorado River Authority</name>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A</title>
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          <isin value="US65820YTT37"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>City of Killeen TX</name>
        <lei>N/A</lei>
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        <name>New York State Environmental Facilities Corp.</name>
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      <invstOrSec>
        <name>State of Connecticut Special Tax Revenue</name>
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          <isin value="US207758M832"/>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Durham NC</name>
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          <isin value="US266713AC01"/>
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          <maturityDt>2026-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
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          <maturityDt>2049-07-01</maturityDt>
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        <name>Loving Municipal School District No. 10</name>
        <lei>N/A</lei>
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        <name>City of New York NY</name>
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        <name>City of Wichita Water and Sewer Utility Revenue</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>Wisconsin Housing &amp; Economic Development Authority Home Ownership Revenue</name>
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        <name>Michigan Strategic Fund</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Oklahoma Capitol Improvement Authority</name>
        <lei>549300LYHYBINTZ5AY71</lei>
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        <name>Florida Development Finance Corp.</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Commonwealth of Massachusetts</name>
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          <maturityDt>2030-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York Transportation Development Corp.</name>
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          <maturityDt>2054-12-31</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Boulder Valley School District No. Re-2 Boulder</name>
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          <maturityDt>2046-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <name>Illinois Finance Authority</name>
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          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15000110</annualizedRt>
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        <name>New York Power Authority</name>
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          <maturityDt>2045-11-15</maturityDt>
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        <name>County of Allen OH Hospital Facilities Revenue</name>
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        <name>State of Washington</name>
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          <maturityDt>2036-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>California Community Choice Financing Authority</name>
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        <name>Selma Industrial Development Board</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <name>Commonwealth Financing Authority</name>
        <lei>N/A</lei>
        <title>Commonwealth Financing Authority, Tobacco Master Settlement Payment</title>
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        <name>Salt River Project Agricultural Improvement &amp; Power District</name>
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        <name>State of Connecticut Special Tax Revenue</name>
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      <invstOrSec>
        <name>Mobile County Industrial Development Authority</name>
        <lei>N/A</lei>
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        <name>New York City Transitional Finance Authority Building Aid Revenue</name>
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        <name>Maricopa County Unified School District No. 60 Higley</name>
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        <name>Palm Beach County School District</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Metropolitan Nashville Airport Authority (The)</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>City of Chicago IL</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>Loving Municipal School District No. 10</name>
        <lei>N/A</lei>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>New York State Dormitory Authority</name>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>University of Wisconsin Hospitals &amp; Clinics</name>
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        <name>Pennsylvania Turnpike Commission</name>
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        <name>Hillsborough County Housing Finance Authority</name>
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        <title>Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments, Series 2025A</title>
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        <name>FHLMC Multifamily VRD Certificates</name>
        <lei>N/A</lei>
        <title>FHLMC Multifamily VRD Certificates</title>
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        <name>Commonwealth of Pennsylvania</name>
        <lei>N/A</lei>
        <title>Commonwealth of Pennsylvania, Series 2024-1</title>
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      <invstOrSec>
        <name>State of Maryland Department of Transportation</name>
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      <invstOrSec>
        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Westchester County Local Development Corp.</name>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US888808HM74"/>
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          <maturityDt>2036-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Central Texas Turnpike System</name>
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          <maturityDt>2033-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Municipal Electric Authority of Georgia</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Rutherford County Health &amp; Educational Facilities Board</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-15</maturityDt>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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        <name>King County School District No. 403 Renton</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JEA Electric System Revenue</name>
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        <name>Kentucky Public Energy Authority</name>
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        <name>Florida Local Government Finance Commission</name>
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        <name>Texas Water Development Board</name>
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        <name>Maine Health &amp; Higher Educational Facilities Authority</name>
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        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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        <name>JPMorgan Institutional Tax Free Money Market Fund</name>
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        <name>Long Island Power Authority</name>
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        <name>Chicago Midway International Airport</name>
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        <name>County of Harris TX Toll Road Revenue</name>
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        <name>City of Houston TX Airport System Revenue</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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      <invstOrSec>
        <name>City of Phoenix Civic Improvement Corp.</name>
        <lei>N/A</lei>
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        <cusip>71884AQ93</cusip>
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          <isin value="US71884AQ932"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Government of Nashville &amp; Davidson County TN Electric Revenue</name>
        <lei>N/A</lei>
        <title>Metropolitan Government of Nashville and Davidson County, Electric System, Series 2024A</title>
        <cusip>592030R44</cusip>
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          <isin value="US592030R440"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>North Dakota Building Authority</name>
        <lei>N/A</lei>
        <title>North Dakota Building Authority, Series 2020A</title>
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          <isin value="US658905EV26"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Salt Verde Financial Corp.</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>Salt Verde Financial Corp., Series 2007-1</title>
        <cusip>79575EAR9</cusip>
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          <isin value="US79575EAR99"/>
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        <balance>5670000.00000000</balance>
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        <valUSD>6228000.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Maryland Stadium Authority</name>
        <lei>549300VA283TTQRDNF71</lei>
        <title>Maryland Stadium Authority, Built to Learn</title>
        <cusip>574294CV4</cusip>
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          <isin value="US574294CV42"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1028835.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A</title>
        <cusip>19648FZA5</cusip>
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          <isin value="US19648FZA55"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Rome Building Authority</name>
        <lei>N/A</lei>
        <title>Rome Building Authority, Rome City School Project</title>
        <cusip>776000AT8</cusip>
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          <isin value="US776000AT85"/>
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        <balance>1375000.00000000</balance>
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        <valUSD>1548100.81000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 2-B</title>
        <cusip>64985SBY8</cusip>
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          <isin value="US64985SBY81"/>
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        <curCd>USD</curCd>
        <valUSD>1109458.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Houston TX Airport System Revenue</name>
        <lei>N/A</lei>
        <title>City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2020B-2</title>
        <cusip>442349DH6</cusip>
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          <isin value="US442349DH69"/>
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        <curCd>USD</curCd>
        <valUSD>1017622.50000000</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>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Oklahoma Water Resources Board</name>
        <lei>5493007CUNXW5UX11C71</lei>
        <title>Oklahoma Water Resources Board, State Loan Program, Series 2023C</title>
        <cusip>67920Q3A4</cusip>
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          <isin value="US67920Q3A43"/>
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        <balance>810000.00000000</balance>
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        <valUSD>918958.77000000</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>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>Main Street Natural Gas, Inc., Gas Supply, Series 2025B</title>
        <cusip>56035DKH4</cusip>
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          <isin value="US56035DKH43"/>
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        <balance>1000000.00000000</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>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Wake NC</name>
        <lei>5493007XQJHO082P1H29</lei>
        <title>County of Wake, Series 2025A</title>
        <cusip>930876JG3</cusip>
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          <isin value="US930876JG36"/>
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        <balance>1000000.00000000</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>2038-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia, Georgetown University Issue, Series 2025A</title>
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          <isin value="US25484JDJ60"/>
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        <invCountry>US</invCountry>
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        <name>Multnomah &amp; Clackamas Counties School District No. 10JT Gresham-Barlow</name>
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        <title>Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B</title>
        <cusip>625482GF5</cusip>
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          <isin value="US625482GF57"/>
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          <maturityDt>2035-06-15</maturityDt>
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        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A</title>
        <cusip>63607YCW8</cusip>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>State of Oregon Department of Transportation</name>
        <lei>N/A</lei>
        <title>State of Oregon Department of Transportation, Subordinate Lien, Series 2026A</title>
        <cusip>68607DXR1</cusip>
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          <isin value="US68607DXR15"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Taylor Independent School District/TX</name>
        <lei>N/A</lei>
        <title>Taylor Independent School District</title>
        <cusip>877299NV5</cusip>
        <identifiers>
          <isin value="US877299NV58"/>
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        <balance>1150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1151159.09000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kansas City Industrial Development Authority</name>
        <lei>549300QWDXL46XQC8110</lei>
        <title>Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024A-1</title>
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        <name>Development Authority of Burke County (The)</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>City of Detroit MI</name>
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        <name>Virginia Public School Authority</name>
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        <name>Illinois Housing Development Authority</name>
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        <name>American Municipal Power, Inc.</name>
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        <name>County of Miami-Dade FL Water &amp; Sewer System Revenue</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Northern Tobacco Securitization Corp.</name>
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        <name>State of Washington</name>
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        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
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        <name>North Texas Municipal Water District Water System Revenue</name>
        <lei>N/A</lei>
        <title>North Texas Municipal Water District Water System</title>
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        <name>Medical University Hospital Authority</name>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US13054WBB28"/>
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        <name>California Statewide Communities Development Authority</name>
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        <name>State of Louisiana Gasoline &amp; Fuels Tax Revenue</name>
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          <isin value="US546475WX86"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York Convention Center Development Corp.</name>
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          <isin value="US649451GX37"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ohio Water Development Authority Water Pollution Control Loan Fund</name>
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        <title>Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2023B</title>
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          <isin value="US67766WJ522"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Hillsborough County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E</title>
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          <isin value="US43233KAX28"/>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-15</maturityDt>
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          <annualizedRt>3.19999880</annualizedRt>
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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="YB07206"/>
          <other otherDesc="Option Ticker" value="USK6C 128.0 Comdty"/>
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              <counterpartyName>CME Clearing House</counterpartyName>
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      <invstOrSec>
        <name>County of Jefferson AL Sewer Revenue</name>
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        <title>County of Jefferson sewer</title>
        <cusip>472682ZM8</cusip>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Peace River Manasota Regional Water Supply Authority</name>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <name>Missouri State Environmental Improvement &amp; Energy Resources Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Virginia Port Authority</name>
        <lei>N/A</lei>
        <title>Virginia Port Authority</title>
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          <isin value="US928077KW59"/>
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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>5.00000000</annualizedRt>
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        <name>County of Boone KY</name>
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        <cusip>098792AQ7</cusip>
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          <isin value="US098792AQ71"/>
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          <maturityDt>2027-08-01</maturityDt>
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          <annualizedRt>3.70000000</annualizedRt>
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        <name>Fort Wayne Redevelopment Authority</name>
        <lei>N/A</lei>
        <title>Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project</title>
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          <isin value="US349288EW69"/>
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        <name>Crowley Independent School District</name>
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        <title>Crandall Independent School District, Unlimited Tax</title>
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          <isin value="US228130KH25"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2053-02-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Municipal Wholesale Electric Co.</name>
        <lei>549300CFLHW0OYBX9C89</lei>
        <title>Massachusetts Municipal Wholesale Electric Co., Project 2015A, Series 2021A</title>
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          <isin value="US575766AR12"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Massachusetts Water Resources Authority</name>
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          <isin value="US576051PN03"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>County of Montgomery OH</name>
        <lei>N/A</lei>
        <title>County of Montgomery, Ohio Health care Facilities Solvita Project</title>
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          <isin value="US613518DH94"/>
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        <valUSD>1276308.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Northern Tobacco Securitization Corp.</name>
        <lei>N/A</lei>
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        <cusip>66585VCA1</cusip>
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          <isin value="US66585VCA17"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
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          <isin value="US59261AG500"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1020501.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lewisville Independent School District</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US52882PHS02"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2558769.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth Financing Authority</name>
        <lei>N/A</lei>
        <title>Commonwealth Financing Authority, Tobacco Master Settlement Payment</title>
        <cusip>20282EAH9</cusip>
        <identifiers>
          <isin value="US20282EAH99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517518.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A</title>
        <cusip>939783C95</cusip>
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          <isin value="US939783C950"/>
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        <balance>1415000.00000000</balance>
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        <valUSD>1415184.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <debtSec>
          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lower Alabama Gas District (The)</name>
        <lei>549300YTI1NTDG2OVU42</lei>
        <title>Lower Alabama Gas District (The), Gas Project, Series 2025A</title>
        <cusip>547804AQ7</cusip>
        <identifiers>
          <isin value="US547804AQ73"/>
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        <balance>2250000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Build NYC Resource Corp.</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project</title>
        <cusip>12008ETN6</cusip>
        <identifiers>
          <isin value="US12008ETN66"/>
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        <balance>510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>546786.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Clark NV</name>
        <lei>549300LDD8NZB2EOVG83</lei>
        <title>County of Clark, Nevada Improvement District No. 158</title>
        <cusip>181003PE8</cusip>
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          <isin value="US181003PE85"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10346.98000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
        <lei>N/A</lei>
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        <cusip>592643CR9</cusip>
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          <isin value="US592643CR97"/>
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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>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Killeen TX</name>
        <lei>N/A</lei>
        <title>City of Killeen, Combination Tax</title>
        <cusip>494135DQ6</cusip>
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          <isin value="US494135DQ67"/>
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        <balance>2555000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
        <title>Texas Water Development Board, State Water Implementation Fund, Series 2018B</title>
        <cusip>882854N65</cusip>
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          <isin value="US882854N656"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Houston TX Combined Utility System Revenue</name>
        <lei>N/A</lei>
        <title>City of Houston, Combined Utility System, Junior Lien, Series 2002A</title>
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          <isin value="US4424362G59"/>
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        <assetCat>DBT</assetCat>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>JEA Electric System Revenue</name>
        <lei>N/A</lei>
        <title>JEA Electric System, Series 2020A-3</title>
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          <isin value="US46613SQK95"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025B</title>
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          <isin value="US13034A7E44"/>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>12.00000000</annualizedRt>
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      <invstOrSec>
        <name>Philadelphia Gas Works Co.</name>
        <lei>549300H8UJ7V5WU5IA90</lei>
        <title>Philadelphia Gas Works Co., 1998 General Ordinance, Series 17B</title>
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          <isin value="US71783MDG78"/>
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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>2026-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2021E</title>
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          <isin value="US64990FL449"/>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Parish of St. John the Baptist LA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Pflugerville TX</name>
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        <name>City of New York NY</name>
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        <name>Oklahoma Water Resources Board</name>
        <lei>5493007CUNXW5UX11C71</lei>
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      <invstOrSec>
        <name>Jefferson County Port Authority</name>
        <lei>N/A</lei>
        <title>Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023</title>
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          <isin value="US473318AB94"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <valUSD>638535.14000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-06-01</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>
    </invstOrSecs>
    <explntrNotes>








    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-02</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>
