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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <valUSD>5787240.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>FHLMC Multifamily VRD Certificates</name>
        <lei>N/A</lei>
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          <isin value="US31350AEC80"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Florida Housing Finance Corp</name>
        <lei>549300W0PCIJCI0JCF10</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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      <invstOrSec>
        <name>Mid-Bay Bridge Authority</name>
        <lei>N/A</lei>
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          <isin value="US342814EC04"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-10-01</maturityDt>
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      <invstOrSec>
        <name>Fort Bend Independent School District</name>
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          <isin value="US346843WS00"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of Franklin OH</name>
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          <isin value="US353187EW30"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Grand Parkway Transportation Corp</name>
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        <name>Great Lakes Water Authority Water Supply System Revenue</name>
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        <name>Harris County Cultural Education Facilities Finance Corp</name>
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        <name>Harris County Housing Finance Corp</name>
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      <invstOrSec>
        <name>Highlands County Health Facilities Authority</name>
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          <isin value="US431022UP57"/>
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      <invstOrSec>
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        <name>Indiana Finance Authority</name>
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        <name>Inlivian</name>
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      <invstOrSec>
        <name>County of Jefferson AL Sewer Revenue</name>
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        <name>Kansas City Area Transportation Authority</name>
        <lei>N/A</lei>
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          <isin value="US484883AA14"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-01</maturityDt>
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        <name>Kansas Development Finance Authority</name>
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        <name>Kentucky Asset Liability Commission</name>
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        <name>Kentucky Economic Development Finance Authority</name>
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        <name>Kentucky State Property &amp; Building Commission</name>
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      <invstOrSec>
        <name>County of King WA Sewer Revenue</name>
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        <name>Lancaster Port Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Las Varas Public Facility Corp</name>
        <lei>N/A</lei>
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          <isin value="US51766AAP93"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lawrenceville Housing Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lee County Housing Finance Authority</name>
        <lei>N/A</lei>
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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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      <invstOrSec>
        <name>Lee County Industrial Development Authority/FL</name>
        <lei>N/A</lei>
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          <isin value="US52350LBB53"/>
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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>
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          <maturityDt>2065-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Lehigh PA</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-15</maturityDt>
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          <annualizedRt>3.77000000</annualizedRt>
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      <invstOrSec>
        <name>Liberty Hill Independent School District</name>
        <lei>N/A</lei>
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        <balance>2000000.00000000</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>
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          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Long Island Power Authority</name>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Loudoun County Economic Development Authority</name>
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        <name>Louisiana Housing Corp</name>
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        <name>Louisiana Housing Corp</name>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>Lower Colorado River Authority</name>
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        <name>Lubbock Housing Finance Corp/The</name>
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        <name>Main Street Natural Gas Inc</name>
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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>Main Street Natural Gas Inc</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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      <invstOrSec>
        <name>Maricopa County &amp; Phoenix Industrial Development Authorities</name>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <name>Massachusetts Bay Transportation Authority Sales Tax Revenue</name>
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        <name>Commonwealth of Massachusetts</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</name>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</name>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</name>
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          <maturityDt>2028-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Montgomery County Industrial Development Authority/PA</name>
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          <isin value="US61361TAB70"/>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>4.10000000</annualizedRt>
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        <name>Multnomah County School District No 40</name>
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          <maturityDt>2031-01-01</maturityDt>
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        <name>New Hampshire Business Finance Authority</name>
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          <isin value="US63608SAF92"/>
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          <maturityDt>2027-01-01</maturityDt>
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        <name>Nebraska Public Power District</name>
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        <name>Nevada Housing Division</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Power Authority</name>
        <lei>I5P1GEYFGGMMDOFX2L30</lei>
        <title>New York Power Authority</title>
        <cusip>65000XBA7</cusip>
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          <isin value="US65000XBA72"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1763895.18000000</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>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
        <cusip>657902U91</cusip>
        <identifiers>
          <isin value="US657902U917"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Municipal Power Agency No 1</name>
        <lei>549300N3Q65G1ODRFX75</lei>
        <title>North Carolina Municipal Power Agency No. 1</title>
        <cusip>6582036G4</cusip>
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          <isin value="US6582036G41"/>
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        <curCd>USD</curCd>
        <valUSD>3904698.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>North Carolina Housing Finance Agency</title>
        <cusip>65820BBA3</cusip>
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          <isin value="US65820BBA35"/>
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        <balance>1275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1386904.33000000</valUSD>
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        <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>6.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>North Carolina Housing Finance Agency</title>
        <cusip>65820BCH7</cusip>
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          <isin value="US65820BCH78"/>
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        <balance>1700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1928033.58000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
        <cusip>65821DZX2</cusip>
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          <isin value="US65821DZX29"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.85000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of North Carolina</name>
        <lei>N/A</lei>
        <title>State of North Carolina</title>
        <cusip>658268FB8</cusip>
        <identifiers>
          <isin value="US658268FB87"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5414810.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Dakota Housing Finance Agency</name>
        <lei>549300DVQAGW0B16JX70</lei>
        <title>North Dakota Housing Finance Agency</title>
        <cusip>65889BCG7</cusip>
        <identifiers>
          <isin value="US65889BCG77"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1201264.13000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Syracuse Central School District</name>
        <lei>N/A</lei>
        <title>North Syracuse Central School District</title>
        <cusip>662735PJ2</cusip>
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          <isin value="US662735PJ27"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3002811.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-31</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>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>North Texas Tollway Authority</title>
        <cusip>66285WM78</cusip>
        <identifiers>
          <isin value="US66285WM783"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2783616.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northside Independent School District</name>
        <lei>N/A</lei>
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        <cusip>66702RC26</cusip>
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          <isin value="US66702RC267"/>
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        <curCd>USD</curCd>
        <valUSD>1290145.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ohio Housing Finance Agency</name>
        <lei>549300K10X7VPG6JVX38</lei>
        <title>Ohio Housing Finance Agency</title>
        <cusip>676900XP3</cusip>
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          <isin value="US676900XP36"/>
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        <balance>1150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1158260.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Ohio Air Quality Development Authority</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>Ohio Air Quality Development Authority</title>
        <cusip>677525WA1</cusip>
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          <isin value="US677525WA11"/>
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        <balance>900000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>Ohio Air Quality Development Authority</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>Ohio Air Quality Development Authority</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
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        <name>Ohio Water Development Authority Water Pollution Control Loan Fund</name>
        <lei>N/A</lei>
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          <maturityDt>2033-06-01</maturityDt>
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        <name>Oklahoma City Public Property Authority</name>
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          <maturityDt>2031-06-01</maturityDt>
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        <name>Oklahoma Housing Finance Agency</name>
        <lei>N/A</lei>
        <title>Oklahoma Housing Finance Agency</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2056-09-01</maturityDt>
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          <annualizedRt>6.50000000</annualizedRt>
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        <name>Oklahoma Housing Finance Agency</name>
        <lei>N/A</lei>
        <title>Oklahoma Housing Finance Agency</title>
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        <name>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</name>
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      <invstOrSec>
        <name>Raleigh Housing Authority</name>
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      <invstOrSec>
        <name>Rutgers The State University of New Jersey</name>
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        <name>State Street Global Advisors</name>
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        <name>Industrial Development Authority of the City of St Louis Missouri/The</name>
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        <name>Savannah Housing Authority</name>
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        <name>South Carolina State Housing Finance &amp; Development Authority</name>
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        <name>South Carolina Public Service Authority</name>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
        <lei>549300ROY505NVTMMI25</lei>
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          <isin value="US87638QSH38"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
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          <annualizedRt>2.75000000</annualizedRt>
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          <isin value="US87638QVD86"/>
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        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
        <lei>549300ROY505NVTMMI25</lei>
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        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
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        <title>Tarrant County Cultural Education Facilities Finance Corp.</title>
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          <isin value="US87638TJU88"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2064-11-15</maturityDt>
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        <name>Tarrant Regional Water District</name>
        <lei>N/A</lei>
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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>
        <name>Tennergy Corp/TN</name>
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        <title>Tennergy Corp.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Tennessee Energy Acquisition Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Transportation Commission</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Central Texas Turnpike System</name>
        <lei>N/A</lei>
        <title>Central Texas Turnpike System</title>
        <cusip>88283KBQ0</cusip>
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          <isin value="US88283KBQ04"/>
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        <valUSD>1495334.54000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>THF Public Facility Corp</name>
        <lei>N/A</lei>
        <title>THF Public Facility Corp.</title>
        <cusip>883720AE4</cusip>
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          <isin value="US883720AE44"/>
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        <curCd>USD</curCd>
        <valUSD>1591733.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
        <lei>N/A</lei>
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        <cusip>888804CF6</cusip>
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          <isin value="US888804CF64"/>
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        <valUSD>1068375.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp</name>
        <lei>N/A</lei>
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        <cusip>888808HQ8</cusip>
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          <isin value="US888808HQ88"/>
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        <curCd>USD</curCd>
        <valUSD>499353.05000000</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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      <invstOrSec>
        <name>Travis County Housing Finance Corp</name>
        <lei>N/A</lei>
        <title>Travis County Housing Finance Corp.</title>
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          <isin value="US89438UBM99"/>
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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>2045-06-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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          <isin value="US89602HHY62"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797RF6</cusip>
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          <isin value="US912797RF64"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-09</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>United States Treasury</name>
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          <isin value="US912797TF47"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-02</maturityDt>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-23</maturityDt>
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        <name>United States Treasury</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>United States Treasury</name>
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        <name>University of Colorado</name>
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        <name>University of Massachusetts Building Authority</name>
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        <name>University of Massachusetts Building Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>University of North Texas System</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of North Texas System</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of North Texas System</name>
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          <isin value="US914729XE33"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Utah Housing Corp</name>
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          <isin value="US917437TB12"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>Virginia Public Building Authority</name>
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          <isin value="US928172K200"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Warner Robins Housing Authority Resident Council Corp</name>
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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>2029-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington Metropolitan Area Transit Authority</name>
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          <isin value="US938782FT15"/>
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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>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Washington</name>
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        <title>State of Washington</title>
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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>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Washington Health Care Facilities Authority</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Washington State Housing Finance Commission</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Western Michigan University</name>
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        <name>Westmoreland County Industrial Development Authority/PA</name>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Whiting IN</name>
        <lei>N/A</lei>
        <title>City of Whiting</title>
        <cusip>96634RAZ5</cusip>
        <identifiers>
          <isin value="US96634RAZ55"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1658064.00000000</valUSD>
        <pctVal>0.144810399099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wisconsin Housing &amp; Economic Development Authority</name>
        <lei>549300AT0SEG8YQT2K79</lei>
        <title>Wisconsin Housing &amp; Economic Development Authority</title>
        <cusip>97689RFG4</cusip>
        <identifiers>
          <isin value="US97689RFG48"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2002874.20000000</valUSD>
        <pctVal>0.174925100749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health &amp; Educational Facilities Authority</title>
        <cusip>97712JEG4</cusip>
        <identifiers>
          <isin value="US97712JEG40"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2500000.00000000</valUSD>
        <pctVal>0.218342595792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Worthington City School District</name>
        <lei>N/A</lei>
        <title>Worthington City School District</title>
        <cusip>982038TC5</cusip>
        <identifiers>
          <isin value="US982038TC59"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>447394.30000000</valUSD>
        <pctVal>0.039074093121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Yuma AZ</name>
        <lei>N/A</lei>
        <title>City of Yuma</title>
        <cusip>98851WAV5</cusip>
        <identifiers>
          <isin value="US98851WAV54"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1700000.00000000</valUSD>
        <pctVal>0.148472965138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="A negative balance, which may be due to such circumstances as a net overdraft as of the reporting period-end, is reported as $0 in Item B.2.f - Cash and cash equivalents not reported in Parts C and D. This is done in order to conform to the technical constraints of the XML type, which do not allow negative values in B.2.f." noteItem="B.2.f"/>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="The form requires the filer to report ISO country codes and certain supranational entities are not on the ISO country code list. Instruments issued by or economic exposure to a supranational entity may be disclosed as N/A." noteItem="C.5.a"/>

    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-03</ncom:dateSigned>
      <ncom:nameOfApplicant>PIMCO ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Bijal Parikh</ncom:signature>
      <ncom:signerName>Bijal Parikh</ncom:signerName>
      <ncom:title>Tresurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
