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        <debtSec>
          <maturityDt>2059-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority, Industrial Development , Hybar Steel Project, Series 2023B</title>
        <cusip>04108WCF7</cusip>
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          <isin value="US04108WCF77"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1087173.20000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37499960</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc.</title>
        <cusip>041807PU6</cusip>
        <identifiers>
          <isin value="US041807PU63"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1033734.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Baldwin County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Baldwin County Industrial Development Authority, Novelis Corp., Project, Series 2025A</title>
        <cusip>05786PAA1</cusip>
        <identifiers>
          <isin value="US05786PAA12"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1308361.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Gas Project, Series 2021A</title>
        <cusip>09182NBR0</cusip>
        <identifiers>
          <isin value="US09182NBR08"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3131184.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Gas Project, Series 2023D-1</title>
        <cusip>09182TCR6</cusip>
        <identifiers>
          <isin value="US09182TCR68"/>
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        <balance>2030000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2175491.52000000</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>2049-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Gas Project, Series 2024D</title>
        <cusip>09182TEN3</cusip>
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          <isin value="US09182TEN37"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2206262.80000000</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>2055-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Gas Project, Series 2025E</title>
        <cusip>09182TGC5</cusip>
        <identifiers>
          <isin value="US09182TGC53"/>
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        <balance>1015000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1119494.35000000</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>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Gas Supply, Series 2026B</title>
        <cusip>09182THB6</cusip>
        <identifiers>
          <isin value="US09182THB61"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552114.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Gas Project, Series 2026E</title>
        <cusip>09182THJ9</cusip>
        <identifiers>
          <isin value="US09182THJ97"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1084209.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bradburn Metropolitan District No. 2</name>
        <lei>N/A</lei>
        <title>Bradburn Metropolitan District No. 2, Limited Tax, Series 2018A</title>
        <cusip>103844AD8</cusip>
        <identifiers>
          <isin value="US103844AD80"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>506477.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bradburn Metropolitan District No. 2</name>
        <lei>N/A</lei>
        <title>Bradburn Metropolitan District No. 2, Limited Tax, Series 2018B</title>
        <cusip>103844AF3</cusip>
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          <isin value="US103844AF39"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500839.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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      <invstOrSec>
        <name>Brookhaven Development Authority</name>
        <lei>N/A</lei>
        <title>Brookhaven Development Authority, Children's Healthcare of Atlan, Series 2019A</title>
        <cusip>113073AY6</cusip>
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          <isin value="US113073AY60"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>937520.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1</title>
        <cusip>118217CU0</cusip>
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          <isin value="US118217CU01"/>
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        <balance>1155000.00000000</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>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2</title>
        <cusip>118217CZ9</cusip>
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          <isin value="US118217CZ97"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2055-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2</title>
        <cusip>118217DA3</cusip>
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          <isin value="US118217DA38"/>
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        <balance>10000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-06-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Buffalo &amp; Fort Erie Public Bridge Authority</name>
        <lei>N/A</lei>
        <title>Buffalo and Fort Erie Public Bridge Authority, Series 2017</title>
        <cusip>119427BV3</cusip>
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          <isin value="US119427BV39"/>
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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>2047-01-01</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., The Young Men's and Women's Hebrew Association Project, Series 2024</title>
        <cusip>12008EVX1</cusip>
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          <isin value="US12008EVX11"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2088233.40000000</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>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Build NYC Resource Corp.</name>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JHM18"/>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <maturityDt>2041-07-20</maturityDt>
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        <name>California School Facilities Financing Authority</name>
        <lei>N/A</lei>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Capital Projects Finance Authority/FL</name>
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        <name>County of Carroll KY</name>
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        <name>Central Plains Energy Project</name>
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        <name>City of Chicago IL</name>
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        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
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        <name>Chicago Transit Authority Sales Tax Receipts Fund</name>
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        <name>City of Chicago IL Waterworks Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Children's Trust Fund</name>
        <lei>N/A</lei>
        <title>Children's Trust Fund, Tobacco Settlement Asset-Backed, Series 2005A</title>
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          <isin value="US16876QBJ76"/>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-15</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Cobb-Marietta Coliseum &amp; Exhibit Hall Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Colorado Health Facilities Authority</name>
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          <isin value="US19648FA871"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-15</maturityDt>
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        <name>Colorado Housing and Finance Authority</name>
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          <isin value="US19648GAV41"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Columbia County Hospital Authority/GA</name>
        <lei>N/A</lei>
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          <isin value="US197479AB45"/>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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          <isin value="US20775DN810"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
        <lei>N/A</lei>
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          <isin value="US249182LN45"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Denver Health &amp; Hospital Authority</name>
        <lei>549300WFV5S7GIR4OS67</lei>
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          <isin value="US24918EEP16"/>
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        <valUSD>1077243.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>City of Detroit MI</name>
        <lei>549300BQRJP7MKKHOY28</lei>
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          <isin value="US2510934Q05"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>State of Nevada Department of Business &amp; Industry</name>
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        <name>District of Columbia</name>
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        <name>Dominion Water &amp; Sanitation District</name>
        <lei>N/A</lei>
        <title>Dominion Water and Sanitation District</title>
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        <name>City of Farmington NM</name>
        <lei>5493000GWMTI2L4AZA61</lei>
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        <name>FHLMC Multifamily VRD Certificates</name>
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        <title>FHLMC Multifamily VRD Certificates, Series ML-3</title>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Brightline Florida Passenger Rail Project</title>
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        <balance>500000.00000000</balance>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Brightline Florida Passenger Rail Project</title>
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        <invCountry>US</invCountry>
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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>George L Smith II Congress Center Authority</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <lei>N/A</lei>
        <title>Maricopa County Industrial Development Authority, Ottawa University</title>
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        <name>Michigan Finance Authority</name>
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        <name>Michigan Strategic Fund</name>
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        <title>Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project</title>
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        <title>Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation, Series 2024-2</title>
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        <name>Mississippi Business Finance Corp.</name>
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        <name>Missouri State Environmental Improvement &amp; Energy Resources Authority</name>
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        <name>Mobile County Industrial Development Authority</name>
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        <name>County of Montgomery OH</name>
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        <title>County of Montgomery, Ohio Health care Facilities Solvita Project, Series 2024</title>
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        <name>Montgomery County Higher Education and Health Authority</name>
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        <name>Montgomery County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A</title>
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        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
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          <couponKind>Variable</couponKind>
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        <lei>N/A</lei>
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        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority, Tamarron Project, Series 2024</title>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
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        <lei>5493006JS6QWDVU4R678</lei>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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          <couponKind>Fixed</couponKind>
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        <name>New York Counties Tobacco Trust VI</name>
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        <cusip>64945JAF9</cusip>
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        <name>City of New York NY</name>
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        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
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        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <maturityDt>2048-05-01</maturityDt>
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        <name>New York State Energy Research &amp; Development Authority</name>
        <lei>N/A</lei>
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        <cusip>649845JD7</cusip>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <annualizedRt>3.80000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Mount Sinai Obligated Group</title>
        <cusip>64985SMS9</cusip>
        <identifiers>
          <isin value="US64985SMS94"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2016047.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <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., Laguardia Airport Terminal Redevelopment Project, Series 2016A</title>
        <cusip>650116AV8</cusip>
        <identifiers>
          <isin value="US650116AV89"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000704.60000000</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>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <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</title>
        <cusip>650116CN4</cusip>
        <identifiers>
          <isin value="US650116CN46"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>387069.26000000</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>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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</title>
        <cusip>650116DA1</cusip>
        <identifiers>
          <isin value="US650116DA16"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1445621.25000000</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>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <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 2023</title>
        <cusip>650116GN0</cusip>
        <identifiers>
          <isin value="US650116GN00"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1115899.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A</title>
        <cusip>65820YTT3</cusip>
        <identifiers>
          <isin value="US65820YTT37"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1012639.10000000</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>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, The United Methodist Retirement Homes Project, Series 2025A</title>
        <cusip>65820YVE3</cusip>
        <identifiers>
          <isin value="US65820YVE30"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1025241.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien</title>
        <cusip>65830RCQ0</cusip>
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          <isin value="US65830RCQ02"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1018366.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</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, Home Mortgage Finance Program, Series 2024C</title>
        <cusip>6589098F6</cusip>
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          <isin value="US6589098F67"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1099044.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <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>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>North Texas Tollway Authority, First Tier, Series A</title>
        <cusip>66285WWC6</cusip>
        <identifiers>
          <isin value="US66285WWC62"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002346.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northern Tobacco Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2</title>
        <cusip>66585VCB9</cusip>
        <identifiers>
          <isin value="US66585VCB99"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>397266.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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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 2026B</title>
        <cusip>677525XD4</cusip>
        <identifiers>
          <isin value="US677525XD41"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1271721.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oklahoma Development Finance Authority</name>
        <lei>549300PXGPHUWC32DJ91</lei>
        <title>Oklahoma Development Finance Authority Health System, OU Medicine Project, Series 2018B</title>
        <cusip>67884XCK1</cusip>
        <identifiers>
          <isin value="US67884XCK19"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>777202.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Oklahoma Development Finance Authority</name>
        <lei>549300PXGPHUWC32DJ91</lei>
        <title>Oklahoma Development Finance Authority, Health System, OU Medicine Project, Series 2018B</title>
        <cusip>67884XCN5</cusip>
        <identifiers>
          <isin value="US67884XCN57"/>
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        <balance>1600000.00000000</balance>
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        <valUSD>1602689.44000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Oklahoma Housing Finance Agency</name>
        <lei>N/A</lei>
        <title>Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A</title>
        <cusip>67886MW88</cusip>
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          <isin value="US67886MW886"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Palm Beach County Health Facilities Authority</name>
        <lei>N/A</lei>
        <title>Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series 2019B</title>
        <cusip>696507UR1</cusip>
        <identifiers>
          <isin value="US696507UR16"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>946226.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Palm Beach County Health Facilities Authority</name>
        <lei>N/A</lei>
        <title>Palm Beach County Health Facilities Authority, Jupiter Medical Center</title>
        <cusip>69651ACZ5</cusip>
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          <isin value="US69651ACZ57"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1017967.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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      <invstOrSec>
        <name>Plano Independent School District</name>
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        <name>Public Finance Authority</name>
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        <name>Raindance Metropolitan District No. 1 Non-Potable Water System Revenue</name>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Rocky Mountain Rail Park Metropolitan District</name>
        <lei>N/A</lei>
        <title>Rocky Mountain Rail Park Metropolitan District, Limited Tax, Series 2021A</title>
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          <isin value="US774762AB47"/>
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          <maturityDt>2041-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <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>
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      <invstOrSec>
        <name>Seminole County Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US81669TAD00"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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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, Retirement Facility, The Farm at Bailey Station, Series 2019A</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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      <invstOrSec>
        <name>City of South Miami Health Facilities Authority, Inc.</name>
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          <isin value="US838810EM78"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado</name>
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        <invCountry>US</invCountry>
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        <name>St Vrain Lakes Metropolitan District No. 4</name>
        <lei>N/A</lei>
        <title>St Vrain Lakes Metropolitan District No. 4, Series 2024A</title>
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          <maturityDt>2054-09-20</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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        <name>Stamford Housing Authority</name>
        <lei>N/A</lei>
        <title>Stamford Housing Authority, Mozaic Concierge Living Project, Series 2025A</title>
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        <name>Suffolk Tobacco Asset Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Suffolk Tobacco Asset Securitization Corp., Series 2021B-2</title>
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          <isin value="US864809CD88"/>
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        <name>Suffolk Regional Off-Track Betting Corp.</name>
        <lei>N/A</lei>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center, Series 2020</title>
        <cusip>87638QQQ5</cusip>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Series 2025C</title>
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        <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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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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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>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
        <lei>N/A</lei>
        <title>Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project</title>
        <cusip>882667AN8</cusip>
        <identifiers>
          <isin value="US882667AN81"/>
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        <curCd>USD</curCd>
        <valUSD>999172.40000000</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>2058-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Central Texas Turnpike System</name>
        <lei>N/A</lei>
        <title>Central Texas Turnpike System, First Tier, Series 2024B</title>
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        <identifiers>
          <isin value="US88283KBQ04"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1092303.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>
        <identifiers>
          <isin value="US88423EAA10"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>765451.42000000</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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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>88423EAC7</cusip>
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          <isin value="US88423EAC75"/>
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        <balance>760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>605292.96000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>6265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>926366.71000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series 2018A</title>
        <cusip>888808HM7</cusip>
        <identifiers>
          <isin value="US888808HM74"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2077629.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series 2018B</title>
        <cusip>888808HT2</cusip>
        <identifiers>
          <isin value="US888808HT28"/>
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        <balance>2530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2503000.09000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series B</title>
        <cusip>888809BG4</cusip>
        <identifiers>
          <isin value="US888809BG44"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999643.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TSASC, Inc.</name>
        <lei>N/A</lei>
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        <cusip>898526FF0</cusip>
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          <isin value="US898526FF00"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006750.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TSASC, Inc.</name>
        <lei>N/A</lei>
        <title>TSASC, Inc., Series B</title>
        <cusip>898526FR4</cusip>
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          <isin value="US898526FR48"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1932656.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Valparaiso IN</name>
        <lei>N/A</lei>
        <title>City of Valparaiso, Green Oaks of Valparaiso Project</title>
        <cusip>920286AA9</cusip>
        <identifiers>
          <isin value="US920286AA93"/>
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        <balance>1550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1473571.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vancouver Housing Authority</name>
        <lei>N/A</lei>
        <title>Vancouver Housing Authority, Series 2025</title>
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          <isin value="US921626PU57"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2116516.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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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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          <maturityDt>2041-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>Washington State Housing Finance Commission, Seattle Academy of Arts and Science Project, Series 2023</title>
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          <isin value="US93978LGR15"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-07-01</maturityDt>
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          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio, Series 2025A</title>
        <cusip>93978LJM9</cusip>
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          <isin value="US93978LJM90"/>
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      <invstOrSec>
        <name>West Virginia Economic Development Authority</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>Westchester County Local Development Corp.</name>
        <lei>549300KOSU8OC75V9238</lei>
        <title>Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A</title>
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          <isin value="US95737TET97"/>
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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>2046-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westchester County Local Development Corp.</name>
        <lei>549300KOSU8OC75V9238</lei>
        <title>Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A</title>
        <cusip>95737TEV4</cusip>
        <identifiers>
          <isin value="US95737TEV44"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>843612.30000000</valUSD>
        <pctVal>0.327600786148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wisconsin Housing &amp; Economic Development Authority Home Ownership Revenue</name>
        <lei>N/A</lei>
        <title>Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024A</title>
        <cusip>97689QTU0</cusip>
        <identifiers>
          <isin value="US97689QTU03"/>
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        <balance>975000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1066295.88000000</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>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A</title>
        <cusip>97712DQU3</cusip>
        <identifiers>
          <isin value="US97712DQU36"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1004286.70000000</valUSD>
        <pctVal>0.389995632399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc., Project, Series 2024</title>
        <cusip>97712JHF3</cusip>
        <identifiers>
          <isin value="US97712JHF30"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1006706.30000000</valUSD>
        <pctVal>0.390935238024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group</title>
        <cusip>97712JMS9</cusip>
        <identifiers>
          <isin value="US97712JMS95"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1047034.30000000</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>2050-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A</title>
        <cusip>97712JMV2</cusip>
        <identifiers>
          <isin value="US97712JMV25"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10037.26000000</valUSD>
        <pctVal>0.003897778952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A</title>
        <cusip>97712JMW0</cusip>
        <identifiers>
          <isin value="US97712JMW08"/>
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        <balance>990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>929289.93000000</valUSD>
        <pctVal>0.360872063658</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="TYM6COM"/>
          <other otherDesc="Future Ticker" value="TYM6 Comdty"/>
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        <balance>92.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>45132.16000000</valUSD>
        <pctVal>0.017526215652</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issuerName>United States of America</issuerName>
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            <expDate>2026-06-18</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 30 Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="YB07206"/>
          <other otherDesc="Option Ticker" value="USK6C 128.0 Comdty"/>
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        <balance>775.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>102929.30000000</valUSD>
        <pctVal>0.039970635323</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CME Clearing House</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>United States of America</issuerName>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100000.00000000</shareNo>
            <exercisePrice>128.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-04-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>42382.42000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 30 Year Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="YB074F8"/>
          <other otherDesc="Option Ticker" value="USK6C 131.0 Comdty"/>
        </identifiers>
        <balance>-775.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-60546.88000000</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CME Clearing House</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>United States of America</issuerName>
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            <shareNo>100000.00000000</shareNo>
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            <expDt>2026-04-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-24218.75000000</unrealizedAppr>
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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>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>J.P. Morgan Exchange-Traded Fund Trust</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>
</edgarSubmission>
