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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Municipal Power, Inc.</name>
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          <isin value="US02765UXA77"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A</title>
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          <isin value="US04052BQG22"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2026A</title>
        <cusip>04052FFG5</cusip>
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          <isin value="US04052FFG54"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority, Single Family Mortgage-Backed Securities Loan Program, Series 2026B</title>
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          <isin value="US041083J237"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.87499860</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc., Series 2025</title>
        <cusip>041807PU6</cusip>
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          <isin value="US041807PU63"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Aurora IL Single Family Mortgage Revenue</name>
        <lei>N/A</lei>
        <title>City of Aurora, Single Family Mortgage, Series 2007A</title>
        <cusip>051687DB4</cusip>
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          <isin value="US051687DB49"/>
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        <balance>32811.62000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33119.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Aurora IL Single Family Mortgage Revenue</name>
        <lei>N/A</lei>
        <title>City of Aurora, Single Family Mortgage, Series 2007B</title>
        <cusip>051687DD0</cusip>
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          <isin value="US051687DD05"/>
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        <balance>31268.60000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31539.76000000</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>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Austin Community College District</name>
        <lei>N/A</lei>
        <title>Austin Community College District, Unlimited Tax, Series 2025</title>
        <cusip>052403KQ4</cusip>
        <identifiers>
          <isin value="US052403KQ44"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1118072.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Austin TX Water &amp; Wastewater System Revenue</name>
        <lei>N/A</lei>
        <title>City of Austin Water and Wastewater System, Series 2026</title>
        <cusip>052477R32</cusip>
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          <isin value="US052477R321"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1666362.30000000</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>2042-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <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>
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          <isin value="US05786PAA12"/>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Battery Park City Authority</name>
        <lei>549300RF3SFDOWRHVM56</lei>
        <title>Battery Park City Authority, Series 2023A</title>
        <cusip>07133AJL7</cusip>
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          <isin value="US07133AJL70"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Gas Project, Series 2026A</title>
        <cusip>09182THS9</cusip>
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          <isin value="US09182THS96"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2904060.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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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        <assetCat>DBT</assetCat>
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        <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>City &amp; County of Broomfield CO Sewer Revenue</name>
        <lei>N/A</lei>
        <title>City and County of Broomfield Water Activity Enterprise, Series 2026</title>
        <cusip>11475AAN0</cusip>
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          <isin value="US11475AAN00"/>
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        <balance>360000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City &amp; County of Broomfield CO Water Revenue</name>
        <lei>N/A</lei>
        <title>City and County of Broomfield Water Activity Enterprise, Series 2026</title>
        <cusip>11477KDQ6</cusip>
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          <isin value="US11477KDQ67"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City &amp; County of Broomfield CO Water Revenue</name>
        <lei>N/A</lei>
        <title>City and County of Broomfield Water Activity Enterprise, Series 2026</title>
        <cusip>11477KDR4</cusip>
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          <isin value="US11477KDR41"/>
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        <balance>760000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bucks County Water and Sewer Authority</name>
        <lei>N/A</lei>
        <title>Bucks County Water and Sewer Authority, Series 2022A</title>
        <cusip>118683JU6</cusip>
        <identifiers>
          <isin value="US118683JU66"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <name>Build NYC Resource Corp.</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JFD37"/>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <isin value="US13013JHG40"/>
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        <name>California Community Choice Financing Authority</name>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <maturityDt>2042-11-15</maturityDt>
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        <name>California Pollution Control Financing Authority</name>
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        <title>California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project, Series 2023</title>
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        <name>California Statewide Communities Development Authority</name>
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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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        <name>Development Authority of Cobb County (The)</name>
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        <name>Collin County Community College District</name>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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        <name>Colorado Health Facilities Authority</name>
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        <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>
      <invstOrSec>
        <name>Dominion Water &amp; Sanitation District</name>
        <lei>N/A</lei>
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          <isin value="US25755AAD37"/>
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        <curCd>USD</curCd>
        <valUSD>515654.25000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Douglasville-Douglas County Water &amp; Sewer Authority</name>
        <lei>N/A</lei>
        <title>Douglasville-Douglas County Water and Sewer Authority, Series 2025</title>
        <cusip>259852HN4</cusip>
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          <isin value="US259852HN49"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2224702.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of El Paso TX Water &amp; Sewer Revenue</name>
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        <title>City of El Paso Water and Sewer, Series 2026</title>
        <cusip>283822B60</cusip>
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          <isin value="US283822B604"/>
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        <balance>2490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2724229.07000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FHLMC Multifamily VRD Certificates</name>
        <lei>N/A</lei>
        <title>FHLMC Multifamily VRD Certificates, Series ML-33</title>
        <cusip>31350AEA2</cusip>
        <identifiers>
          <isin value="US31350AEA25"/>
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        <balance>998611.62000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1028215.36000000</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>2040-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.64000040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024</title>
        <cusip>340618DT1</cusip>
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          <isin value="US340618DT16"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>887500.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Series 2026B</title>
        <cusip>34061QDW4</cusip>
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          <isin value="US34061QDW42"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Central Charter School Project, Series 2022</title>
        <cusip>34061ULH9</cusip>
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          <isin value="US34061ULH94"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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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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          <isin value="US34061XAG79"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Florida Housing Finance Corp.</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>Florida Housing Finance Corp., Homeowner Mortgage, Series 2025 5</title>
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          <isin value="US34074NFU81"/>
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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>2056-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Local Government Finance Commission</name>
        <lei>N/A</lei>
        <title>Florida Local Government Finance Commission, Bridgeprep Academy Project, Series 2025A</title>
        <cusip>34077EAC0</cusip>
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          <isin value="US34077EAC03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Foothill-De Anza Community College District</name>
        <lei>N/A</lei>
        <title>Foothill-De Anza Community College District, Series 2016</title>
        <cusip>345102MW4</cusip>
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          <isin value="US345102MW46"/>
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        <balance>1245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1244315.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fort Collins-Loveland Water District</name>
        <lei>N/A</lei>
        <title>Fort Collins-Loveland Water District, Series 2025</title>
        <cusip>347163CK1</cusip>
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          <isin value="US347163CK10"/>
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        <balance>1000000.00000000</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>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Gallatin TN Water &amp; Sewer Revenue</name>
        <lei>N/A</lei>
        <title>City of Gallatin Water and Sewer, Series 2025</title>
        <cusip>363786ET7</cusip>
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          <isin value="US363786ET70"/>
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        <balance>1110000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Goshen IN</name>
        <lei>N/A</lei>
        <title>City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A</title>
        <cusip>38327MAA5</cusip>
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          <isin value="US38327MAA53"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>441773.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Great Lakes Water Authority Sewage Disposal System Revenue</name>
        <lei>N/A</lei>
        <title>Great Lakes Water Authority Sewage Disposal System, Second Lien, Series 2025C</title>
        <cusip>39081HHN5</cusip>
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          <isin value="US39081HHN52"/>
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        <balance>1790000.00000000</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>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Hillsborough County Housing Finance Authority</name>
        <lei>5493003JJ1KK4FWWU787</lei>
        <title>Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments, Series 2025A</title>
        <cusip>43232EDE6</cusip>
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          <isin value="US43232EDE68"/>
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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>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hillsborough County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E</title>
        <cusip>43233KAX2</cusip>
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          <isin value="US43233KAX28"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.79999895</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Housing Options, Inc.</name>
        <lei>N/A</lei>
        <title>Housing Options, Inc., The Culbreath, Series 2025</title>
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          <isin value="US44183TAM53"/>
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        <curCd>USD</curCd>
        <valUSD>1012311.60000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>City of Houston TX Airport System Revenue</name>
        <lei>N/A</lei>
        <title>City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2024B</title>
        <cusip>442349HU3</cusip>
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          <isin value="US442349HU35"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>693951.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Houston TX Airport System Revenue</name>
        <lei>N/A</lei>
        <title>City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B</title>
        <cusip>442349KA3</cusip>
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          <isin value="US442349KA34"/>
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        <curCd>USD</curCd>
        <valUSD>1560630.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Idaho Health Facilities Authority</name>
        <lei>549300X43KY1C2WW0J97</lei>
        <title>Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025B</title>
        <cusip>451295H51</cusip>
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          <isin value="US451295H515"/>
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        <curCd>USD</curCd>
        <valUSD>1087616.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Illinois Housing Development Authority</name>
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          <isin value="US45203MK340"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-10-01</maturityDt>
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      <invstOrSec>
        <name>Illinois Housing Development Authority</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>Illinois Housing Development Authority, Series 2024A</title>
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          <isin value="US45203MWL17"/>
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        <balance>865000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>933072.21000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B</title>
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          <isin value="US45204FME24"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.75000125</annualizedRt>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
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          <isin value="US45204FRB30"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority, University of Chicago, Series 2024A</title>
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          <isin value="US45204FWD31"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority, Citizen Energy Group Project, Series 2026A</title>
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          <isin value="US45505KDT43"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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          <isin value="US45505MJQ06"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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        <name>Iowa Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>JPMorgan Institutional Tax Free Money Market Fund</name>
        <lei>549300UURKD5II8M6J91</lei>
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          <isin value="US4812A26030"/>
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        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Jackson State University Educational Building Corp.</name>
        <lei>N/A</lei>
        <title>Jackson State University Educational Building Corp., Series 2021A</title>
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          <isin value="US468714FG03"/>
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          <annualizedRt>1.40000000</annualizedRt>
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      <invstOrSec>
        <name>Jefferson County Port Authority</name>
        <lei>N/A</lei>
        <title>Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023</title>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Jeffersonville IN</name>
        <lei>N/A</lei>
        <title>City of Jeffersonville, Vivera Senior Living of Jeffersonville Project, Series 2020A</title>
        <cusip>475666AA1</cusip>
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          <isin value="US475666AA15"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of King Sewer Revenue</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <lei>549300C8XO7EXTX2XU71</lei>
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        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>New York Transportation Development Corp.</name>
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        <name>North Texas Municipal Water District</name>
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        <name>North Texas Municipal Water District Water System Revenue</name>
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        <name>Northeast Ohio Medical University</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Onondaga County Trust for Cultural Resources</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Onondaga Civic Development Corp.</name>
        <lei>N/A</lei>
        <title>Onondaga Civic Development Corp., Syracuse University Project, Series 2025</title>
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          <isin value="US682832LK44"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
        <title>Oregon State Facilities Authority, Peacehealth, Series 2018A</title>
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          <isin value="US68608JXD89"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>2.75000125</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>
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          <isin value="US696507UR16"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Palm Beach County Housing Finance Authority</name>
        <lei>N/A</lei>
        <title>Palm Beach County Health Facilities Authority, Multi Family Housing Everglades Townhomes, Series 2023</title>
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          <isin value="US696513AV24"/>
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        <fairValLevel>2</fairValLevel>
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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, Series 2025</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Paulding County Hospital Authority/GA</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Peace River Manasota Regional Water Supply Authority</name>
        <lei>N/A</lei>
        <title>Peace River Manasota Regional Water Supply Authority, Utility System, Series 2025A</title>
        <cusip>704612GL8</cusip>
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          <isin value="US704612GL89"/>
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        <balance>3500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>PEFA, Inc.</name>
        <lei>549300RSE249DJNRHY07</lei>
        <title>PEFA, Inc., Gas Project, Series 2026A</title>
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          <isin value="US70556CAL81"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Homes, Series 2021</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Pennsylvania Housing Finance Agency</name>
        <lei>549300JZVUPNWP77SP29</lei>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Pennsylvania Housing Finance Agency</name>
        <lei>549300JZVUPNWP77SP29</lei>
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        <name>Philadelphia Authority for Industrial Development</name>
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        <name>Redevelopment Authority of the City of Philadelphia</name>
        <lei>N/A</lei>
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        <name>School District of Philadelphia (The)</name>
        <lei>254900HSKDHZKBZCUL90</lei>
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        <name>Plano Independent School District</name>
        <lei>N/A</lei>
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        <name>Kentucky Public Energy Authority</name>
        <lei>549300XEJZWHYSY4SL55</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Kentucky Public Energy Authority</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>Kentucky Public Energy Authority, Gas Supply, Series 2025B</title>
        <cusip>74440DFQ2</cusip>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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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>2044-09-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
        <lei>N/A</lei>
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        <valUSD>683837.80000000</valUSD>
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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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      <invstOrSec>
        <name>South Carolina Jobs-Economic Development Authority</name>
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          <isin value="US837031H634"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>South Dakota Health &amp; Educational Facilities Authority</name>
        <lei>549300ZW6LKR8UI2C378</lei>
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          <isin value="US83755V2H62"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Dakota Health &amp; Educational Facilities Authority</name>
        <lei>549300ZW6LKR8UI2C378</lei>
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          <isin value="US83755VW264"/>
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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>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Dakota Housing Development Authority</name>
        <lei>549300G853EK61667C18</lei>
        <title>South Dakota Housing Development Authority, Series 2024C</title>
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          <isin value="US83756LBH78"/>
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        <balance>950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1056502.13000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>South Dakota Housing Development Authority</name>
        <lei>549300G853EK61667C18</lei>
        <title>South Dakota Housing Development Authority, Series 2025A</title>
        <cusip>83756LBS3</cusip>
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          <isin value="US83756LBS34"/>
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        <balance>985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1111930.55000000</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>2055-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of South Miami Health Facilities Authority, Inc.</name>
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        <title>City of South Miami Health Facilities Authority, Inc., Baptist Health South, Series 2025B</title>
        <cusip>838810EM7</cusip>
        <identifiers>
          <isin value="US838810EM78"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1080278.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Tacoma WA Electric System Revenue</name>
        <lei>N/A</lei>
        <title>City of Tacoma Electric System, Series 2025B</title>
        <cusip>873519RG9</cusip>
        <identifiers>
          <isin value="US873519RG98"/>
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        <balance>1655000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1883443.29000000</valUSD>
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        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tampa Bay Water</name>
        <lei>N/A</lei>
        <title>Tampa Bay Water, Series 2024B</title>
        <cusip>875124JH3</cusip>
        <identifiers>
          <isin value="US875124JH32"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1654094.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <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>
        <cusip>87638TJU8</cusip>
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          <isin value="US87638TJU88"/>
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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>2064-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp., Ascension Senior Credit, Series 2025C1</title>
        <cusip>87638TJW4</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <title>Tennessee Energy Acquisition Corp., Gas Project, Series 2026A</title>
        <cusip>880443JQ0</cusip>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Terrell Independent School District/TX</name>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. V</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Texas State Affordable Housing Corp.</name>
        <lei>N/A</lei>
        <title>Texas State Affordable Housing Corp., Multi Family Housing La Vista De Lopez Apartment, Series 2023</title>
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          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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        <name>State of Texas</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>State of Texas, College Student Loan, Series 2025</title>
        <cusip>8827242Z9</cusip>
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        <balance>1655000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Texas</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>State of Texas, Series 2025B</title>
        <cusip>8827244U8</cusip>
        <identifiers>
          <isin value="US8827244U89"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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    <explntrNotes>








    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
