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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Mississippi Business Finance Corp.</name>
        <lei>549300DYV074JUDKBQ77</lei>
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        <cusip>60528AAT1</cusip>
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          <isin value="US60528AAT16"/>
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        <balance>435000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>435000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.80000040</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Oregon City School District No. 62</name>
        <lei>N/A</lei>
        <title>Oregon City School District No. 62, Series 2025 B</title>
        <cusip>179162LM2</cusip>
        <identifiers>
          <isin value="US179162LM23"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>556617.10000000</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>2038-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Menifee Union School District</name>
        <lei>N/A</lei>
        <title>Menifee Union School District, Series 2017 A</title>
        <cusip>586807GW3</cusip>
        <identifiers>
          <isin value="US586807GW33"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>230049.35000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Columbus Regional Airport Authority</name>
        <lei>N/A</lei>
        <title>Columbus Regional Airport Authority, Series 2025 B</title>
        <cusip>199546DM1</cusip>
        <identifiers>
          <isin value="US199546DM10"/>
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        <balance>725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>802838.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EP Cimarron Ventanas PFC</name>
        <lei>N/A</lei>
        <title>EP Cimarron Ventanas PFC, Series 2024</title>
        <cusip>26879QAM7</cusip>
        <identifiers>
          <isin value="US26879QAM78"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>486367.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>Connecticut State Health &amp; Educational Facilities Authority, Series M</title>
        <cusip>20774YB97</cusip>
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          <isin value="US20774YB970"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>254399.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of New York NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York NY, Series 2025 F</title>
        <cusip>64966SKM7</cusip>
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          <isin value="US64966SKM79"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>304335.12000000</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>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Minneapolis MN</name>
        <lei>N/A</lei>
        <title>City of Minneapolis MN, Series 2025</title>
        <cusip>603695KF3</cusip>
        <identifiers>
          <isin value="US603695KF36"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>849684.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp.</name>
        <lei>N/A</lei>
        <title>Harris County Cultural Education Facilities Finance Corp., Series 2015-1</title>
        <cusip>414009JU5</cusip>
        <identifiers>
          <isin value="US414009JU58"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504387.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Colorado Housing and Finance Authority</name>
        <lei>5493005GIROYQAWBMC18</lei>
        <title>Colorado Housing and Finance Authority, Series 2024 A</title>
        <cusip>19648WAD9</cusip>
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          <isin value="US19648WAD92"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>243148.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.48000000</annualizedRt>
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      <invstOrSec>
        <name>Parish of St John the Baptist LA</name>
        <lei>N/A</lei>
        <title>Parish of St John the Baptist, Series 2017 C</title>
        <cusip>79020FBB1</cusip>
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          <isin value="US79020FBB13"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496495.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>Port Authority of New York &amp; New Jersey, Series 202</title>
        <cusip>73358WK29</cusip>
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          <isin value="US73358WK296"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>760408.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Idaho Health Facilities Authority</name>
        <lei>549300X43KY1C2WW0J97</lei>
        <title>Idaho Health Facilities Authority, Series 2025 C</title>
        <cusip>451295H69</cusip>
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          <isin value="US451295H697"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1091968.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <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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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>Massachusetts Development Finance Agency, Series 2025 W</title>
        <cusip>57585BHK7</cusip>
        <identifiers>
          <isin value="US57585BHK70"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>276635.23000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>New York City Transitional Finance Authority, Series 2024 C</title>
        <cusip>64972JBQ0</cusip>
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          <isin value="US64972JBQ04"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>549760.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Development Authority of Monroe County (The)</name>
        <lei>N/A</lei>
        <title>Development Authority of Monroe County (The), Series 2013 A</title>
        <cusip>610530FE2</cusip>
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          <isin value="US610530FE20"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>498488.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2023 F</title>
        <cusip>13013JDD5</cusip>
        <identifiers>
          <isin value="US13013JDD54"/>
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        <balance>490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>527968.73000000</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>2054-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Massachusetts Clean Water Trust (The)</name>
        <lei>549300SYPEROLSQU0261</lei>
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          <isin value="US575829MR47"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74439YFM84"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-06-15</maturityDt>
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      <invstOrSec>
        <name>Harris County Improvement District No. 18</name>
        <lei>N/A</lei>
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          <isin value="US414183PA52"/>
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          <maturityDt>2039-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Village of Westchester IL</name>
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          <isin value="US957399FU74"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Municipal Power Agency No. 1</name>
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          <isin value="US658203X251"/>
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        <curCd>USD</curCd>
        <valUSD>253452.85000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp.</name>
        <lei>N/A</lei>
        <title>Harris County Cultural Education Facilities Finance Corp., Series 2022 A</title>
        <cusip>414009RN2</cusip>
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          <isin value="US414009RN24"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>Massachusetts Development Finance Agency, Series 2025 A-2</title>
        <cusip>57585BGU6</cusip>
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          <isin value="US57585BGU61"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of California</name>
        <lei>N/A</lei>
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        <cusip>91412HVN0</cusip>
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          <isin value="US91412HVN06"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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          <isin value="US66285WP349"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>Cypress-Fairbanks Independent School District</name>
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          <maturityDt>2037-02-15</maturityDt>
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        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
        <lei>N/A</lei>
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          <isin value="US882667CG13"/>
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          <maturityDt>2038-06-30</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US888808HK19"/>
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        <name>Chicago Board of Education</name>
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        <name>Arlington Higher Education Finance Corp.</name>
        <lei>N/A</lei>
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        <name>Utility Debt Securitization Authority</name>
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        <title>Utility Debt Securitization Authority, Series 2023 TE-1</title>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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          <maturityDt>2037-06-01</maturityDt>
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        <name>Energy Northwest</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>City of Mesa AZ Utility System Revenue</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Dallas Independent School District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Rhode Island Housing &amp; Mortgage Finance Corp.</name>
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          <isin value="US76221SGJ42"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Springfield IL Electric Revenue</name>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York State Dormitory Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Maryland Department of Transportation</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Higher Educational Facilities Authority, Series 2024 B-1</title>
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          <isin value="US70917TRP83"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>New York State Housing Finance Agency</name>
        <lei>5493000LS7KCDB02O506</lei>
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          <isin value="US649870NF58"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-15</maturityDt>
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          <annualizedRt>3.45000000</annualizedRt>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2024 C</title>
        <cusip>13013JEB8</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-01</maturityDt>
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        <name>Montgomery County Housing Opportunities Commission</name>
        <lei>549300HDL0LLRHMDL092</lei>
        <title>Montgomery County Housing Opportunities Commission, Series 2025 A</title>
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          <maturityDt>2034-07-01</maturityDt>
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        <name>University of Colorado Hospital Authority</name>
        <lei>GQ60RLZ5ZEBY2J9KLI75</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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        <name>City of Golden CO</name>
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          <maturityDt>2037-12-01</maturityDt>
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        <name>City of Philadelphia PA Airport Revenue</name>
        <lei>N/A</lei>
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        <cusip>717817TX8</cusip>
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        <name>Allegheny County Hospital Development Authority</name>
        <lei>54930046B973R604OG22</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-11-15</maturityDt>
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        <name>Prosper Independent School District</name>
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        <name>South Jersey Transportation Authority</name>
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        <name>Michigan State Housing Development Authority</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>L'Anse Creuse Public Schools</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>Michigan State Housing Development Authority</name>
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        <name>New York City Housing Development Corp.</name>
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        <name>New York Transportation Development Corp.</name>
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          <maturityDt>2038-06-30</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Salt Lake City UT Airport Revenue</name>
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          <isin value="US795576FV49"/>
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        <valUSD>565193.19000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
        <lei>N/A</lei>
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        <cusip>650116HT6</cusip>
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          <isin value="US650116HT60"/>
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        <balance>335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>346718.37000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Development Authority of Monroe County (The)</name>
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          <isin value="US610530FZ58"/>
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        <curCd>USD</curCd>
        <valUSD>746298.68000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.35000160</annualizedRt>
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      <invstOrSec>
        <name>City of Minneapolis MN</name>
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          <isin value="US60375BNK88"/>
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        <balance>885000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>741210.42000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
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          <isin value="US84136HBC60"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26058.11000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
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          <isin value="US45204EYB81"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>436432.46000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BlackRock Liquidity Funds - MuniCash</name>
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        <title>BlackRock Liquidity Funds - MuniCash</title>
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          <other otherDesc="Inhouse Asset ID" value="091998724"/>
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        <balance>263105.66000000</balance>
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        <curCd>USD</curCd>
        <valUSD>263131.98000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2024</title>
        <cusip>65000B7M4</cusip>
        <identifiers>
          <isin value="US65000B7M40"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>265870.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>United City of Yorkville IL</name>
        <lei>N/A</lei>
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        <cusip>987355NB6</cusip>
        <identifiers>
          <isin value="US987355NB68"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382772.71000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Idaho State Building Authority</name>
        <lei>549300XZ1VJYPPKQZU06</lei>
        <title>Idaho State Building Authority, Series 2025 A</title>
        <cusip>451446AV0</cusip>
        <identifiers>
          <isin value="US451446AV00"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>849702.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <cusip>74514L3G0</cusip>
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          <isin value="US74514L3G08"/>
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        <balance>371000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>384258.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>City of Chicago IL</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>City of Chicago IL, Series 2024 B</title>
        <cusip>167486T82</cusip>
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          <isin value="US167486T825"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>531032.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</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., Series 2025</title>
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          <isin value="US12008EVV54"/>
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        <balance>880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>811492.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority, Series 2022</title>
        <cusip>928104PP7</cusip>
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          <isin value="US928104PP76"/>
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        <balance>335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>348335.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Transportation Commission State Highway 249 System</name>
        <lei>N/A</lei>
        <title>Texas Transportation Commission, Series 2019 A</title>
        <cusip>88283NAK8</cusip>
        <identifiers>
          <isin value="US88283NAK81"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>193327.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>DuPage County Forest Preserve District</name>
        <lei>N/A</lei>
        <title>DuPage County Forest Preserve District, Series 2025</title>
        <cusip>262651VQ2</cusip>
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          <isin value="US262651VQ29"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225040.40000000</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>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Commonwealth of Pennsylvania</name>
        <lei>N/A</lei>
        <title>Commonwealth of Pennsylvania, Series 2018</title>
        <cusip>70914PN24</cusip>
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          <isin value="US70914PN248"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>493286.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission, Series 2024-1</title>
        <cusip>709225MJ2</cusip>
        <identifiers>
          <isin value="US709225MJ26"/>
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        <balance>750000.00000000</balance>
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        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>Madison County Capital Resource Corp.</name>
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        <name>Vancouver Housing Authority</name>
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        <name>City of Detroit</name>
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        <name>Iowa Finance Authority</name>
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        <name>Illinois Finance Authority</name>
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        <name>Empire State Development Corp.</name>
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        <name>New York Transportation Development Corp.</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dallas Independent School District</name>
        <lei>N/A</lei>
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          <isin value="US235308Q890"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-15</maturityDt>
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      <invstOrSec>
        <name>South Carolina Public Service Authority</name>
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          <isin value="US8371515N55"/>
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        <valUSD>526331.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oklahoma Water Resources Board</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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          <isin value="US64990AUH66"/>
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        <balance>450000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
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          <isin value="US1675936P22"/>
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        <curCd>USD</curCd>
        <valUSD>555511.00000000</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>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of Washington</name>
        <lei>T8YS5W0N70BYCTHPA429</lei>
        <title>University of Washington, Series 2024 A</title>
        <cusip>91523NYS9</cusip>
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          <isin value="US91523NYS97"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>266142.98000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Sierra Vista Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Sierra Vista Industrial Development Authority, Series 2024</title>
        <cusip>82652UAU6</cusip>
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          <isin value="US82652UAU60"/>
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        <balance>250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>District of Columbia Housing Finance Agency</name>
        <lei>N/A</lei>
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          <isin value="US254768XU36"/>
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          <maturityDt>2045-09-01</maturityDt>
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        <name>Virginia Housing Development Authority</name>
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          <maturityDt>2044-10-01</maturityDt>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of New York</name>
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          <maturityDt>2039-03-15</maturityDt>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <cusip>821691AB8</cusip>
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        <name>Harris County Municipal Utility District No. 165</name>
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          <maturityDt>2041-03-01</maturityDt>
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        <name>Wisconsin Housing &amp; Economic Development Authority Housing Revenue</name>
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          <isin value="US9769045G32"/>
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          <maturityDt>2055-11-01</maturityDt>
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        <name>Raindance Metropolitan District No. 2</name>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2025 A</title>
        <cusip>74439YFR7</cusip>
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          <isin value="US74439YFR71"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2039-06-15</maturityDt>
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        <name>Industrial Development Board of the City of Mobile Alabama</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>500657.90000000</valUSD>
        <pctVal>0.884656966894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.30000000</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>County Square Redevelopment Corp.</name>
        <lei>N/A</lei>
        <title>County Square Redevelopment Corp., Series 2025</title>
        <cusip>22259PBW5</cusip>
        <identifiers>
          <isin value="US22259PBW59"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>546616.00000000</valUSD>
        <pctVal>0.965864420826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Industrial Development Authority of the County of Yavapai (The)</name>
        <lei>N/A</lei>
        <title>Industrial Development Authority of the County of Yavapai (The), Series 2019</title>
        <cusip>985900ET2</cusip>
        <identifiers>
          <isin value="US985900ET22"/>
        </identifiers>
        <balance>425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400343.63000000</valUSD>
        <pctVal>0.707402762307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Morgan Stanley ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Francis J. Smith</ncom:signature>
      <ncom:signerName>Francis J. Smith</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
