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      <invstOrSec>
        <name>District of Columbia</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mississippi Business Finance Corp.</name>
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          <isin value="US60528AAT16"/>
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        <valUSD>3000000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
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          <annualizedRt>3.80000040</annualizedRt>
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      <invstOrSec>
        <name>Missouri Joint Municipal Electric Utility Commission</name>
        <lei>N/A</lei>
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          <isin value="US606092LT98"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of Illinois</name>
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          <isin value="US452152Q203"/>
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        <curCd>USD</curCd>
        <valUSD>2598201.75000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Colorado Educational &amp; Cultural Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of New York NY</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-03-01</maturityDt>
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        <name>New York City Housing Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.40000000</annualizedRt>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>New York State Dormitory Authority</name>
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        <name>Washington State University</name>
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          <maturityDt>2031-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Parish of St John the Baptist LA</name>
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          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>3.30000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of New York NY</name>
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          <maturityDt>2044-06-01</maturityDt>
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        <name>Port of Seattle</name>
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        <name>Municipal Electric Authority of Georgia</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
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        <invCountry>US</invCountry>
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        <name>Saginaw Valley State University</name>
        <lei>N/A</lei>
        <title>Saginaw Valley State University, Series 2016 A</title>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Development Authority of Monroe County (The)</name>
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        <title>Development Authority of Monroe County (The), Series 2013 A</title>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JDD54"/>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Chicago</name>
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          <isin value="US167486F873"/>
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          <maturityDt>2027-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Casino Reinvestment Development Authority, Inc.</name>
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          <isin value="US14760RBD26"/>
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          <maturityDt>2030-11-01</maturityDt>
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      <invstOrSec>
        <name>State of Illinois Sales Tax Revenue</name>
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        <name>North Carolina Housing Finance Agency</name>
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          <isin value="US65820BBB18"/>
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          <maturityDt>2056-07-01</maturityDt>
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        <name>Maryland Community Development Administration</name>
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          <maturityDt>2045-07-01</maturityDt>
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          <annualizedRt>4.35000065</annualizedRt>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <cusip>821691AC6</cusip>
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        <name>City of Whiting</name>
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          <maturityDt>2044-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wayne County Airport Authority</name>
        <lei>N/A</lei>
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        <cusip>944514TH1</cusip>
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          <isin value="US944514TH16"/>
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          <maturityDt>2031-12-01</maturityDt>
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        <name>New Caney Independent School District</name>
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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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        <name>Lambertson Farms Metropolitan District No. 1</name>
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          <isin value="US513305AH54"/>
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        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
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      <invstOrSec>
        <name>City of Lone Tree CO</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Gulf Coast Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Gulf Coast Industrial Development Authority, Series 2012</title>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <cusip>56035DFT4</cusip>
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          <isin value="US56035DFT46"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Municipal Power Agency No. 1</name>
        <lei>549300N3Q65G1ODRFX75</lei>
        <title>North Carolina Municipal Power Agency No. 1, Series A</title>
        <cusip>658203X25</cusip>
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          <isin value="US658203X251"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>537320.04000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <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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        <balance>880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>946461.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <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>Connecticut State Health &amp; Educational Facilities Authority</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
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        <cusip>20775DYC0</cusip>
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          <isin value="US20775DYC00"/>
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        <balance>875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>897622.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Detroit Downtown Development Authority</name>
        <lei>549300WO3NSMP6FECO66</lei>
        <title>Detroit Downtown Development Authority, Series 2024</title>
        <cusip>251135HD4</cusip>
        <identifiers>
          <isin value="US251135HD47"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1056631.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Carolina Turnpike Authority</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>North Carolina Turnpike Authority, Series 2017</title>
        <cusip>65830RBH1</cusip>
        <identifiers>
          <isin value="US65830RBH12"/>
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        <balance>1090000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1121729.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Redevelopment Authority of the City of Philadelphia</name>
        <lei>N/A</lei>
        <title>Redevelopment Authority of the City of Philadelphia, Series A</title>
        <cusip>717868EW9</cusip>
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          <isin value="US717868EW99"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2001545.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chandler Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Chandler Industrial Development Authority, Series 2007</title>
        <cusip>158862CD2</cusip>
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          <isin value="US158862CD22"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2003028.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Minnesota Rural Water Finance Authority, Inc.</name>
        <lei>N/A</lei>
        <title>Minnesota Rural Water Finance Authority, Inc., Series 2023</title>
        <cusip>60411PBD2</cusip>
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          <isin value="US60411PBD24"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1500000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>Chicago O'Hare International Airport, Series 2024 F</title>
        <cusip>1675937Q9</cusip>
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          <isin value="US1675937Q95"/>
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        <balance>1260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1330644.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Chicago Board of Education</name>
        <lei>54930099NR6T9V7LVB43</lei>
        <title>Chicago Board of Education, Series 2017 D</title>
        <cusip>167505SU1</cusip>
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          <isin value="US167505SU19"/>
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        <curCd>USD</curCd>
        <valUSD>1206010.08000000</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>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York City Industrial Development Agency</name>
        <lei>549300XR20ZR5DHL9534</lei>
        <title>New York City Industrial Development Agency, Series 2020 A</title>
        <cusip>64971PKB0</cusip>
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          <isin value="US64971PKB03"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
        <title>South Carolina Public Service Authority, Series 2025 B</title>
        <cusip>8371515Z8</cusip>
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          <isin value="US8371515Z85"/>
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        <balance>1250000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Michigan State Building Authority</name>
        <lei>N/A</lei>
        <title>Michigan State Building Authority, Series 2016 I</title>
        <cusip>594615FM3</cusip>
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          <isin value="US594615FM32"/>
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        <balance>2870000.00000000</balance>
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        <valUSD>2938643.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Springfield IL Electric Revenue</name>
        <lei>N/A</lei>
        <title>City of Springfield IL, Series 2024</title>
        <cusip>850578UA1</cusip>
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          <isin value="US850578UA12"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2692117.50000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
        <title>South Carolina Jobs-Economic Development Authority, Series 2024 A</title>
        <cusip>837032BJ9</cusip>
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          <isin value="US837032BJ96"/>
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        <balance>2500000.00000000</balance>
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        <valUSD>2731442.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ohio Water Development Authority</name>
        <lei>N/A</lei>
        <title>Ohio Water Development Authority, Series 2024 C</title>
        <cusip>67766WQ21</cusip>
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          <isin value="US67766WQ212"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2500000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.55000095</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2024 A-1</title>
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        <name>Illinois Finance Authority</name>
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      <invstOrSec>
        <name>County of Montgomery OH</name>
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        <name>New York State Dormitory Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of Michigan</name>
        <lei>N/A</lei>
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          <isin value="US914455QU73"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Gainesville FL Utilities System Revenue</name>
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          <isin value="US362848RR67"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.55000095</annualizedRt>
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        <name>State Public School Building Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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      <invstOrSec>
        <name>Massachusetts Port Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Port Authority of New York &amp; New Jersey</name>
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          <isin value="US73358XJU72"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Colorado Science and Technology Park Metropolitan District No. 1</name>
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          <isin value="US19658CAG33"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Bergen County Improvement Authority (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-28</maturityDt>
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        <name>State of Illinois Sales Tax Revenue</name>
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        <name>University of Colorado Hospital Authority</name>
        <lei>GQ60RLZ5ZEBY2J9KLI75</lei>
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          <maturityDt>2031-11-15</maturityDt>
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        <name>Warner Robins Housing Authority Resident Council Corp.</name>
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        <name>Allegheny County Hospital Development Authority</name>
        <lei>54930046B973R604OG22</lei>
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        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
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        <name>City of Hamilton OH</name>
        <lei>549300NCXYTNZWHRP508</lei>
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          <maturityDt>2025-12-17</maturityDt>
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        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Energy Northwest</name>
        <lei>N/A</lei>
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        <cusip>29270C3K9</cusip>
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          <isin value="US29270C3K97"/>
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        <balance>1040000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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          <isin value="US19648FXD13"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2131014.40000000</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>2058-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Colorado Science and Technology Park Metropolitan District No. 1</name>
        <lei>N/A</lei>
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          <isin value="US19658CAH16"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Sales Tax Securitization Corp., Series 2020 A</title>
        <cusip>79467BCS2</cusip>
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          <isin value="US79467BCS25"/>
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        <balance>1290000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1331019.42000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mission Economic Development Corp.</name>
        <lei>N/A</lei>
        <title>Mission Economic Development Corp., Series 2020 A</title>
        <cusip>605155BQ2</cusip>
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          <isin value="US605155BQ24"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999877.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.70000135</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Series 2023 D-1</title>
        <cusip>09182TCR6</cusip>
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          <isin value="US09182TCR68"/>
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        <balance>2450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2583681.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Housing Finance Agency</name>
        <lei>5493000LS7KCDB02O506</lei>
        <title>New York State Housing Finance Agency, Series 2024 B-2</title>
        <cusip>649870PG1</cusip>
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          <isin value="US649870PG14"/>
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        <balance>1650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1650337.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>E-470 Public Highway Authority</name>
        <lei>549300164ZV2301BC703</lei>
        <title>E-470 Public Highway Authority, Series 2024 B</title>
        <cusip>26822LMX9</cusip>
        <identifiers>
          <isin value="US26822LMX90"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000910.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.65800080</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ohio Higher Educational Facility Commission</name>
        <lei>5493007MQT6NGNN6BR81</lei>
        <title>Ohio Higher Educational Facility Commission</title>
        <cusip>67756DT89</cusip>
        <identifiers>
          <isin value="US67756DT894"/>
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        <balance>1150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1245151.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Franklin</name>
        <lei>549300VCBUC1RZE7KL42</lei>
        <title>County of Franklin, Series 2013 OH</title>
        <cusip>353202FK5</cusip>
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          <isin value="US353202FK59"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>499943.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.12499860</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>New York City Transitional Finance Authority</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>New York City Transitional Finance Authority, Series 2024 C</title>
        <cusip>64972JBC1</cusip>
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          <isin value="US64972JBC18"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500884.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority, Series 2016 C</title>
        <cusip>45204EES3</cusip>
        <identifiers>
          <isin value="US45204EES37"/>
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        <balance>1925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1956912.07000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Leander Independent School District</name>
        <lei>N/A</lei>
        <title>Leander Independent School District, Series 2016</title>
        <cusip>521841MM5</cusip>
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          <isin value="US521841MM57"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2469431.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-16</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wisconsin Housing &amp; Economic Development Authority Housing Revenue</name>
        <lei>N/A</lei>
        <title>Wisconsin Housing &amp; Economic Development Authority Housing, Series 2023 E</title>
        <cusip>9769044P4</cusip>
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          <isin value="US9769044P40"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501788.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Louisiana Gasoline &amp; Fuels Tax Revenue</name>
        <lei>N/A</lei>
        <title>State of Louisiana LA, Series 2023 A-2</title>
        <cusip>546475VW1</cusip>
        <identifiers>
          <isin value="US546475VW13"/>
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        <balance>3300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3300000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.55000095</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority Dedicated Tax Fund</name>
        <lei>N/A</lei>
        <title>Metropolitan Transportation Authority Dedicated Tax Fund, Series 2008 B-3B</title>
        <cusip>59259N5P4</cusip>
        <identifiers>
          <isin value="US59259N5P44"/>
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        <balance>1730000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1775108.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of Maryland</name>
        <lei>N/A</lei>
        <title>State of Maryland, Series 2017 A</title>
        <cusip>574193PS1</cusip>
        <identifiers>
          <isin value="US574193PS10"/>
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        <balance>2495000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2414152.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Long Island Power Authority</name>
        <lei>1R46U5SYJ63KQXF39168</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kentucky State Property &amp; Building Commission</name>
        <lei>N/A</lei>
        <title>Kentucky State Property &amp; Building Commission, Series A</title>
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          <isin value="US49151F4R82"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Detroit Downtown Development Authority</name>
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      <invstOrSec>
        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
        <title>Metropolitan Pier &amp; Exposition Authority, Series 2024 A</title>
        <cusip>592250FW9</cusip>
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          <isin value="US592250FW91"/>
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        <valUSD>1597246.25000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cook County School District No. 87 Berkeley</name>
        <lei>N/A</lei>
        <title>Cook County School District No. 87, Series 2021</title>
        <cusip>214165LW0</cusip>
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          <isin value="US214165LW07"/>
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        <curCd>USD</curCd>
        <valUSD>1052132.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Quincy MA</name>
        <lei>N/A</lei>
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        <cusip>748508Y69</cusip>
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          <isin value="US748508Y691"/>
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        <valUSD>1006388.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-25</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, Series 2010 A</title>
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          <isin value="US45505RBN44"/>
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        <curCd>USD</curCd>
        <valUSD>1999595.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.85000175</annualizedRt>
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      <invstOrSec>
        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>Triborough Bridge &amp; Tunnel Authority, Series 2025 A</title>
        <cusip>89602HHY6</cusip>
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          <isin value="US89602HHY62"/>
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        <valUSD>1580630.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Bristol</name>
        <lei>N/A</lei>
        <title>City of Bristol VA, Series 2023</title>
        <cusip>110331QS7</cusip>
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          <isin value="US110331QS72"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1007562.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chicago Midway International Airport</name>
        <lei>N/A</lei>
        <title>Chicago Midway International Airport, Series 2023 B</title>
        <cusip>167562SK4</cusip>
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          <isin value="US167562SK45"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1016167.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>Washington State Housing Finance Commission, Series 2023</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
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      <invstOrSec>
        <name>Virginia Housing Development Authority</name>
        <lei>549300LW3QBOVLQBP895</lei>
        <title>Virginia Housing Development Authority, Series 2023 E</title>
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          <maturityDt>2027-10-01</maturityDt>
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          <annualizedRt>4.10000000</annualizedRt>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority, Series 2003 A</title>
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          <maturityDt>2038-11-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>Indiana Housing &amp; Community Development Authority</name>
        <lei>549300QRKDYVNHT1OE86</lei>
        <title>Indiana Housing &amp; Community Development Authority, Series 2023</title>
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          <isin value="US45506CBL00"/>
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          <maturityDt>2028-09-01</maturityDt>
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        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority, Series 2021</title>
        <cusip>46246YAB8</cusip>
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          <isin value="US46246YAB83"/>
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          <maturityDt>2042-01-01</maturityDt>
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        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority, Series 2024 A-1</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
        <title>Metropolitan Pier &amp; Exposition Authority, Series 2023 A</title>
        <cusip>592250FH2</cusip>
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          <isin value="US592250FH25"/>
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        <valUSD>1041541.30000000</valUSD>
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      <invstOrSec>
        <name>Development Authority of Monroe County (The)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Hampshire Health and Education Facilities Authority Act</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Colorado Housing and Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission Registration Fee Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BlackRock Liquidity Funds - MuniCash</name>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Bergen County Improvement Authority (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Main Street Natural Gas, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Wisconsin Hospitals &amp; Clinics</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Municipal Gas Acquisition and Supply Corp. II</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Trinity River Authority Central Regional Wastewater System Revenue</name>
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        <name>Development Authority of Burke County (The)</name>
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        <name>State of Connecticut Special Tax Revenue</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>
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        <name>Illinois Finance Authority</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
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        <name>Development Authority of Burke County (The)</name>
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        <name>State of Hawaii</name>
        <lei>N/A</lei>
        <title>State of Hawaii HI, Series FG</title>
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          <isin value="US419792LM62"/>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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          <isin value="US709224QL60"/>
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        <valUSD>1017968.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cypress-Fairbanks Independent School District</name>
        <lei>N/A</lei>
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          <isin value="US232769MQ97"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <cusip>74439YFK2</cusip>
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          <isin value="US74439YFK29"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
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      <invstOrSec>
        <name>Clairton Municipal Authority</name>
        <lei>N/A</lei>
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          <isin value="US179630DD77"/>
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        <valUSD>1515463.15000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2025 A</title>
        <cusip>74439YFH9</cusip>
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          <isin value="US74439YFH99"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>508311.61000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Puget Sound Regional Transit Authority</name>
        <lei>N/A</lei>
        <title>Central Puget Sound Regional Transit Authority, Series 2016 S-1</title>
        <cusip>155048DC2</cusip>
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          <isin value="US155048DC25"/>
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        <balance>2580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2654764.27000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>Main Street Natural Gas, Inc., Series 2025 A</title>
        <cusip>56035DJT0</cusip>
        <identifiers>
          <isin value="US56035DJT00"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1053585.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hudson County Improvement Authority</name>
        <lei>N/A</lei>
        <title>Hudson County Improvement Authority, Series 2024 B-1</title>
        <cusip>443728GJ3</cusip>
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          <isin value="US443728GJ30"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1004101.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Series 2011</title>
        <cusip>708692BF4</cusip>
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          <isin value="US708692BF45"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1001422.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Pennsylvania</name>
        <lei>N/A</lei>
        <title>Commonwealth of Pennsylvania, Series 2016</title>
        <cusip>70914PE57</cusip>
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          <isin value="US70914PE577"/>
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        <balance>1260000.00000000</balance>
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        <valUSD>1295624.74000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Casino Reinvestment Development Authority, Inc.</name>
        <lei>N/A</lei>
        <title>Casino Reinvestment Development Authority, Inc., Series 2024 A</title>
        <cusip>14760RBE0</cusip>
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          <isin value="US14760RBE09"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1091345.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2019</title>
        <cusip>13050RAA0</cusip>
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          <isin value="US13050RAA05"/>
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        <balance>2330000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York State Housing Finance Agency</name>
        <lei>5493000LS7KCDB02O506</lei>
        <title>New York State Housing Finance Agency, Series 2014 A</title>
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          <isin value="US64987JY622"/>
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          <maturityDt>2042-05-01</maturityDt>
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          <annualizedRt>3.57000000</annualizedRt>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
        <title>California State Public Works Board, Series 2023 C</title>
        <cusip>13068XHB8</cusip>
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          <isin value="US13068XHB82"/>
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          <annualizedRt>5.00000000</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 242</title>
        <cusip>73358XJV5</cusip>
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          <isin value="US73358XJV55"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1562135.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of Kentucky</name>
        <lei>549300CXE3YQ1HXYCQ71</lei>
        <title>University of Kentucky, Series 2014 D</title>
        <cusip>914378GQ1</cusip>
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          <isin value="US914378GQ18"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1599735.84000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>603695JQ1</cusip>
        <identifiers>
          <isin value="US603695JQ10"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1350236.38000000</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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        <name>Board of Governors of Colorado State University System</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-03-01</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>School District of Philadelphia (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Finance Authority</name>
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      <invstOrSec>
        <name>Hawaii Housing Finance &amp; Development Corp.</name>
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          <isin value="US41981PCG46"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>3.30000000</annualizedRt>
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        <name>New York State Dormitory Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Grand River Dam Authority</name>
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          <isin value="US386442WP87"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>E-470 Public Highway Authority</name>
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        <valUSD>1973237.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New Jersey Turnpike Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-01</maturityDt>
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        <name>Texas Water Development Board</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Dallas Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Development Authority of Burke County (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-01</maturityDt>
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        <name>Sales Tax Securitization Corp.</name>
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          <isin value="US79467BCR42"/>
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        <name>Philadelphia Gas Works Co.</name>
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        <name>DuPage County Forest Preserve District</name>
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        <name>County of Broward FL Airport System Revenue</name>
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        <name>New York State Housing Finance Agency</name>
        <lei>5493000LS7KCDB02O506</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-15</maturityDt>
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        <name>Metropolitan District (The)</name>
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        <name>State of Alaska International Airports System</name>
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        <name>University of Illinois</name>
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          <isin value="US914353N297"/>
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          <maturityDt>2029-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>El Paso County Hospital District</name>
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        <name>Massachusetts Educational Financing Authority</name>
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      <invstOrSec>
        <name>California State Public Works Board</name>
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        <name>North Texas Tollway Authority</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <isin value="US64971XKS61"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>City of Minneapolis MN</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Wisconsin Housing &amp; Economic Development Authority Housing Revenue</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>City of San Antonio</name>
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        <name>Clifton Higher Education Finance Corp.</name>
        <lei>N/A</lei>
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        <name>New Mexico Mortgage Finance Authority</name>
        <lei>N/A</lei>
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        <name>Industrial Development Board of the City of Mobile Alabama</name>
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        <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>0.189151309565</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>Oklahoma Development Finance Authority</name>
        <lei>549300PXGPHUWC32DJ91</lei>
        <title>Oklahoma Development Finance Authority, Series 2016 D</title>
        <cusip>67884FQ41</cusip>
        <identifiers>
          <isin value="US67884FQ416"/>
        </identifiers>
        <balance>2335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2344945.70000000</valUSD>
        <pctVal>0.811446335295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</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>
