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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Energy Research &amp; Development Authority</name>
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          <isin value="US649845JB19"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
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          <isin value="US20774Y3P05"/>
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        <curCd>USD</curCd>
        <valUSD>1020796.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Mississippi Business Finance Corp.</name>
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        <cusip>60528AAT1</cusip>
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          <isin value="US60528AAT16"/>
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        <curCd>USD</curCd>
        <valUSD>3500000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.65000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
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          <isin value="US64972KLH67"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1007101.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>Missouri Joint Municipal Electric Utility Commission</name>
        <lei>N/A</lei>
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        <cusip>606092LT9</cusip>
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          <isin value="US606092LT98"/>
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        <curCd>USD</curCd>
        <valUSD>1358311.73000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Illinois</name>
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          <isin value="US452152Q203"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Colorado Educational &amp; Cultural Facilities Authority</name>
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        <cusip>19645R5V9</cusip>
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          <isin value="US19645R5V95"/>
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        <balance>2055000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2072695.61000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Series 2024 A</title>
        <cusip>34061XAG7</cusip>
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          <isin value="US34061XAG79"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1993722.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>City of Cleveland OH Airport System Revenue</name>
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          <isin value="US186352TQ34"/>
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        <balance>600000.00000000</balance>
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        <valUSD>650253.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of New York NY</name>
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        <valUSD>500000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.99999850</annualizedRt>
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        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
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        <valUSD>1994934.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2064-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <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>
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          <isin value="US414009JU58"/>
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          <maturityDt>2028-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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          <isin value="US65000B8A92"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Washington State University</name>
        <lei>N/A</lei>
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        <cusip>940094FL4</cusip>
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          <isin value="US940094FL46"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Parish of St John the Baptist LA</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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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>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>Triborough Bridge &amp; Tunnel Authority, Series 2025 A</title>
        <cusip>896032AD1</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of New York NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York NY, Series 2015 F-6</title>
        <cusip>64966LU25</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.99999850</annualizedRt>
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      <invstOrSec>
        <name>Port of Seattle</name>
        <lei>549300T9UCDUJ3GZL429</lei>
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        <name>Municipal Electric Authority of Georgia</name>
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        <name>Saginaw Valley State University</name>
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        <name>Development Authority of Monroe County (The)</name>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JDD54"/>
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          <maturityDt>2054-10-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Main Street Natural Gas, Inc.</name>
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          <isin value="US56035DJS27"/>
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          <maturityDt>2029-06-01</maturityDt>
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        <name>West Virginia Economic Development Authority</name>
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          <maturityDt>2055-04-15</maturityDt>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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          <maturityDt>2031-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Chicago</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <cusip>167486F87</cusip>
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          <isin value="US167486F873"/>
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        <balance>2000000.00000000</balance>
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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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        <name>State of Illinois Sales Tax Revenue</name>
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        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Series 2025 B</title>
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          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
        <lei>N/A</lei>
        <title>Shelby County Health Educational &amp; Housing Facilities Board, Series 2024 B</title>
        <cusip>821691AC6</cusip>
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          <isin value="US821691AC66"/>
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          <maturityDt>2049-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Whiting</name>
        <lei>N/A</lei>
        <title>City of Whiting IN, Series 2019 A</title>
        <cusip>96634RAU6</cusip>
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          <isin value="US96634RAU68"/>
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        <balance>2500000.00000000</balance>
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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>
        <title>Wayne County Airport Authority, Series F</title>
        <cusip>944514TH1</cusip>
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          <isin value="US944514TH16"/>
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        <balance>2500000.00000000</balance>
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        <name>New Caney Independent School District</name>
        <lei>N/A</lei>
        <title>New Caney Independent School District, Series 2018</title>
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        <balance>600000.00000000</balance>
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          <maturityDt>2050-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Lambertson Farms Metropolitan District No. 1</name>
        <lei>N/A</lei>
        <title>Lambertson Farms Metropolitan District No. 1, Series 2024 A</title>
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          <isin value="US513305AH54"/>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority, Series 2020 E</title>
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          <isin value="US59261AJ579"/>
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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>2029-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Lone Tree CO</name>
        <lei>N/A</lei>
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        <cusip>542341AC6</cusip>
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          <isin value="US542341AC62"/>
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        <curCd>USD</curCd>
        <valUSD>1127888.11000000</valUSD>
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        <invCountry>US</invCountry>
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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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      <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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          <isin value="US402207AD61"/>
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        <valUSD>3300000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.95000080</annualizedRt>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>Main Street Natural Gas, Inc., Series 2023 D</title>
        <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>
        <valUSD>1578739.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Municipal Power Agency No. 1</name>
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        <cusip>658203X25</cusip>
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          <isin value="US658203X251"/>
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        <curCd>USD</curCd>
        <valUSD>535291.20000000</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>Colorado Housing and Finance Authority</name>
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        <title>Colorado Housing and Finance Authority, Series 2025 F-2</title>
        <cusip>19648GE99</cusip>
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          <isin value="US19648GE996"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2016897.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</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>946478.37000000</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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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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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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        <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>Detroit Downtown Development Authority</name>
        <lei>549300WO3NSMP6FECO66</lei>
        <title>Detroit Downtown Development Authority, Series 2024</title>
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          <isin value="US251135HD47"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1059305.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
        <lei>549300FCT1PN0GJGQ240</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-01</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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Connecticut State Higher Education Supplement Loan Authority</name>
        <lei>N/A</lei>
        <title>Connecticut State Higher Education Supplement Loan Authority, Series 2025 B-2</title>
        <cusip>207743YR0</cusip>
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          <isin value="US207743YR04"/>
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        <balance>750000.00000000</balance>
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        <valUSD>755951.85000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Chandler Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US158862CD22"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2037-12-01</maturityDt>
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          <annualizedRt>4.10000000</annualizedRt>
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        <name>New Jersey Higher Education Student Assistance Authority</name>
        <lei>5493007OOYUHTF8GSL63</lei>
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        <cusip>646080YQ8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
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        <cusip>1675937Q9</cusip>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-01-01</maturityDt>
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          <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>
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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 Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>New York City Municipal Water Finance Authority, Series AA-6</title>
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        <balance>1500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.95000080</annualizedRt>
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        <lei>549300XR20ZR5DHL9534</lei>
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          <isin value="US64971PKB03"/>
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      <invstOrSec>
        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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          <isin value="US8371515Z85"/>
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        <valUSD>1336600.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
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          <isin value="US46246K5E87"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.89999945</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Michigan State Building Authority</name>
        <lei>N/A</lei>
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        <cusip>594615FM3</cusip>
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          <isin value="US594615FM32"/>
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        <balance>2870000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2938517.81000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Providence St Joseph Health Obligated Group</name>
        <lei>N/A</lei>
        <title>Providence St Joseph Health Obligated Group</title>
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          <isin value="US743820AG70"/>
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        <curCd>USD</curCd>
        <valUSD>2544207.30000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.36900000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <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>2708425.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
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      <invstOrSec>
        <name>Ohio Water Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US67766WQ212"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Detroit City School District</name>
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          <isin value="US251129ZY14"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-06-01</maturityDt>
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        <name>Illinois Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-15</maturityDt>
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        <name>County of Montgomery OH</name>
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        <name>New York State Dormitory Authority</name>
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          <maturityDt>2031-10-01</maturityDt>
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        <name>University of Michigan</name>
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          <maturityDt>2033-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Gainesville FL Utilities System Revenue</name>
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          <isin value="US362848RR67"/>
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          <maturityDt>2042-10-01</maturityDt>
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        <name>State Public School Building Authority</name>
        <lei>5493006JN0UR7OGWTO86</lei>
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          <isin value="US709207DH47"/>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Massachusetts Port Authority</name>
        <lei>254900JRR8IDSSKWCL90</lei>
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        <invCountry>US</invCountry>
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        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Colorado Science and Technology Park Metropolitan District No. 1</name>
        <lei>N/A</lei>
        <title>Colorado Science and Technology Park Metropolitan District No. 1, Series 2024 A</title>
        <cusip>19658CAG3</cusip>
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          <isin value="US19658CAG33"/>
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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>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Northside Independent School District</name>
        <lei>N/A</lei>
        <title>Northside Independent School District, Series 2020</title>
        <cusip>66702RR79</cusip>
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          <isin value="US66702RR794"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2520771.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>University of Colorado Hospital Authority</name>
        <lei>GQ60RLZ5ZEBY2J9KLI75</lei>
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        <cusip>914183BX5</cusip>
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          <isin value="US914183BX50"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2228386.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Warner Robins Housing Authority Resident Council Corp.</name>
        <lei>N/A</lei>
        <title>Warner Robins Housing Authority Resident Council Corp., Series 2024</title>
        <cusip>934604AM1</cusip>
        <identifiers>
          <isin value="US934604AM12"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1047584.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Western Michigan University</name>
        <lei>N/A</lei>
        <title>Western Michigan University, Series 2025 A</title>
        <cusip>958638ZV3</cusip>
        <identifiers>
          <isin value="US958638ZV37"/>
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        <balance>2450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2689272.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <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>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series A-3</title>
        <cusip>74445MAG4</cusip>
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          <isin value="US74445MAG42"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000261.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.10000120</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Allegheny County Hospital Development Authority</name>
        <lei>54930046B973R604OG22</lei>
        <title>Allegheny County Hospital Development Authority, Series 2017 D-2</title>
        <cusip>01728A5V4</cusip>
        <identifiers>
          <isin value="US01728A5V46"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1977669.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.61999920</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority, Series 2020 D</title>
        <cusip>645780FR3</cusip>
        <identifiers>
          <isin value="US645780FR36"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1839709.60000000</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>2029-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Hamilton OH</name>
        <lei>549300NCXYTNZWHRP508</lei>
        <title>City of Hamilton OH, Series 2024</title>
        <cusip>407756P82</cusip>
        <identifiers>
          <isin value="US407756P829"/>
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        <balance>835000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>837824.72000000</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>2025-12-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
        <title>Dallas Fort Worth International Airport, Series 2023 B</title>
        <cusip>23503CCK1</cusip>
        <identifiers>
          <isin value="US23503CCK18"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1257360.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Energy Northwest</name>
        <lei>N/A</lei>
        <title>Energy Northwest, Series 2020A</title>
        <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>
        <valUSD>1143538.24000000</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>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>
        <title>Colorado Health Facilities Authority, Series A-1</title>
        <cusip>19648FXD1</cusip>
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          <isin value="US19648FXD13"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2117774.40000000</valUSD>
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        <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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        <name>Colorado Science and Technology Park Metropolitan District No. 1</name>
        <lei>N/A</lei>
        <title>Colorado Science and Technology Park Metropolitan District No. 1, Series 2024 A</title>
        <cusip>19658CAH1</cusip>
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          <isin value="US19658CAH16"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>421768.04000000</valUSD>
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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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      <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>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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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>
        <identifiers>
          <isin value="US605155BQ24"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1750471.63000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-01</maturityDt>
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      <invstOrSec>
        <name>Fort Bend Independent School District</name>
        <lei>N/A</lei>
        <title>Fort Bend Independent School District, Series 2025 B</title>
        <cusip>346843WS0</cusip>
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          <isin value="US346843WS00"/>
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        <balance>1850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1878170.69000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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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>
        <identifiers>
          <isin value="US09182TCR68"/>
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        <balance>2450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2585007.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York State Housing Finance Agency</name>
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          <isin value="US649870PG14"/>
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      <invstOrSec>
        <name>E-470 Public Highway Authority</name>
        <lei>549300164ZV2301BC703</lei>
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      <invstOrSec>
        <name>Ohio Higher Educational Facility Commission</name>
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        <name>County of Hamilton OH</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-15</maturityDt>
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          <annualizedRt>4.04999985</annualizedRt>
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        <name>Illinois Finance Authority</name>
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          <isin value="US45204EES37"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Leander Independent School District</name>
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      <invstOrSec>
        <name>Wisconsin Housing &amp; Economic Development Authority Housing Revenue</name>
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          <isin value="US9769044P40"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-01</maturityDt>
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      <invstOrSec>
        <name>New Jersey Educational Facilities Authority</name>
        <lei>549300UTOO4X537XXG70</lei>
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          <isin value="US646067KD94"/>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority Dedicated Tax Fund</name>
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          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>State of Maryland</name>
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          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Long Island Power Authority</name>
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        <name>Kentucky State Property &amp; Building Commission</name>
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      <invstOrSec>
        <name>Chandler Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US158862CE05"/>
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          <maturityDt>2049-06-01</maturityDt>
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        <name>Detroit Downtown Development Authority</name>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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        <name>Cook County School District No. 87 Berkeley</name>
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          <maturityDt>2027-12-01</maturityDt>
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        <name>City of Quincy MA</name>
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        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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          <maturityDt>2028-05-01</maturityDt>
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      <invstOrSec>
        <name>Triborough Bridge &amp; Tunnel Authority</name>
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          <isin value="US89602HHY62"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <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>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chicago Midway International Airport</name>
        <lei>N/A</lei>
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          <isin value="US167562SK45"/>
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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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      <invstOrSec>
        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
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          <isin value="US64966TGV08"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
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          <isin value="US93978PPU56"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Housing Development Authority</name>
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        <cusip>92812WLB8</cusip>
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          <isin value="US92812WLB80"/>
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        <curCd>USD</curCd>
        <valUSD>2001134.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>
        <cusip>130536LT0</cusip>
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          <isin value="US130536LT02"/>
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        <valUSD>1016070.70000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Indiana Housing &amp; Community Development Authority</name>
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          <isin value="US45506CBL00"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
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          <annualizedRt>4.10000000</annualizedRt>
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        <name>Iowa Finance Authority</name>
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        <title>Iowa Finance Authority, Series 2021</title>
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          <isin value="US46246YAB83"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-21</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
        <title>University of North Carolina at Chapel Hill, Series 2012 B</title>
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          <isin value="US914713U750"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.92399820</annualizedRt>
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        <name>Development Authority of Monroe County (The)</name>
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          <maturityDt>2048-11-01</maturityDt>
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        <name>Bergen County Improvement Authority (The)</name>
        <lei>549300GA3U8F8Z1HOS09</lei>
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        <cusip>083773EC1</cusip>
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          <isin value="US083773EC11"/>
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        <fairValLevel>2</fairValLevel>
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        <name>New Hampshire Health and Education Facilities Authority Act</name>
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        <name>Colorado Housing and Finance Authority</name>
        <lei>5493005GIROYQAWBMC18</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Pennsylvania Turnpike Commission Registration Fee Revenue</name>
        <lei>N/A</lei>
        <title>Pennsylvania Turnpike Commission Registration Fee, Series 2023</title>
        <cusip>709222DS9</cusip>
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          <isin value="US709222DS94"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1996597.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.76999960</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity Funds - MuniCash</name>
        <lei>549300RWBJ885673DL84</lei>
        <title>BlackRock Liquidity Funds - MuniCash</title>
        <cusip>09248U841</cusip>
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          <other otherDesc="Inhouse Asset ID" value="091998724"/>
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        <balance>2146660.46000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2146875.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bergen County Improvement Authority (The)</name>
        <lei>549300GA3U8F8Z1HOS09</lei>
        <title>Bergen County Improvement Authority (The), Series 2024</title>
        <cusip>083773EB3</cusip>
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          <isin value="US083773EB38"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1002723.80000000</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>2025-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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 2021 A</title>
        <cusip>56035DDH2</cusip>
        <identifiers>
          <isin value="US56035DDH26"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2524022.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Texas</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>State of Texas, Series 2015</title>
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          <isin value="US882723F618"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2503249.75000000</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>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of Wisconsin Hospitals &amp; Clinics</name>
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          <isin value="US915260FU29"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2181777.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition and Supply Corp. II</name>
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          <isin value="US88255QBH11"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.71279825</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trinity River Authority Central Regional Wastewater System Revenue</name>
        <lei>N/A</lei>
        <title>Trinity River Authority, Series 2017</title>
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          <isin value="US89658HVD96"/>
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        <balance>2835000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Development Authority of Burke County (The)</name>
        <lei>N/A</lei>
        <title>Development Authority of Burke County (The), Series 2012-2</title>
        <cusip>121342QN2</cusip>
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          <isin value="US121342QN22"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Connecticut Special Tax Revenue</name>
        <lei>N/A</lei>
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          <isin value="US207758N418"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
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          <isin value="US45203EAG44"/>
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        <balance>1500000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority, Series 2025 D-1</title>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2064-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
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        <cusip>87638THP1</cusip>
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        <invCountry>US</invCountry>
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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 Burke County (The)</name>
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          <maturityDt>2049-07-01</maturityDt>
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          <annualizedRt>3.95000080</annualizedRt>
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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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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission, Series 2016 B</title>
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        <valUSD>1017250.50000000</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>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>
        <title>Cypress-Fairbanks Independent School District, Series 2023 A</title>
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          <isin value="US232769MQ97"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>Public Finance Authority</name>
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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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      <invstOrSec>
        <name>Public Finance Authority</name>
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          <isin value="US74439YFH99"/>
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      <invstOrSec>
        <name>Central Puget Sound Regional Transit Authority</name>
        <lei>N/A</lei>
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          <isin value="US155048DC25"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of Delaware</name>
        <lei>KPIOJCFMR70NWLS6O145</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Main Street Natural Gas, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series A-2</title>
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          <isin value="US74445MAF68"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
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          <annualizedRt>4.10000120</annualizedRt>
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        <name>Hudson County Improvement Authority</name>
        <lei>N/A</lei>
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          <isin value="US443728GJ30"/>
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          <maturityDt>2025-07-11</maturityDt>
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      <invstOrSec>
        <name>Virgin Islands Transportation &amp; Infrastructure Corp.</name>
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          <isin value="US927686AE58"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>VI</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Commonwealth of Pennsylvania</name>
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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="US14760RBE09"/>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>New York State Housing Finance Agency</name>
        <lei>5493000LS7KCDB02O506</lei>
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        <name>California State Public Works Board</name>
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        <title>California State Public Works Board, Series 2023 C</title>
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        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
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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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        <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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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
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          <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>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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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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        <name>School District of Philadelphia (The)</name>
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        <name>City of Philadelphia PA</name>
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          <maturityDt>2030-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
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        <name>Hawaii Housing Finance &amp; Development Corp.</name>
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        <name>New York State Dormitory Authority</name>
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          <isin value="US64990FFZ27"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <cusip>20775DZS4</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Grand River Dam Authority</name>
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        <name>E-470 Public Highway Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Jersey Turnpike Authority</name>
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        <name>Texas Water Development Board</name>
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        <name>Dallas Independent School District</name>
        <lei>N/A</lei>
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        <name>Development Authority of Burke County (The)</name>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Philadelphia Gas Works Co.</name>
        <lei>549300H8UJ7V5WU5IA90</lei>
        <title>Philadelphia Gas Works Co., Series 14</title>
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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>
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        <name>Metropolitan District (The)</name>
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        <name>New York City Municipal Water Finance Authority</name>
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          <isin value="US64972GC857"/>
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          <maturityDt>2053-06-15</maturityDt>
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        <name>State of Alaska International Airports System</name>
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          <isin value="US011842UW98"/>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Illinois</name>
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        <title>University of Illinois, Series 2016 A</title>
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          <isin value="US914353N297"/>
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        <fairValLevel>2</fairValLevel>
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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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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Massachusetts Educational Financing Authority</name>
        <lei>5493007K5OP7V6CL0Y88</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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        <name>Oklahoma County Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-01</maturityDt>
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        <name>California State Public Works Board</name>
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          <maturityDt>2026-04-01</maturityDt>
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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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          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>University of Delaware</name>
        <lei>KPIOJCFMR70NWLS6O145</lei>
        <title>University of Delaware, Series 2013 C</title>
        <cusip>91425MDV6</cusip>
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          <isin value="US91425MDV63"/>
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          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Missouri State Environmental Improvement &amp; Energy Resources Authority</name>
        <lei>N/A</lei>
        <title>Missouri State Environmental Improvement &amp; Energy Resources Authority, Series 2008</title>
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          <isin value="US606907BK86"/>
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        <name>Oregon State Lottery</name>
        <lei>N/A</lei>
        <title>Oregon State Lottery, Series 2025 A</title>
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          <isin value="US68607V6C40"/>
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        <name>City of Minneapolis MN</name>
        <lei>N/A</lei>
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          <maturityDt>2028-08-15</maturityDt>
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        <name>State of Connecticut</name>
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      <invstOrSec>
        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Industrial Development Board of the City of Mobile Alabama</name>
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        <name>County Square Redevelopment Corp.</name>
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        <name>Oklahoma Development Finance Authority</name>
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        <invCountry>US</invCountry>
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    <signature>
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      <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>
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  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
