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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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          <isin value="US19648FG571"/>
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        <curCd>USD</curCd>
        <valUSD>1099922.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Connecticut Housing Finance Authority</name>
        <lei>5493003DXX0NRJKSH186</lei>
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          <isin value="US20775JGW36"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5000040.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.11999840</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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          <isin value="US57585BGT98"/>
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        <balance>2190000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2440536.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
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          <isin value="US23503CDH79"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1284837.38000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <cusip>254764JQ7</cusip>
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          <isin value="US254764JQ75"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000772.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Energy Research &amp; Development Authority</name>
        <lei>N/A</lei>
        <title>New York State Energy Research &amp; Development Authority, Series 2004 B</title>
        <cusip>649845JB1</cusip>
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          <isin value="US649845JB19"/>
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        <curCd>USD</curCd>
        <valUSD>1093664.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <title>Connecticut State Health &amp; Educational Facilities Authority, Series S</title>
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          <isin value="US20774Y3P05"/>
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        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Pitkin CO Solid Waste Center Enterprise Revenue</name>
        <lei>N/A</lei>
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        <cusip>724400AF3</cusip>
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          <isin value="US724400AF38"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114465.46000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Mississippi Business Finance Corp.</name>
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        <title>Mississippi Business Finance Corp., Series 2007 B</title>
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        <identifiers>
          <isin value="US60528AAT16"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3500000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000070</annualizedRt>
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      <invstOrSec>
        <name>Oklahoma County Independent School District No. 12</name>
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          <isin value="US678739XF56"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2028852.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
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        <valUSD>1012855.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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        <name>Oklahoma Municipal Power Authority</name>
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          <isin value="US67910HSJ04"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Larimer</name>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>3.95000000</annualizedRt>
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        <name>State of Illinois</name>
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          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2024 B</title>
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          <isin value="US13013JEA07"/>
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        <name>Park Creek Metropolitan District</name>
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          <isin value="US700385BT30"/>
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          <maturityDt>2031-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Series 2025 A</title>
        <cusip>34061XAH5</cusip>
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          <isin value="US34061XAH52"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <name>Florida Development Finance Corp.</name>
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        <name>Hutto Independent School District</name>
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        <name>New York City Housing Development Corp.</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>Washington State University</name>
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        <name>New York City Housing Development Corp.</name>
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        <name>Dickinson Independent School District</name>
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      <invstOrSec>
        <name>Argyle Independent School District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>City of New York</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.90000165</annualizedRt>
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      <invstOrSec>
        <name>Port of Seattle</name>
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          <isin value="US735389WK02"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Navarro Independent School District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Pennsylvania Turnpike Commission</name>
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          <isin value="US709225RR96"/>
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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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        <name>Illinois Finance Authority</name>
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          <isin value="US45204E2L19"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>City of Sterling</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Los Angeles CA</name>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-24</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New Jersey Housing &amp; Mortgage Finance Agency</name>
        <lei>5493002ONULJL0FIGU24</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>Saginaw Valley State University</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Development Authority of Monroe County (The)</name>
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        <title>Development Authority of Monroe County (The), Series 2013 A</title>
        <cusip>610530FE2</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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        <cusip>13013JDD5</cusip>
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          <isin value="US13013JDD54"/>
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        <balance>990000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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          <isin value="US56035DJS27"/>
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        <balance>500000.00000000</balance>
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        <valUSD>522247.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>West Virginia Economic Development Authority</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>West Virginia Economic Development Authority, Series 2025</title>
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          <maturityDt>2055-04-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <name>City of Chicago</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>City of Chicago, Series 2020 A</title>
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          <isin value="US167486F873"/>
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        <valUSD>2012326.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Casino Reinvestment Development Authority, Inc.</name>
        <lei>N/A</lei>
        <title>Casino Reinvestment Development Authority, Inc., Series 2024 A</title>
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          <isin value="US14760RBD26"/>
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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>2030-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Lawrence Community Schools Building Corp.</name>
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          <isin value="US66042REX52"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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        <cusip>13013JHZ2</cusip>
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          <isin value="US13013JHZ21"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048RAN70"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.87500000</annualizedRt>
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        <name>Denton Independent School District</name>
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          <isin value="US249002NL68"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Snohomish County Housing Authority</name>
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          <isin value="US83309AGK16"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <isin value="US64972JYW25"/>
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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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      <invstOrSec>
        <name>Alaska Housing Finance Corp.</name>
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          <isin value="US011839U474"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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      <invstOrSec>
        <name>State of Illinois Sales Tax Revenue</name>
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        <cusip>452227SC6</cusip>
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          <isin value="US452227SC63"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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          <isin value="US65821DZV62"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2139276.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <title>Shelby County Health Educational &amp; Housing Facilities Board, Series 2024 B</title>
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          <isin value="US821691AC66"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Series 2019 B-2</title>
        <cusip>708692BV9</cusip>
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          <isin value="US708692BV94"/>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.25000015</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
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        <name>PEFA, Inc.</name>
        <lei>549300RSE249DJNRHY07</lei>
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          <isin value="US70556CAE49"/>
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          <maturityDt>2029-04-01</maturityDt>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
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        <title>California Pollution Control Financing Authority, Series 2017 A-1</title>
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          <maturityDt>2042-11-01</maturityDt>
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        <name>South Dakota Health &amp; Educational Facilities Authority</name>
        <lei>549300ZW6LKR8UI2C378</lei>
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          <maturityDt>2051-11-01</maturityDt>
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        <name>New Caney Independent School District</name>
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        <name>Lambertson Farms Metropolitan District No. 1</name>
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        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority, Series 2020 E</title>
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        <balance>2500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Lone Tree</name>
        <lei>N/A</lei>
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          <isin value="US542341AC62"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
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      <invstOrSec>
        <name>Development Authority of Monroe County (The)</name>
        <lei>N/A</lei>
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          <isin value="US610530GD38"/>
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        <valUSD>991281.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern California Public Power Authority</name>
        <lei>5493003B5TD5FWUKMD34</lei>
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        <cusip>84247PPF2</cusip>
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          <isin value="US84247PPF26"/>
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        <balance>2175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2321934.08000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kentucky Bond Development Corp.</name>
        <lei>N/A</lei>
        <title>Kentucky Bond Development Corp., Series 2026 A</title>
        <cusip>49121EAE0</cusip>
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          <isin value="US49121EAE05"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>546522.55000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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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        <cusip>207758WB5</cusip>
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          <isin value="US207758WB55"/>
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        <balance>1960000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1963902.36000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes</title>
        <cusip>91282CNM9</cusip>
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          <isin value="US91282CNM90"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2983007.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87500000</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 2023 D</title>
        <cusip>56035DFT4</cusip>
        <identifiers>
          <isin value="US56035DFT46"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1586612.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>E-470 Public Highway Authority</name>
        <lei>549300164ZV2301BC703</lei>
        <title>E-470 Public Highway Authority, Series 2026 B</title>
        <cusip>26822LND2</cusip>
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          <isin value="US26822LND28"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1249124.75000000</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>2039-09-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>North Carolina Municipal Power Agency No. 1</name>
        <lei>549300N3Q65G1ODRFX75</lei>
        <title>North Carolina Municipal Power Agency No. 1, Series A</title>
        <cusip>658203X25</cusip>
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          <isin value="US658203X251"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>530000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>West Virginia Economic Development Authority</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>West Virginia Economic Development Authority, Series 2011 A</title>
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          <isin value="US95648VBY48"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2515729.50000000</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>2041-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <name>Colorado Housing and Finance Authority</name>
        <lei>5493005GIROYQAWBMC18</lei>
        <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>2034646.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2026-1, Class A</title>
        <cusip>74449GAA6</cusip>
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          <isin value="US74449GAA67"/>
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        <balance>3750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3755661.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2068-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.57540130</annualizedRt>
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        <name>New York State Energy Research &amp; Development Authority</name>
        <lei>N/A</lei>
        <title>New York State Energy Research &amp; Development Authority, Series 2026 A</title>
        <cusip>64985VBR6</cusip>
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          <isin value="US64985VBR69"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1004815.10000000</valUSD>
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          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.04900000</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 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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        <invCountry>US</invCountry>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Hillsborough County Housing Finance Authority</name>
        <lei>5493003JJ1KK4FWWU787</lei>
        <title>Hillsborough County Housing Finance Authority, Series 2026</title>
        <cusip>43232EDJ5</cusip>
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          <isin value="US43232EDJ55"/>
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        <balance>1950000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.90000160</annualizedRt>
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        <name>Trustees of Dartmouth College</name>
        <lei>JVPL1XBV6YI9538FWQ05</lei>
        <title>Trustees of Dartmouth College</title>
        <cusip>89837RAE2</cusip>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>993661.98000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.27300000</annualizedRt>
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      <invstOrSec>
        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>Connecticut State Health &amp; Educational Facilities Authority, Series 2024 A</title>
        <cusip>20775DYC0</cusip>
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          <isin value="US20775DYC00"/>
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        <balance>875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>875000.00000000</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>Detroit Downtown Development Authority</name>
        <lei>549300WO3NSMP6FECO66</lei>
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          <isin value="US251135HD47"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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          <isin value="US19648FB606"/>
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        <balance>1375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1506311.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Park Creek Metropolitan District</name>
        <lei>N/A</lei>
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          <isin value="US700385BS56"/>
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        <curCd>USD</curCd>
        <valUSD>408498.15000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Louisiana Gasoline &amp; Fuels Tax Revenue</name>
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          <isin value="US546475VV30"/>
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        <curCd>USD</curCd>
        <valUSD>2685000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.90000165</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>North Carolina Turnpike Authority</name>
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          <isin value="US65830RBH12"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Series 2026 A</title>
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          <isin value="US09182THN00"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of California College of the Law San Francisco</name>
        <lei>N/A</lei>
        <title>University of California, Series 2026</title>
        <cusip>194248AC4</cusip>
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          <isin value="US194248AC41"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>223471.24000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.26600000</annualizedRt>
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        <name>Development Authority of Monroe County (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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        <name>Industrial Development Board of the City of Mobile Alabama</name>
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        <cusip>607167DW0</cusip>
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        <valUSD>6750225.45000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lawton Industrial Development Authority</name>
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        <name>Black Belt Energy Gas District</name>
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          <maturityDt>2034-12-01</maturityDt>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <name>City of New Haven</name>
        <lei>549300U4OHEAZ124LQ06</lei>
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        <name>Indiana Secondary Market for Education Loans, Inc.</name>
        <lei>549300M19IK303TD4597</lei>
        <title>Indiana Secondary Market for Education Loans, Inc., Series 2025 1-A</title>
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        <name>Jacksonville Housing Finance Authority</name>
        <lei>N/A</lei>
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        <name>Chandler Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Chandler Industrial Development Authority, Series 2007</title>
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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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        <balance>2000000.00000000</balance>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
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          <isin value="US1675937Q95"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <isin value="US64972JE956"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.33000000</annualizedRt>
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      <invstOrSec>
        <name>City of Sterling</name>
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          <isin value="US859332KH07"/>
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        <curCd>USD</curCd>
        <valUSD>544915.16000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Prosper Independent School District</name>
        <lei>N/A</lei>
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          <isin value="US7436006C72"/>
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        <curCd>USD</curCd>
        <valUSD>3067886.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Variable</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>
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          <isin value="US23503CFP77"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York City Industrial Development Agency</name>
        <lei>549300XR20ZR5DHL9534</lei>
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          <isin value="US64971PKB03"/>
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        <curCd>USD</curCd>
        <valUSD>1308655.66000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
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          <isin value="US70917TSU69"/>
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        <curCd>USD</curCd>
        <valUSD>4000000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.85000030</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Port Authority</name>
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          <isin value="US575898DH12"/>
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        <curCd>USD</curCd>
        <valUSD>1050651.40000000</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>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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          <isin value="US8371515Z85"/>
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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>2028-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Iowa Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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          <annualizedRt>2.90000165</annualizedRt>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <title>Harris County Cultural Education Facilities Finance Corp., Series 2022 B</title>
        <cusip>414009RT9</cusip>
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          <isin value="US414009RT93"/>
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          <maturityDt>2050-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Michigan State Building Authority</name>
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          <isin value="US594615FM32"/>
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          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Providence St Joseph Health Obligated Group</name>
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          <maturityDt>2032-10-01</maturityDt>
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          <annualizedRt>5.36900000</annualizedRt>
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        <name>City of Springfield IL Electric Revenue</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
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        <name>Ohio Water Development Authority</name>
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          <maturityDt>2054-12-01</maturityDt>
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          <annualizedRt>2.90000165</annualizedRt>
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        <name>State of Connecticut</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-06-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Fort Bend Independent School District</name>
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      <invstOrSec>
        <name>Detroit City School District</name>
        <lei>N/A</lei>
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        <name>California Municipal Finance Authority</name>
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        <name>Illinois Finance Authority</name>
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          <maturityDt>2050-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Gadsden</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Montgomery</name>
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        <name>Michigan State Housing Development Authority</name>
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        <name>New York State Dormitory Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>University of California College of the Law San Francisco</name>
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          <isin value="US194248AA84"/>
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        <name>University of Michigan</name>
        <lei>N/A</lei>
        <title>University of Michigan, Series 2017 A</title>
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          <isin value="US914455QU73"/>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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        <name>California Housing Finance Agency</name>
        <lei>549300BOPCVLBA552Z14</lei>
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          <maturityDt>2029-11-01</maturityDt>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>City of Gainesville FL Utilities System Revenue</name>
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        <name>State Public School Building Authority</name>
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        <name>Massachusetts Port Authority</name>
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        <name>Metropolitan Transportation Authority</name>
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          <maturityDt>2031-11-01</maturityDt>
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      <invstOrSec>
        <name>University of Connecticut</name>
        <lei>N/A</lei>
        <title>University of Connecticut, Series 2026</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-23</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Port Authority of New York &amp; New Jersey</name>
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        <cusip>73358XJU7</cusip>
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          <isin value="US73358XJU72"/>
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        <valUSD>1513524.30000000</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>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Colorado Science and Technology Park Metropolitan District No. 1</name>
        <lei>N/A</lei>
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        <cusip>19658CAG3</cusip>
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          <isin value="US19658CAG33"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lansing Board of Water &amp; Light</name>
        <lei>N/A</lei>
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        <cusip>516391FP9</cusip>
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          <isin value="US516391FP99"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northside Independent School District</name>
        <lei>N/A</lei>
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        <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>2532881.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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      <invstOrSec>
        <name>University of Colorado Hospital Authority</name>
        <lei>GQ60RLZ5ZEBY2J9KLI75</lei>
        <title>University of Colorado Hospital Authority, Series 2024 B</title>
        <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>2217448.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PEFA, Inc.</name>
        <lei>549300RSE249DJNRHY07</lei>
        <title>PEFA, Inc., Series 2026 A</title>
        <cusip>70556CAF1</cusip>
        <identifiers>
          <isin value="US70556CAF14"/>
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        <balance>335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350992.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <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>1032638.00000000</valUSD>
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        <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>
        <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>2667043.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Trinity River Public Facility Corp.</name>
        <lei>N/A</lei>
        <title>Trinity River Public Facility Corp., Series 2026 B</title>
        <cusip>89658RAG3</cusip>
        <identifiers>
          <isin value="US89658RAG39"/>
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        <balance>695000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>696458.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
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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>
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          <isin value="US01728A5V46"/>
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        <balance>2000000.00000000</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>2047-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.37000120</annualizedRt>
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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>
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          <isin value="US645780FR36"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1913642.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.10000000</annualizedRt>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2024 G</title>
        <cusip>13013JFS0</cusip>
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          <isin value="US13013JFS06"/>
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        <balance>2415000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2483323.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Houston</name>
        <lei>N/A</lei>
        <title>City of Houston, Series 2025 B</title>
        <cusip>442349KB1</cusip>
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          <isin value="US442349KB17"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5267697.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
        <lei>5493001TPOZL3UK8DX25</lei>
        <title>San Francisco City &amp; County Redevelopment Agency Successor Agency, Series 2025 C</title>
        <cusip>79770GKY1</cusip>
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          <isin value="US79770GKY16"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495389.40000000</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>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10100000</annualizedRt>
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        <name>Colorado Housing and Finance Authority</name>
        <lei>5493005GIROYQAWBMC18</lei>
        <title>Colorado Housing and Finance Authority, Series 2026</title>
        <cusip>19647PEA7</cusip>
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          <isin value="US19647PEA75"/>
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        <balance>985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>984251.30000000</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>2048-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Dallas Independent School District</name>
        <lei>N/A</lei>
        <title>Dallas Independent School District, Series 2025 A-2</title>
        <cusip>235308Y49</cusip>
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          <isin value="US235308Y498"/>
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        <balance>1695000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1717414.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <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>1130492.79000000</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>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US04052AEN28"/>
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        <curCd>USD</curCd>
        <valUSD>2494501.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.93600000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kansas Development Finance Authority</name>
        <lei>549300WTL7BL8KBDPR87</lei>
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          <isin value="US48542TBQ22"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1492723.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.70000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048RAH03"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3499825.35000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.85000030</annualizedRt>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
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          <isin value="US19648FXD13"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2092521.40000000</valUSD>
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        <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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      <invstOrSec>
        <name>Colorado Science and Technology Park Metropolitan District No. 1</name>
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          <isin value="US19658CAH16"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>419083.04000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <cusip>57585BWK0</cusip>
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          <isin value="US57585BWK06"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2750344.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
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          <isin value="US79467BCS25"/>
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        <curCd>USD</curCd>
        <valUSD>1303966.31000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
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        <cusip>09182TJK4</cusip>
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          <isin value="US09182TJK43"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>524359.35000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Transportation Development Corp., Series 2018</title>
        <cusip>650116CK0</cusip>
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          <isin value="US650116CK07"/>
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        <balance>2260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2317888.09000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Fort Bend Independent School District</name>
        <lei>N/A</lei>
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        <cusip>346843WS0</cusip>
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          <isin value="US346843WS00"/>
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        <valUSD>1884217.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
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          <isin value="US09182TCR68"/>
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        <curCd>USD</curCd>
        <valUSD>2572269.46000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>New York State Housing Finance Agency</name>
        <lei>5493000LS7KCDB02O506</lei>
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          <isin value="US649870PG14"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-15</maturityDt>
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          <annualizedRt>3.35000000</annualizedRt>
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        <name>PEFA, Inc.</name>
        <lei>549300RSE249DJNRHY07</lei>
        <title>PEFA, Inc., Series 2026 A</title>
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          <isin value="US70556CAD65"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Sarpy County School District No. 1</name>
        <lei>N/A</lei>
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        <cusip>80381LDM3</cusip>
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          <maturityDt>2027-09-01</maturityDt>
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        <name>Lawton Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US521005AV03"/>
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        <name>E-470 Public Highway Authority</name>
        <lei>549300164ZV2301BC703</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
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      <invstOrSec>
        <name>City of South Miami Health Facilities Authority, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US838810EM78"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-08-15</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Ohio Higher Educational Facility Commission</name>
        <lei>5493007MQT6NGNN6BR81</lei>
        <title>Ohio Higher Educational Facility Commission</title>
        <cusip>67756DT89</cusip>
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        <balance>1150000.00000000</balance>
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        <name>Black Belt Energy Gas District</name>
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        <name>Florida Housing Finance Corp.</name>
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        <name>Kansas Development Finance Authority</name>
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        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
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        <name>Wisconsin Housing &amp; Economic Development Authority Housing Revenue</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>John D and Catherine T MacArthur Foundation</name>
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        <name>Raleigh Housing Authority</name>
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        <name>County of King WA Sewer Revenue</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>State of Louisiana Gasoline &amp; Fuels Tax Revenue</name>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority Dedicated Tax Fund</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Commonwealth of Massachusetts</name>
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          <isin value="US57582TFR86"/>
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      <invstOrSec>
        <name>Arapahoe County School District No. 5</name>
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        <name>Utah Transit Authority</name>
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        <name>State of Maryland</name>
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          <isin value="US574193PS10"/>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Long Island Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lawton Industrial Development Authority</name>
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          <isin value="US521005AS73"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Kentucky State Property &amp; Building Commission</name>
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          <isin value="US49151F4R82"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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        <name>Chandler Industrial Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-06-01</maturityDt>
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        <name>Detroit Downtown Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Connecticut Special Tax Revenue</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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        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
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        <name>City of Austin TX Airport System Revenue</name>
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        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
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        <name>Medina Valley Independent School District</name>
        <lei>N/A</lei>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
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        <name>New York City Housing Development Corp.</name>
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        <name>Ohio Air Quality Development Authority</name>
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          <maturityDt>2043-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Virginia Housing Development Authority</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>University of North Carolina at Chapel Hill</name>
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      <invstOrSec>
        <name>Kentucky Bond Development Corp.</name>
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          <isin value="US49121EAB65"/>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>Development Authority of Monroe County (The)</name>
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        <name>BlackRock Liquidity Funds - MuniCash</name>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>Roanoke Economic Development Authority</name>
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        <name>Bergen County Improvement Authority (The)</name>
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        <name>Trust for Cultural Resources of The City of New York (The)</name>
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        <name>New Hampshire Health and Education Facilities Authority Act</name>
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        <name>Mississippi Business Finance Corp.</name>
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        <name>Philadelphia Authority for Industrial Development</name>
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        <name>Public Finance Authority</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Sterling</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>State of Texas</name>
        <lei>549300X9CH74QB747L76</lei>
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          <isin value="US882723F618"/>
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        <valUSD>2504181.75000000</valUSD>
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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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        <cusip>915260FU2</cusip>
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          <isin value="US915260FU29"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Texas Municipal Gas Acquisition and Supply Corp. II</name>
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          <isin value="US88255QBH11"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.28110180</annualizedRt>
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      <invstOrSec>
        <name>Trinity River Authority Central Regional Wastewater System Revenue</name>
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          <isin value="US89658HVD96"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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        <name>Oxnard School District</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
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        <name>Development Authority of Burke County (The)</name>
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        <balance>750000.00000000</balance>
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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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      <invstOrSec>
        <name>Kentucky Bond Development Corp.</name>
        <lei>N/A</lei>
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        <cusip>49121EAC4</cusip>
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          <isin value="US49121EAC49"/>
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        <balance>425000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-31</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Massachusetts Development Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Belt Energy Gas District</name>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
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          <isin value="US04052FFG54"/>
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          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>County of Luzerne</name>
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        <name>Illinois Finance Authority</name>
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        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>Washington Health Care Facilities Authority</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>Washington Health Care Facilities Authority, Series 2025 B</title>
        <cusip>93978HC86</cusip>
        <identifiers>
          <isin value="US93978HC865"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3233540.40000000</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>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Energy Finance Development Corp.</name>
        <lei>254900PRGXZMJ912RI65</lei>
        <title>New York Energy Finance Development Corp., Series 2025</title>
        <cusip>64947PAA4</cusip>
        <identifiers>
          <isin value="US64947PAA49"/>
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        <balance>1445000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1494005.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Las Varas Public Facility Corp.</name>
        <lei>N/A</lei>
        <title>Las Varas Public Facility Corp., Series 2026 A</title>
        <cusip>51766AAQ7</cusip>
        <identifiers>
          <isin value="US51766AAQ76"/>
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        <balance>3750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3733102.50000000</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>2044-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.35000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alaska Housing Finance Corp.</name>
        <lei>549300HJ8NOJNYW6ER36</lei>
        <title>Alaska Housing Finance Corp., Series 2025-1</title>
        <cusip>011839U54</cusip>
        <identifiers>
          <isin value="US011839U540"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>299194.59000000</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>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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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 2009-1</title>
        <cusip>121342MW6</cusip>
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          <isin value="US121342MW66"/>
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        <balance>4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4500000.00000000</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>2049-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.09999975</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>State of Hawaii</name>
        <lei>N/A</lei>
        <title>State of Hawaii, Series FG</title>
        <cusip>419792LM6</cusip>
        <identifiers>
          <isin value="US419792LM62"/>
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        <balance>2400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2414309.52000000</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>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Series 2026 A</title>
        <cusip>09182THP5</cusip>
        <identifiers>
          <isin value="US09182THP57"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3167472.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Board</name>
        <lei>N/A</lei>
        <title>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Board, Series 2025</title>
        <cusip>592113CV4</cusip>
        <identifiers>
          <isin value="US592113CV43"/>
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        <balance>4075000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4097461.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Lee</name>
        <lei>N/A</lei>
        <title>County of Lee, Series 2026 A-2</title>
        <cusip>523470JS2</cusip>
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          <isin value="US523470JS27"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>536955.75000000</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>2056-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Series 2026 C</title>
        <cusip>09182TJN8</cusip>
        <identifiers>
          <isin value="US09182TJN81"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1057828.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2025 A</title>
        <cusip>74439YFK2</cusip>
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          <isin value="US74439YFK29"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>833679.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission, Series 2025-2</title>
        <cusip>709225RH1</cusip>
        <identifiers>
          <isin value="US709225RH15"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1110095.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>District of Columbia Water &amp; Sewer Authority</name>
        <lei>549300OT2FIJQJ5PSH71</lei>
        <title>District of Columbia Water &amp; Sewer Authority, Series 2025 C-1</title>
        <cusip>254845VV9</cusip>
        <identifiers>
          <isin value="US254845VV91"/>
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        <balance>3400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3400000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.90000165</annualizedRt>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>Health &amp; Educational Facilities Authority of the State of Missouri, Series 2008 B</title>
        <cusip>6069014P8</cusip>
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          <isin value="US6069014P85"/>
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        <balance>1915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1915000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.90000165</annualizedRt>
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      <invstOrSec>
        <name>Indiana Municipal Power Agency</name>
        <lei>AX0ZCCVOQ71Z4RXBL233</lei>
        <title>Indiana Municipal Power Agency, Series 2019 B</title>
        <cusip>454898XD4</cusip>
        <identifiers>
          <isin value="US454898XD44"/>
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        <balance>7845000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7845000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.93000100</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of New York</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York, Series 2014 I-3</title>
        <cusip>64966SMQ6</cusip>
        <identifiers>
          <isin value="US64966SMQ65"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.30000150</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Clairton Municipal Authority</name>
        <lei>N/A</lei>
        <title>Clairton Municipal Authority, Series 2024 B</title>
        <cusip>179630DD7</cusip>
        <identifiers>
          <isin value="US179630DD77"/>
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        <balance>1450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1486359.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2025 A</title>
        <cusip>74439YFH9</cusip>
        <identifiers>
          <isin value="US74439YFH99"/>
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        <balance>475000.00000000</balance>
        <units>PA</units>
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      <invstOrSec>
        <name>Central Puget Sound Regional Transit Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
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          <isin value="US56035DJT00"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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      <invstOrSec>
        <name>New Hampshire Health and Education Facilities Authority Act</name>
        <lei>549300CNCK7OT82W5653</lei>
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        <cusip>64461XMH5</cusip>
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          <isin value="US64461XMH51"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2024 A</title>
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          <isin value="US13048RAR84"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.85000030</annualizedRt>
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      <invstOrSec>
        <name>City of Houston</name>
        <lei>N/A</lei>
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        <cusip>442349JB3</cusip>
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          <isin value="US442349JB36"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3167249.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Baltimore</name>
        <lei>N/A</lei>
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        <cusip>05914GFM5</cusip>
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          <isin value="US05914GFM50"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3861600.05000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virgin Islands Transportation &amp; Infrastructure Corp.</name>
        <lei>N/A</lei>
        <title>Virgin Islands Transportation &amp; Infrastructure Corp., Series 2025</title>
        <cusip>927686AE5</cusip>
        <identifiers>
          <isin value="US927686AE58"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1051935.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>VI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Gadsden</name>
        <lei>N/A</lei>
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        <cusip>362460VX2</cusip>
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          <isin value="US362460VX29"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>178090.13000000</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>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Antonio Water System</name>
        <lei>549300S7VENCVRZAA322</lei>
        <title>San Antonio Water System, Series 2025 D</title>
        <cusip>79642GTU6</cusip>
        <identifiers>
          <isin value="US79642GTU66"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.90000165</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Housing &amp; Mortgage Finance Agency</name>
        <lei>5493002ONULJL0FIGU24</lei>
        <title>New Jersey Housing &amp; Mortgage Finance Agency, Series 2025 D-2</title>
        <cusip>646127FW5</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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      <invstOrSec>
        <name>Mission Economic Development Corp.</name>
        <lei>N/A</lei>
        <title>Mission Economic Development Corp., Series 2026</title>
        <cusip>605155CA6</cusip>
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          <isin value="US605155CA62"/>
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        <balance>3600000.00000000</balance>
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        <valUSD>3735154.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2064-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Series 2011</title>
        <cusip>708692BF4</cusip>
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          <isin value="US708692BF45"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Commonwealth of Pennsylvania</name>
        <lei>N/A</lei>
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        <cusip>70914PE57</cusip>
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          <isin value="US70914PE577"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority, Series 2026 A</title>
        <cusip>19648FG32</cusip>
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          <isin value="US19648FG324"/>
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        <balance>2300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2456731.66000000</valUSD>
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        <invCountry>US</invCountry>
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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>Casino Reinvestment Development Authority, Inc.</name>
        <lei>N/A</lei>
        <title>Casino Reinvestment Development Authority, Inc., Series 2024 A</title>
        <cusip>14760RBE0</cusip>
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          <isin value="US14760RBE09"/>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2019</title>
        <cusip>13050RAA0</cusip>
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          <isin value="US13050RAA05"/>
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        <balance>2330000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Louisiana State University &amp; Agricultural &amp; Mechanical College</name>
        <lei>N/A</lei>
        <title>Louisiana State University &amp; Agricultural &amp; Mechanical College, Series 2026</title>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
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          <isin value="US73358XJV55"/>
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        <curCd>USD</curCd>
        <valUSD>1548387.90000000</valUSD>
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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>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of New York</name>
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          <isin value="US64966SUY08"/>
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        <valUSD>1991262.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
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          <annualizedRt>4.25300000</annualizedRt>
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      <invstOrSec>
        <name>Wayne County Airport Authority</name>
        <lei>N/A</lei>
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          <isin value="US9445142U17"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Minneapolis</name>
        <lei>N/A</lei>
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          <isin value="US603695JQ10"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
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        <cusip>13057EKC7</cusip>
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          <isin value="US13057EKC74"/>
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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>5.40000000</annualizedRt>
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        <name>Industrial Development Authority of the City of Phoenix Arizona (The)</name>
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        <cusip>718903RV1</cusip>
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          <isin value="US718903RV17"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-02-01</maturityDt>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2025 2-A</title>
        <cusip>64985SBZ5</cusip>
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          <isin value="US64985SBZ56"/>
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        <balance>3000000.00000000</balance>
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        <valUSD>3196752.30000000</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>2048-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Board of Governors of Colorado State University System</name>
        <lei>549300MAE3RAIIEIQV71</lei>
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        <cusip>196707V67</cusip>
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          <isin value="US196707V676"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
        <lei>N/A</lei>
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        <cusip>249182LF1</cusip>
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          <isin value="US249182LF11"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>School District of Philadelphia (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Philadelphia</name>
        <lei>549300IVFOPB4AG7UL47</lei>
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          <isin value="US717813C565"/>
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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>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2025 A</title>
        <cusip>74439YFD8</cusip>
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          <isin value="US74439YFD85"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Hawaii Housing Finance &amp; Development Corp.</name>
        <lei>N/A</lei>
        <title>Hawaii Housing Finance &amp; Development Corp., Series 2024</title>
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          <isin value="US41981PCG46"/>
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          <maturityDt>2029-12-01</maturityDt>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <cusip>64990FFZ2</cusip>
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          <isin value="US64990FFZ27"/>
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        <name>Racine Unified School District</name>
        <lei>N/A</lei>
        <title>Racine Unified School District, Series 2025 B</title>
        <cusip>750046TU8</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>Connecticut State Health &amp; Educational Facilities Authority, Series 2025 B-1</title>
        <cusip>20775DZS4</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-07-01</maturityDt>
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        <name>Cook County School District No. 99</name>
        <lei>N/A</lei>
        <title>Cook County School District No. 99, Series 2026</title>
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        <name>Grand River Dam Authority</name>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Jersey Turnpike Authority</name>
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          <isin value="US646140FN82"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-01-01</maturityDt>
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        <name>Louisa Industrial Development Authority</name>
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          <maturityDt>2035-11-01</maturityDt>
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        <name>Development Authority of Burke County (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-01</maturityDt>
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      <invstOrSec>
        <name>County of Pitkin CO Solid Waste Center Enterprise Revenue</name>
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          <isin value="US724400AD89"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Wilmington Housing Authority</name>
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          <maturityDt>2044-05-01</maturityDt>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Board</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Philadelphia Gas Works Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DuPage County Forest Preserve District</name>
        <lei>N/A</lei>
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        <name>Arizona Industrial Development Authority</name>
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          <isin value="US04062PDH10"/>
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        <name>County of Broward FL Airport System Revenue</name>
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        <name>Oklahoma Municipal Power Authority</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>State of Alaska International Airports System</name>
        <lei>N/A</lei>
        <title>State of Alaska International Airports System, Series 2025 A</title>
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        <fairValLevel>2</fairValLevel>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Series 2019 B-1</title>
        <cusip>708692BM9</cusip>
        <identifiers>
          <isin value="US708692BM95"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999863.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.94999935</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>South Dakota Health &amp; Educational Facilities Authority</name>
        <lei>549300ZW6LKR8UI2C378</lei>
        <title>South Dakota Health &amp; Educational Facilities Authority, Series 2025 C-1</title>
        <cusip>83755VW75</cusip>
        <identifiers>
          <isin value="US83755VW751"/>
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        <balance>1850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1954020.69000000</valUSD>
        <pctVal>0.257728408429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Main Street Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Main Street Energy, Inc., Series 2026 A</title>
        <cusip>560354AF9</cusip>
        <identifiers>
          <isin value="US560354AF99"/>
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        <balance>4285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4565962.31000000</valUSD>
        <pctVal>0.602234257359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kentucky Bond Development Corp.</name>
        <lei>N/A</lei>
        <title>Kentucky Bond Development Corp., Series 2026 A</title>
        <cusip>49121EAD2</cusip>
        <identifiers>
          <isin value="US49121EAD22"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>543226.30000000</valUSD>
        <pctVal>0.071649625018</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State of Texas</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>State of Texas, Series 2014 B</title>
        <cusip>882725EF7</cusip>
        <identifiers>
          <isin value="US882725EF79"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2992447.20000000</valUSD>
        <pctVal>0.394693187289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.80000080</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Long Island Power Authority</name>
        <lei>1R46U5SYJ63KQXF39168</lei>
        <title>Long Island Power Authority, Series 2025 B</title>
        <cusip>542691LD0</cusip>
        <identifiers>
          <isin value="US542691LD07"/>
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        <balance>1715000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1718856.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>El Paso County Hospital District</name>
        <lei>N/A</lei>
        <title>El Paso County Hospital District, Series 2024</title>
        <cusip>283590HM2</cusip>
        <identifiers>
          <isin value="US283590HM21"/>
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        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501673.32000000</valUSD>
        <pctVal>0.198065392411</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State of Texas</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>State of Texas, Series 2025 F</title>
        <cusip>882725BY9</cusip>
        <identifiers>
          <isin value="US882725BY95"/>
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        <balance>960000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>954459.36000000</valUSD>
        <pctVal>0.125889809162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Massachusetts Educational Financing Authority</name>
        <lei>5493007K5OP7V6CL0Y88</lei>
        <title>Massachusetts Educational Financing Authority, Series 2024 B</title>
        <cusip>57563RTZ2</cusip>
        <identifiers>
          <isin value="US57563RTZ28"/>
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        <balance>575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>609429.68000000</valUSD>
        <pctVal>0.080381616366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oklahoma County Finance Authority</name>
        <lei>549300KPR05JUN0F1289</lei>
        <title>Oklahoma County Finance Authority, Series 2025</title>
        <cusip>67868UKE2</cusip>
        <identifiers>
          <isin value="US67868UKE28"/>
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        <balance>1085000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1133092.41000000</valUSD>
        <pctVal>0.149450875790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>North Texas Tollway Authority, Series 2023 A</title>
        <cusip>66285WM78</cusip>
        <identifiers>
          <isin value="US66285WM783"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1012224.10000000</valUSD>
        <pctVal>0.133508773782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alaska Housing Finance Corp.</name>
        <lei>549300HJ8NOJNYW6ER36</lei>
        <title>Alaska Housing Finance Corp., Series 2025-1</title>
        <cusip>011839U62</cusip>
        <identifiers>
          <isin value="US011839U623"/>
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        <balance>540000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>538809.25000000</valUSD>
        <pctVal>0.071067031767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Columbus-Franklin County Finance Authority</name>
        <lei>549300NX3ODQN2ETOO82</lei>
        <title>Columbus-Franklin County Finance Authority, Series 2026</title>
        <cusip>19910XAW6</cusip>
        <identifiers>
          <isin value="US19910XAW65"/>
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        <balance>1075000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1080967.65000000</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>2044-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Great Lakes Water Authority Water Supply System Revenue</name>
        <lei>N/A</lei>
        <title>Great Lakes Water Authority, Series 2026 D</title>
        <cusip>39081JMQ8</cusip>
        <identifiers>
          <isin value="US39081JMQ84"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2532004.50000000</valUSD>
        <pctVal>0.333962425915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp., Series 2026 A-2</title>
        <cusip>64972KNM3</cusip>
        <identifiers>
          <isin value="US64972KNM35"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4026090.40000000</valUSD>
        <pctVal>0.531027064501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oklahoma City Public Property Authority</name>
        <lei>N/A</lei>
        <title>Oklahoma City Public Property Authority, Series 2026</title>
        <cusip>678604AA7</cusip>
        <identifiers>
          <isin value="US678604AA76"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1604206.35000000</valUSD>
        <pctVal>0.211589135925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2026 A</title>
        <cusip>130483LW8</cusip>
        <identifiers>
          <isin value="US130483LW83"/>
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        <balance>4945000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4968888.31000000</valUSD>
        <pctVal>0.655378769710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <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>
        <cusip>606907BK8</cusip>
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        <valUSD>2537216.75000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Oregon State Lottery</name>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
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          <isin value="US34061XAJ19"/>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>4.45000000</annualizedRt>
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        <name>Dallas Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Minneapolis</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Lawton Industrial Development Authority</name>
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        <cusip>521005AU2</cusip>
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          <isin value="US521005AU20"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>4.20000000</annualizedRt>
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        <name>Chicago Board of Education</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Colorado Health Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Health Facilities Financing Authority</name>
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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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        <name>Wisconsin Housing &amp; Economic Development Authority Housing Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Maricopa County Industrial Development Authority</name>
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          <maturityDt>2048-05-01</maturityDt>
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        <name>University of California College of the Law San Francisco</name>
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        <name>Municipal Electric Authority of Georgia</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
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          <maturityDt>2029-01-01</maturityDt>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Whiting IN</name>
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        <name>State of Connecticut</name>
        <lei>549300PHW5BZHA7BEX81</lei>
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      <invstOrSec>
        <name>Clifton Higher Education Finance Corp.</name>
        <lei>N/A</lei>
        <title>Clifton Higher Education Finance Corp., Series 2019</title>
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          <maturityDt>2031-08-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Dallas Fort Worth International Airport</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Dallas Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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          <isin value="US57585BTW80"/>
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        <curCd>USD</curCd>
        <valUSD>1286179.84000000</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>2065-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
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        <cusip>09182TJM0</cusip>
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        <valUSD>1054906.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>New Mexico Municipal Energy Acquisition Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Michigan State Housing Development Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County Square Redevelopment Corp.</name>
        <lei>N/A</lei>
        <title>County Square Redevelopment Corp., Series 2025</title>
        <cusip>22259PBW5</cusip>
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          <isin value="US22259PBW59"/>
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        <balance>500000.00000000</balance>
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        <valUSD>543612.95000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Main Street Energy, Inc.</name>
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        <cusip>560354AE2</cusip>
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          <isin value="US560354AE25"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Lower Alabama Gas District (The)</name>
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        <invCountry>US</invCountry>
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        <name>Oklahoma Development Finance Authority</name>
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        <name>Black Belt Energy Gas District</name>
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        <invCountry>US</invCountry>
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    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Morgan Stanley ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>James F. Kirchner</ncom:signature>
      <ncom:signerName>James F. Kirchner</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
