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      <invstOrSec>
        <name>CA STATEWIDE DEV-C-1</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CA STATEWIDE DEV-C-1</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <cusip>13078YXQ3</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHESAPEAKE BAY VA BRDG &amp; TNL1ST TR AGM</name>
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        <cusip>16514PAC3</cusip>
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        <valUSD>501928.250000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>CHESTER CO PA DEV COLLEGIUM CHARTER 144A</name>
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        <name>CLIFTON HGR EDU FIN</name>
        <lei>N/A</lei>
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          <isin value="US187145WK92"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>CO ST ADVENT HLTH OBLIG GRP SER A</name>
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          <isin value="US19648FSG09"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CSCDA CMNTY IMPT HSG DUBLIN SER B 144A</name>
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        <cusip>126292AX9</cusip>
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          <isin value="US126292AX92"/>
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          <couponKind>Fixed</couponKind>
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        <name>CUYAHOGA CO HOSP</name>
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        <title>CUYAHOGA CNTY OH HOSP REVENUE CUYMED 02/37 FIXED 5</title>
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          <isin value="US2322655P94"/>
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        <balance>200000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>201686.980000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>DALLAS FORT WORTH-A-2 AMT</name>
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        <cusip>23503CFK8</cusip>
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          <isin value="US23503CFK80"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DE ST EDA NEWARK CHRTR SCH INC SER A</name>
        <lei>N/A</lei>
        <title>DELAWARE ST ECON DEV AUTH REVE DESDEV 09/46 FIXED 5</title>
        <cusip>246387RS5</cusip>
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        <curCd>USD</curCd>
        <valUSD>200128.760000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DENVER CITY &amp; CNTY CO ARPT REV SER A AMT</name>
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        <cusip>249182LT1</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>DC-KIPP-SER A-REF</name>
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        <name>FULTON CO GA WOODRUFF ARTS CTR SER A</name>
        <lei>549300533NJL38F4K144</lei>
        <title>FULTON CNTY GA DEV AUTH FULDEV 03/36 FIXED 5</title>
        <cusip>3599006Z5</cusip>
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          <isin value="US3599006Z58"/>
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        <name>FULTON CO GA ST DEV AUTH HOSP REV SER A</name>
        <lei>549300533NJL38F4K144</lei>
        <title>FULTON CNTY GA DEV AUTH HOSP FULMED 04/42 FIXED 5</title>
        <cusip>36005GAW3</cusip>
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        <name>FULTON CO DEV AUTH</name>
        <lei>549300533NJL38F4K144</lei>
        <title>FULTON CNTY GA DEV AUTH REVENU FULDEV 07/44 FIXED OID 3</title>
        <cusip>36005FGD1</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.0000000000</annualizedRt>
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      <invstOrSec>
        <name>GENESEE CO CORP-A</name>
        <lei>N/A</lei>
        <title>GENESEE CNTY NY FUNDING CORP GEFDEV 12/55 FIXED 5.5</title>
        <cusip>371669BF8</cusip>
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          <isin value="US371669BF82"/>
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        <balance>100000.000000</balance>
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        <valUSD>104422.590000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GEO SMITH II GA CONV CTR AUTH HTL SER A</name>
        <lei>N/A</lei>
        <title>GEO L SMITH II GA CONGRESS CTR GLSFAC 01/54 FIXED 4</title>
        <cusip>37255MAC9</cusip>
        <identifiers>
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        <balance>300000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>258948.690000</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>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDEN ST TOBACCO SEC TOBACCO SUB SR B-2</name>
        <lei>N/A</lei>
        <title>GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/66 ZEROCPNOID 0</title>
        <cusip>38122NB84</cusip>
        <identifiers>
          <isin value="US38122NB843"/>
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        <balance>2000000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>213231.000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GRAND RAPIDS ECON DEV</name>
        <lei>N/A</lei>
        <title>GRAND RAPIDS MI ECON DEV CORP GRADEV 11/60 FIXED OID 6.125</title>
        <cusip>386246HK1</cusip>
        <identifiers>
          <isin value="US386246HK14"/>
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        <balance>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100794.590000</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>2060-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.1250000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HARRIS CO BRAZOS PRSBYT HOMES SR A</name>
        <lei>N/A</lei>
        <title>HARRIS CNTY TX CULTURAL EDU FA HAREDU 01/43 FIXED 5</title>
        <cusip>414009FG0</cusip>
        <identifiers>
          <isin value="US414009FG01"/>
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        <balance>200000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200050.360000</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>2043-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HARRIS CNTY TX TOLL REV FIRST LIEN SER A</name>
        <lei>N/A</lei>
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        <cusip>41423PDY0</cusip>
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          <isin value="US41423PDY07"/>
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        <balance>785000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>744180.000000</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>2049-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HENRICO CO ECO AUTH</name>
        <lei>N/A</lei>
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        <cusip>42605KAB2</cusip>
        <identifiers>
          <isin value="US42605KAB26"/>
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        <balance>750000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>757947.750000</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>3.2000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HOUSTON TX ARPT SYS REV SUB SR A AMT</name>
        <lei>N/A</lei>
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        <cusip>442349FZ4</cusip>
        <identifiers>
          <isin value="US442349FZ40"/>
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        <balance>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94556.720000</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>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INDIANA FIN AUTH-A1</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>INDIANA ST FIN AUTH REVENUE INSFIN 11/38 FIXED 5</title>
        <cusip>45506EQP1</cusip>
        <identifiers>
          <isin value="US45506EQP15"/>
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        <balance>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115473.920000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KY ST PUB ENERGY GAS SPLY REV SER A-1</name>
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        <title>KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 05/55 ADJUSTABLE VAR</title>
        <cusip>74440DEL4</cusip>
        <identifiers>
          <isin value="US74440DEL47"/>
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        <balance>195000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>208939.460000</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>2055-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>MADISON IDA-A-REF</name>
        <lei>N/A</lei>
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        <cusip>557432AE1</cusip>
        <identifiers>
          <isin value="US557432AE19"/>
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        <balance>390000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>314166.800000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.0000000000</annualizedRt>
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        <name>MAIN STREET NAT GAS INC REV SER A</name>
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        <title>MAIN STREET NATURAL GAS INC GA MAIUTL 05/54 ADJUSTABLE VAR</title>
        <cusip>56035DGT3</cusip>
        <identifiers>
          <isin value="US56035DGT37"/>
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        <balance>250000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>272733.130000</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>5.0000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MD ST CMNTY HSG &amp; CMTY DEV SER B</name>
        <lei>N/A</lei>
        <title>MARYLAND ST CMNTY DEV ADMIN DE MDSDEV 09/51 FIXED 3</title>
        <cusip>57419TTP6</cusip>
        <identifiers>
          <isin value="US57419TTP65"/>
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        <balance>360000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>357768.860000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.0000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MD ST ECON PRPLE LINE LT RAIL SR BP3 AMT</name>
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        <title>MARYLAND ST ECON DEV CORP PRIV MDSDEV 06/52 FIXED 5.25</title>
        <cusip>57422JBZ0</cusip>
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          <isin value="US57422JBZ03"/>
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        <balance>460000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>461640.870000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
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        <name>MD ST EDC SH REV MORGAN ST UNIV SER A</name>
        <lei>549300JJ16DDBSZWSN94</lei>
        <title>MARYLAND ST ECON DEV CORP STUD MDSDEV 07/53 FIXED OID 5.75</title>
        <cusip>57420VSN4</cusip>
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        <valUSD>183533.580000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.7500000000</annualizedRt>
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        <name>MD HLTH &amp; HGR ED FAC AUTH REV EDENWALD</name>
        <lei>N/A</lei>
        <title>MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/37 FIXED 5.25</title>
        <cusip>574218A29</cusip>
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        <balance>100000.000000</balance>
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        <valUSD>100066.880000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
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        <name>MD H&amp;H ED FACS ADVENTIST HLTHCRE SER A</name>
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        <cusip>574218T37</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MD H&amp;H ED FACS ADVENTIST HLTHCRE SER B</name>
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        <title>MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/51 FIXED 4</title>
        <cusip>57421CDC5</cusip>
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        <balance>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>84808.400000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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        <name>MD ST HLTH &amp; HGR EDU STEVENSON UNIV SR A</name>
        <lei>N/A</lei>
        <title>MARYLAND ST HLTH   HGR EDUCTNL MDSMED 06/40 FIXED 4</title>
        <cusip>57421CCG7</cusip>
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        <balance>40000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38959.740000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <name>NY ST TRANS DEV FAC LAGUARDIA ARPT AMT</name>
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        <name>NEWPORT NEWS VA DEV RSDL FACS LIFESPIRE</name>
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        <name>NORFOLK VA EDA SENTARA HLTH SER B</name>
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        <name>NORTH CAROLINA ST HSG</name>
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        <name>OH AIR QLTY DEV AUTH PRAT PAPER 144A AMT</name>
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        <name>PHILADELPHIA-UNREFUND</name>
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          <isin value="US71781XHG16"/>
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        <name>PHILADELPHIA-PREREF PRE</name>
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        <valUSD>104733.290000</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>2060-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.7500000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PUB FIN AUTH-AMT AMT</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>PUBLIC FIN AUTH WI TOLL REVENU PUBTRN 12/65 FIXED 6.5</title>
        <cusip>74448UAC2</cusip>
        <identifiers>
          <isin value="US74448UAC27"/>
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        <balance>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111184.990000</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>2065-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PR COMWLTH CVI-SUBSER CW HTA 98 TXBL</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO CMWLTH PRC 11/51 ADJUSTABLE VAR</title>
        <cusip>74514L4C8</cusip>
        <identifiers>
          <isin value="US74514L4C84"/>
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        <balance>417983.920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>289453.860000</valUSD>
        <pctVal>1.2665333779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.0000100000</annualizedRt>
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          <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>PR ELEC SER TT</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWR PRCPWR 07/19 FIXED OID 4.2</title>
        <cusip>74526QG48</cusip>
        <identifiers>
          <isin value="US74526QG487"/>
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        <balance>50000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33375.000000</valUSD>
        <pctVal>0.1460355425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.2000000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</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>PR ELEC PWR AUTH REV SER ZZ-RSA-1</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/19 FIXED 5.25</title>
        <cusip>74526QH21</cusip>
        <identifiers>
          <isin value="US74526QH212"/>
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        <balance>15000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10012.500000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC-REF-DDD</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/20 FIXED 5</title>
        <cusip>74526QJ45</cusip>
        <identifiers>
          <isin value="US74526QJ457"/>
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        <balance>25000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16687.500000</valUSD>
        <pctVal>0.0730177713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/20 FIXED 5.25</title>
        <cusip>74526QJ29</cusip>
        <identifiers>
          <isin value="US74526QJ291"/>
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        <balance>10000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6675.000000</valUSD>
        <pctVal>0.0292071085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</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>PR SALES TAX FING SALES TAX REV SER A1</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING COR PRCGEN 07/34 FIXED OID 4.5</title>
        <cusip>74529JPU3</cusip>
        <identifiers>
          <isin value="US74529JPU33"/>
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        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100021.570000</valUSD>
        <pctVal>0.4376540596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5000000000</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>PR SALES TAX FING SALES TAX REV SER A1</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING COR PRCGEN 07/40 FIXED OID 4.55</title>
        <cusip>74529JPV1</cusip>
        <identifiers>
          <isin value="US74529JPV16"/>
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        <balance>200000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>201273.980000</valUSD>
        <pctVal>0.8806937788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5500000000</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>PR SALES TAX FING SALES TAX REV SER A1</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING COR PRCGEN 07/46 ZEROCPNOID 0</title>
        <cusip>74529JQG3</cusip>
        <identifiers>
          <isin value="US74529JQG30"/>
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        <balance>207000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>74083.480000</valUSD>
        <pctVal>0.3241594366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.0000000000</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>PR SALES TAX FING SALES TAX REV SER A1</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING COR PRCGEN 07/53 FIXED OID 4.75</title>
        <cusip>74529JPW9</cusip>
        <identifiers>
          <isin value="US74529JPW98"/>
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        <balance>130000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>126508.660000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.7500000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ST LOUIS CTY MO IDA NAZ LIV CTR PRJ SR A</name>
        <lei>N/A</lei>
        <title>SAINT LOUIS CNTY MO INDL DEV A STLMED 08/35 FIXED 5</title>
        <cusip>79130GHH7</cusip>
        <identifiers>
          <isin value="US79130GHH74"/>
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        <balance>50000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50007.060000</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>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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      <invstOrSec>
        <name>SAINT LOUIS MO BALLPRK VLG PROJ SER A</name>
        <lei>549300WTUL8KX1FOUZ40</lei>
        <title>SAINT LOUIS MO INDL DEV AUTH F STLGEN 11/47 FIXED OID 4.75</title>
        <cusip>85236BAC6</cusip>
        <identifiers>
          <isin value="US85236BAC63"/>
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        <balance>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88111.010000</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>2047-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.7500000000</annualizedRt>
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      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REV AMT SER A</name>
        <lei>N/A</lei>
        <title>SALT LAKE CITY UT ARPT REVENUE SALAPT 07/53 FIXED 5.25</title>
        <cusip>795576MD6</cusip>
        <identifiers>
          <isin value="US795576MD67"/>
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        <balance>400000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>413132.960000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
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      <invstOrSec>
        <name>SAVANNAH-A-REF</name>
        <lei>N/A</lei>
        <title>SAVANNAH GA HOSP AUTH SAVMED 07/36 FIXED 4</title>
        <cusip>804833FB2</cusip>
        <identifiers>
          <isin value="US804833FB26"/>
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        <balance>300000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>302867.820000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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        <name>SAVANNAH GEORGIA-A</name>
        <lei>N/A</lei>
        <title>SAVANNAH GEORGIA CONVENTION CT SGCFAC 06/40 FIXED 5.25</title>
        <cusip>804828AA9</cusip>
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          <isin value="US804828AA94"/>
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        <balance>250000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>274605.880000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
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      <invstOrSec>
        <name>SIERRA VISTA AZ ED REV AMER PROJ 144A</name>
        <lei>N/A</lei>
        <title>SIERRA VISTA AZ INDL DEV AUTH SIEDEV 06/64 FIXED OID 5</title>
        <cusip>82652UAY8</cusip>
        <identifiers>
          <isin value="US82652UAY82"/>
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        <balance>50000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42569.410000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>SC JOBS ECON DEV-A</name>
        <lei>5493006X47I9VG3DL112</lei>
        <title>SOUTH CAROLINA ST JOBS ECON DE SCSEDU 06/33 FIXED OID 5.5</title>
        <cusip>83704MFX9</cusip>
        <identifiers>
          <isin value="US83704MFX92"/>
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        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100370.630000</valUSD>
        <pctVal>0.4391814055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHEAST ENERGY-H</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AUTHORITY A C SEEPWR 11/35 FIXED 5</title>
        <cusip>84136HDM2</cusip>
        <identifiers>
          <isin value="US84136HDM25"/>
        </identifiers>
        <balance>200000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>219541.660000</valUSD>
        <pctVal>0.9606257806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TN ENERGY CORP-A</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>TENNESSEE ST ENERGY ACQUISITIO TNSUTL 11/34 FIXED 5</title>
        <cusip>880443JQ0</cusip>
        <identifiers>
          <isin value="US880443JQ01"/>
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        <balance>125000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>138455.310000</valUSD>
        <pctVal>0.6058246086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOBACCO SETTLEMENT-A2</name>
        <lei>N/A</lei>
        <title>TOBACCO SETTLEMENT AUTH IA TOB TOBGEN 06/39 FIXED 4</title>
        <cusip>888805CD8</cusip>
        <identifiers>
          <isin value="US888805CD81"/>
        </identifiers>
        <balance>200000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>198324.540000</valUSD>
        <pctVal>0.8677882187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOB SETTLE FING CORP NJ SER B</name>
        <lei>N/A</lei>
        <title>TOBACCO SETTLEMENT FING CORP N TOBGEN 06/46 FIXED 5</title>
        <cusip>888808HT2</cusip>
        <identifiers>
          <isin value="US888808HT28"/>
        </identifiers>
        <balance>150000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>148399.220000</valUSD>
        <pctVal>0.6493351492</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOBACCO STLMNT SNR B1</name>
        <lei>N/A</lei>
        <title>TOBACCO SETTLEMENT FING CORP V TOBGEN 06/47 FIXED OID 5</title>
        <cusip>88880NAU3</cusip>
        <identifiers>
          <isin value="US88880NAU37"/>
        </identifiers>
        <balance>200000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>169573.960000</valUSD>
        <pctVal>0.7419872734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRANSBAY JT PWRS-A</name>
        <lei>549300WC0UP8WU8GYU95</lei>
        <title>TRANSBAY JT POWERS AUTH CA TJPDEV 10/37 FIXED 5</title>
        <cusip>89356CAP1</cusip>
        <identifiers>
          <isin value="US89356CAP14"/>
        </identifiers>
        <balance>165000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>171736.470000</valUSD>
        <pctVal>0.7514495452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</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>UNIV OF NC CHAPEL-A</name>
        <lei>N/A</lei>
        <title>UNIV OF NORTH CAROLINA NC AT C UNCHGR 12/55 FIXED 5</title>
        <cusip>914713W99</cusip>
        <identifiers>
          <isin value="US914713W996"/>
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        <balance>575000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>609913.200000</valUSD>
        <pctVal>2.6687342342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VA SML BFA PRIV TRAN 66 P3 PROJ AMT</name>
        <lei>N/A</lei>
        <title>VIRGINIA SMALL BUSINESS FING A VASDEV 12/47 FIXED 5</title>
        <cusip>928097AA2</cusip>
        <identifiers>
          <isin value="US928097AA20"/>
        </identifiers>
        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100120.120000</valUSD>
        <pctVal>0.4380852747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VA SML BFA PRIV TRAN 66 P3 PROJ AMT</name>
        <lei>N/A</lei>
        <title>VIRGINIA SMALL BUSINESS FING A VASDEV 12/56 FIXED 5</title>
        <cusip>928097AD6</cusip>
        <identifiers>
          <isin value="US928097AD68"/>
        </identifiers>
        <balance>375000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>368904.860000</valUSD>
        <pctVal>1.6141789176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VA BUS REV SNR LIEN 95 EXPRESS PROJ AMT</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST SMALL BUSINESS FIN VASDEV 01/39 FIXED 4</title>
        <cusip>928104PQ5</cusip>
        <identifiers>
          <isin value="US928104PQ59"/>
        </identifiers>
        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100471.320000</valUSD>
        <pctVal>0.4396219843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHITESTOWN TWN -REV 144A</name>
        <lei>N/A</lei>
        <title>WHITESTOWN IN ECON DEV REVENUE WTTDEV 09/50 FIXED 6</title>
        <cusip>966095AV3</cusip>
        <identifiers>
          <isin value="US966095AV35"/>
        </identifiers>
        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100440.530000</valUSD>
        <pctVal>0.4394872597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-06</ncom:dateSigned>
      <ncom:nameOfApplicant>T. Rowe Price Exchange-Traded Funds, Inc.</ncom:nameOfApplicant>
      <ncom:signature>/s/ Alan Dupski</ncom:signature>
      <ncom:signerName>Alan Dupski</ncom:signerName>
      <ncom:title>Treasurer &amp; Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
