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        <name>BLACK BELT ENERGY-E</name>
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        <name>BLACK BELT GAS DT-E</name>
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        <name>BLACK BELT-D-REF</name>
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          <isin value="US093266AA28"/>
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        <name>BROOKS DEV AUTH-A 144A</name>
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          <isin value="US114390AJ63"/>
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        <name>BROOKS DEV AUTH-REV 144A</name>
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        <name>BUCKEYE OH TOB STLMT SR B-2 CL 2</name>
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        <name>BUCKHEAD TRAILS II CD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BUILD NYC RESOURCE-A 144A</name>
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        <name>BUTLER CNTY HOSP AUTH</name>
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        <name>BUTLER CNTY HOSP AUTH</name>
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        <name>CA CMNTY HSG AGY EMERALD PARK SR A1 144A</name>
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        <name>CA HSG FIN AGY CTFS SER A</name>
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        <name>CA FIN STDNT ASCENT 613 PROJ SR A 144A</name>
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        <name>CONNECTOR 2000 CABS SR SER A1</name>
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      <invstOrSec>
        <name>CSCDA CMNTY IMPT HSG DUBLIN SER B 144A</name>
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        <name>DELAWARE ECO DEV AUTH ASPIRA PROJ SER A</name>
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        <cusip>246372BC9</cusip>
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          <isin value="US246372BC95"/>
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      <invstOrSec>
        <name>DE ST EDA NEWARK CHRTR SCH INC SER A</name>
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        <name>DENVER CO CONVENTION CTR HOTEL SENIOR</name>
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        <name>DIST OF COLUMBIA REV INGLESIDE RC SER A</name>
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        <name>DIST OF COLUMBIA REV INGLESIDE RC SER A</name>
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        <name>FREDERICK CO-REV 144A</name>
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        <name>FULTON RSDL AUTH CANTERBURY SER A 144A</name>
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        <assetCat>DBT</assetCat>
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        <name>KS CITY INDL DEV-REF 144A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KY ST ECON OWENSBORO MED HLTH SER A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LAKE FLORES CDD</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>LANCASTER CO HOSP AUT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LAVON-REV</name>
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        <valUSD>100569.440000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LEE COUNTY-A-1-AMT AMT</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LINCOLN CO -A-REF</name>
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          <isin value="US53340EAA55"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MAINE HLTH &amp; HGR EDUC</name>
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        <valUSD>47741.890000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>MAINE ST HSG AUTH-E</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MANHATTAN HLTH-A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MD ST ECON PRPLE LINE LT RAIL SR BP3 AMT</name>
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        <name>MD ST ECON PRPLE LINE LT RAIL SER A AMT</name>
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        <name>MD HLTH &amp; HGR ED FAC AUTH REV EDENWALD</name>
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        <name>MD H&amp;H ED FACS ADVENTIST HLTHCRE SER A</name>
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        <name>MD H&amp;H ED FACS ADVENTIST HLTHCRE SER B</name>
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        <name>MD ST H&amp;H ED FACS REV FREDERICK HLTH SYS</name>
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        <name>MD HLTH &amp; HGR EDU-A</name>
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      <invstOrSec>
        <name>OHIO ST AIR QUAL ADV METALLUR 144A AMT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PA ST ECON PENN MJR BRDGE PRJ P3 AMT</name>
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        <name>PA ECON DEV FING AMT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PHILADELPHIA INDL SNR LVNG WESLEY SER A</name>
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        <cusip>717824AQ9</cusip>
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          <isin value="US717824AQ94"/>
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        <balance>100000.000000</balance>
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        <name>PHILADELPHIA-UNREFUND</name>
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          <isin value="US71781XHG16"/>
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        <name>PHX AZ STD HSG REV AZ ST UNIV PJ II SR A</name>
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          <isin value="US71885DEH17"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>POLK CO INDL DEV AUTH 144A</name>
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        <cusip>731121AD1</cusip>
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          <isin value="US731121AD17"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PORT BEAUMONT TX JEFF GULF COAST EN 144A AMT</name>
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        <name>PRAIRIE POINT CMNTY</name>
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          <isin value="US739656AC06"/>
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        <name>PRINCE WILLIAM CO VA WESTMNSTER LK RDGE</name>
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          <isin value="US741756CC25"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PUB FIN AUTH -A 144A</name>
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        <name>PUBLIC FIN AUTH W CELANESE PJ SR C AMT</name>
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        <name>PFA WI ROSEMAN UNIV HLTH SCI 144A</name>
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        <name>PFA WI REV SEARSTONE CCRC PROJ SER A 144A</name>
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      <invstOrSec>
        <name>PFA WI REV SEARSTONE CCRC PROJ SER A 144A</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>PUBLIC FIN AUTH WI REVENUE PUBGEN 06/52 FIXED 5</title>
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        <curCd>USD</curCd>
        <valUSD>26894.770000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</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>PUBLC FIN AUTH WI MARYS WOODS SER A 144A</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>PUBLIC FIN AUTH WI SENIOR LIVI PUBFIN 05/37 FIXED 5.25</title>
        <cusip>74443UAZ6</cusip>
        <identifiers>
          <isin value="US74443UAZ66"/>
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        <balance>95000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95629.900000</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>2037-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.2500000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PUBLIC FIN AUTH-A</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>PUBLIC FIN AUTH WI STUDENT HSG PUBFIN 07/45 FIXED 5</title>
        <cusip>74439YGT2</cusip>
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          <isin value="US74439YGT29"/>
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        <curCd>USD</curCd>
        <valUSD>103193.540000</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>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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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 06/60 FIXED OID 5.75</title>
        <cusip>74448UAB4</cusip>
        <identifiers>
          <isin value="US74448UAB44"/>
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        <balance>165000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>171398.040000</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PR COMWLTH PUBLIC IMPT SER A1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO CMWLTH PRC 07/29 FIXED 5.625</title>
        <cusip>74514L3H8</cusip>
        <identifiers>
          <isin value="US74514L3H80"/>
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        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>105085.310000</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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.6250000000</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 COMWLTH PUBLIC IMPT SER A1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO CMWLTH PRC 07/37 FIXED 4</title>
        <cusip>74514L3M7</cusip>
        <identifiers>
          <isin value="US74514L3M75"/>
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        <balance>168000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>165866.700000</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>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</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 COMWLTH PUBLIC IMPT SER A1</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO CMWLTH PRC 07/46 FIXED 4</title>
        <cusip>74514L3P0</cusip>
        <identifiers>
          <isin value="US74514L3P07"/>
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        <balance>300000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>265632.330000</valUSD>
        <pctVal>1.0500406191</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>Fixed</couponKind>
          <annualizedRt>4.0000000000</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 COMWLTH SUBSER PRIFA RUM TXBL</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO CMWLTH PRC 11/51 ADJUSTABLE VAR</title>
        <cusip>74514L4G9</cusip>
        <identifiers>
          <isin value="US74514L4G98"/>
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        <balance>38405.630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24195.550000</valUSD>
        <pctVal>0.0956446465</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>
          <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 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>293633.700000</valUSD>
        <pctVal>1.1607296150</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>
          <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>PREPA-SER TT-PSA</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PW 07/19 4.2</title>
        <cusip>74526YAU9</cusip>
        <identifiers>
          <isin value="US74526YAU91"/>
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        <balance>25000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18375.000000</valUSD>
        <pctVal>0.0726360996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>4.2000000000</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 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>25000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18375.000000</valUSD>
        <pctVal>0.0726360996</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>
          <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 ELEC-WW</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/19 FIXED 5.5</title>
        <cusip>74526QX23</cusip>
        <identifiers>
          <isin value="US74526QX235"/>
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        <balance>20000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14700.000000</valUSD>
        <pctVal>0.0581088797</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>5.5000000000</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 ELEC SER TT</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/19 FIXED OID 4.2</title>
        <cusip>74526QKM3</cusip>
        <identifiers>
          <isin value="US74526QKM32"/>
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        <balance>15000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11025.000000</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>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.2000000000</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-REF-DDD</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/21 FIXED 5</title>
        <cusip>74526QK84</cusip>
        <identifiers>
          <isin value="US74526QK844"/>
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        <balance>15000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11025.000000</valUSD>
        <pctVal>0.0435816598</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-REF-DDD</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/22 FIXED OID 3.75</title>
        <cusip>74526QZG0</cusip>
        <identifiers>
          <isin value="US74526QZG09"/>
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        <balance>5000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3675.000000</valUSD>
        <pctVal>0.0145272199</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>3.7500000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER ZZ-RSA-1</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/24 FIXED 5.25</title>
        <cusip>74526QN57</cusip>
        <identifiers>
          <isin value="US74526QN574"/>
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        <balance>20000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14700.000000</valUSD>
        <pctVal>0.0581088797</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 ELEC PWR-CCC</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/28 FIXED 5</title>
        <cusip>74526QS60</cusip>
        <identifiers>
          <isin value="US74526QS607"/>
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        <balance>25000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18375.000000</valUSD>
        <pctVal>0.0726360996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER WW-RSA-1</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/28 FIXED OID 5</title>
        <cusip>74526QS29</cusip>
        <identifiers>
          <isin value="US74526QS292"/>
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        <balance>20000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14700.000000</valUSD>
        <pctVal>0.0581088797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR-A</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/29 FIXED OID 4.8</title>
        <cusip>74526QT28</cusip>
        <identifiers>
          <isin value="US74526QT282"/>
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        <balance>75000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55125.000000</valUSD>
        <pctVal>0.2179082988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.8000000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER XX-RSA-1</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/35 FIXED OID 5.25</title>
        <cusip>74526QU91</cusip>
        <identifiers>
          <isin value="US74526QU918"/>
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        <balance>15000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11025.000000</valUSD>
        <pctVal>0.0435816598</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PR ELEC PWR AUTH REV SER XX-RSA-1</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/40 FIXED OID 5.25</title>
        <cusip>74526QV66</cusip>
        <identifiers>
          <isin value="US74526QV668"/>
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        <balance>10000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7350.000000</valUSD>
        <pctVal>0.0290544398</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>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>PREPA-SER A-PSA</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/42 FIXED 5</title>
        <cusip>74526YDG7</cusip>
        <identifiers>
          <isin value="US74526YDG70"/>
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        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73500.000000</valUSD>
        <pctVal>0.2905443983</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</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>
          <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>100006.370000</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>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>200387.420000</valUSD>
        <pctVal>0.7921284677</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>299000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>108595.600000</valUSD>
        <pctVal>0.4292767791</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>21000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20192.770000</valUSD>
        <pctVal>0.0798217172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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-B1</name>
        <lei>N/A</lei>
        <title>PUERTO RICO SALES TAX FING COR PRCGEN 07/58 FIXED OID 5</title>
        <cusip>74529JQM0</cusip>
        <identifiers>
          <isin value="US74529JQM08"/>
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        <balance>500000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>489244.350000</valUSD>
        <pctVal>1.9339755825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</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>
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      <invstOrSec>
        <name>RENO NV SALES TAX REV RETRAC TRANS 144A</name>
        <lei>549300M4R5WWSUWY8D52</lei>
        <title>RENO NV SALES TAX REVENUE RENGEN 07/58 ZEROCPNOID 0</title>
        <cusip>759861EJ2</cusip>
        <identifiers>
          <isin value="US759861EJ20"/>
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        <balance>500000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>81042.150000</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>2058-07-01</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ROCKDALE CNTY GA DEV 144A AMT</name>
        <lei>N/A</lei>
        <title>ROCKDALE CNTY GA DEV AUTH ROCDEV 01/38 FIXED 4</title>
        <cusip>773008AR8</cusip>
        <identifiers>
          <isin value="US773008AR86"/>
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        <balance>250000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247102.430000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>S E ALABAMA ST GAS SP</name>
        <lei>549300BL04JIB2GJZ178</lei>
        <title>S E ALABAMA ST GAS SPLY DIST G SOUUTL 08/54 ADJUSTABLE VAR</title>
        <cusip>84131TBA9</cusip>
        <identifiers>
          <isin value="US84131TBA97"/>
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        <balance>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105897.250000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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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>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>99292.620000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>220000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>188392.010000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.7500000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>100000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102536.390000</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SALT VERDE AZ FNL CORP SNR GAS REV</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>SALT VERDE AZ FINANCIAL CORP S SLTPWR 12/37 FIXED OID 5</title>
        <cusip>79575EAS7</cusip>
        <identifiers>
          <isin value="US79575EAS72"/>
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        <balance>205000.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216130.370000</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>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <name>SUMMIT CO OH UNIV OF AKRON PARKING PROJ</name>
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        <name>VA ST CLG BLDG MARYMOUNT UNIV PROJ SER A 144A</name>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTCHESTER CO -A 144A</name>
        <lei>549300KOSU8OC75V9238</lei>
        <title>WESTCHESTER CNTY NY LOCAL DEV WSTDEV 12/65 FIXED OID 6.5</title>
        <cusip>95737TGC4</cusip>
        <identifiers>
          <isin value="US95737TGC45"/>
        </identifiers>
        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103621.650000</valUSD>
        <pctVal>0.4096148293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5000000000</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>WESTMINSTER MD LUTH VLG MILLERS SR A</name>
        <lei>N/A</lei>
        <title>WESTMINSTER MD PROJ REVENUE WESGEN 07/34 FIXED 6</title>
        <cusip>960735AQ1</cusip>
        <identifiers>
          <isin value="US960735AQ15"/>
        </identifiers>
        <balance>45000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45033.180000</valUSD>
        <pctVal>0.1780154856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</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>
      <invstOrSec>
        <name>WESTMINSTER MD LUTH VLG MILLERS SR A</name>
        <lei>N/A</lei>
        <title>WESTMINSTER MD PROJ REVENUE WESGEN 07/44 FIXED OID 6.25</title>
        <cusip>960735AS7</cusip>
        <identifiers>
          <isin value="US960735AS70"/>
        </identifiers>
        <balance>65000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>65030.190000</valUSD>
        <pctVal>0.2570633664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.2500000000</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>100364.180000</valUSD>
        <pctVal>0.3967380992</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>
      <invstOrSec>
        <name>WI HLTH &amp; EDU-A</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN ST HLTH   EDUCTNL FA WISMED 02/42 FIXED 5</title>
        <cusip>97712DUD6</cusip>
        <identifiers>
          <isin value="US97712DUD64"/>
        </identifiers>
        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100194.540000</valUSD>
        <pctVal>0.3960675149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-15</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>WI HLTH EDUCTNL FACS</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN ST HLTH   EDUCTNL FA WISMED 06/61 FIXED OID 5.5</title>
        <cusip>97712JSC8</cusip>
        <identifiers>
          <isin value="US97712JSC89"/>
        </identifiers>
        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100961.580000</valUSD>
        <pctVal>0.3990996125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-06-01</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>WI HLTH EDUCTNL FACS 144A</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN ST HLTH   EDUCTNL FA WISMED 11/36 FIXED 6.5</title>
        <cusip>97712JSD6</cusip>
        <identifiers>
          <isin value="US97712JSD62"/>
        </identifiers>
        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102006.880000</valUSD>
        <pctVal>0.4032316677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5000000000</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>WOODBURY MN CHRT SCH LEADSP PROJ SER A</name>
        <lei>N/A</lei>
        <title>WOODBURY MN CHRT SCH LEASE REV WDBEDU 07/51 FIXED 4</title>
        <cusip>979134AU7</cusip>
        <identifiers>
          <isin value="US979134AU73"/>
        </identifiers>
        <balance>100000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75300.910000</valUSD>
        <pctVal>0.2976633686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</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>
    </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>2026-07-02</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>
  <documents>XXXX</documents>
</edgarSubmission>
