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      <invstOrSec>
        <name>MET GOVT NASHVILLE &amp; DAVIDSON</name>
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        <name>PUBLIC FIN AUTH WI CHRT SCH RE</name>
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      <invstOrSec>
        <name>E-470 CO PUBLIC HIGHWAY AUTH</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-01</maturityDt>
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      <invstOrSec>
        <name>KENTUCKY ST ECON DEV FIN AUTH</name>
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      <invstOrSec>
        <name>TEXAS ST TRANSPRTN COMMISSION</name>
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          <isin value="US88283NAJ19"/>
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          <maturityDt>2039-08-01</maturityDt>
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        <name>Port Authority of New York &amp; New Jersey (TOBS)</name>
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      <invstOrSec>
        <name>SIERRA VISTA AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
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          <isin value="US82652UAY82"/>
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      <invstOrSec>
        <name>PUBLIC FIN AUTH WI CHRT SCH RE</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
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      <invstOrSec>
        <name>DELAWARE ST ECON DEV AUTH REVE</name>
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        <name>LOUISIANA ST LOCAL GOVT ENVRNM</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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      <invstOrSec>
        <name>JUSTIN TX SPL ASSMNT REVENUE</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DEL WEBB OAK CREEK CDD FL SPL</name>
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          <maturityDt>2055-05-01</maturityDt>
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      <invstOrSec>
        <name>CUMBERLAND CNTY PA MUNI AUTH</name>
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          <isin value="US230614PN31"/>
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          <maturityDt>2045-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CCP MET DIST NO 3 CO</name>
        <lei>N/A</lei>
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          <isin value="US12520DAA54"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2053-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CYPRESS CREEK RESERVE CDD FL S</name>
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          <isin value="US23274FAD96"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
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        <name>LOWRY CROSSING TX SPL ASSMNT R</name>
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      <invstOrSec>
        <name>DIST OF COLUMBIA REVENUE</name>
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          <isin value="US25483VYC26"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-06-01</maturityDt>
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        <name>Putnam Government Money Market Fund</name>
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          <isin value="US74680A8696"/>
          <ticker value="PGLXX"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WOODCREEK CDD FL</name>
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          <isin value="US97925TAG94"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>CALIFORNIA ST MUNI FIN AUTH ED</name>
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        <title>California Municipal Finance Authority</title>
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          <isin value="US130497AY62"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>NEW HOPE CULTURAL ED FACS FIN</name>
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        <name>SEMINOLE CNTY FL INDL DEV AUTH</name>
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        <name>STERLING RANCH CMNTY AUTH BRD</name>
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        <name>MILLSBORO DE SPL OBLG</name>
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        <name>BRIDLE CREEK CDD FL CAPITAL IM</name>
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        <name>WISCONSIN ST HLTH &amp; EDUCTNL FA</name>
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        <balance>1500000.00000000</balance>
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        <name>K-BAR RANCH III CDD FL SPL ASS</name>
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          <isin value="US49126PFF27"/>
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        <name>WILLOWBROOK CDD FL SPL ASSMNT</name>
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          <isin value="US971227AF02"/>
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          <maturityDt>2056-05-01</maturityDt>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912797SG39"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-20</maturityDt>
          <couponKind>None</couponKind>
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        <name>SUFFOLK VA ECON DEV AUTH RETMN</name>
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          <isin value="US86482NAJ46"/>
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          <maturityDt>2031-09-01</maturityDt>
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        <name>New York State Thruway Authority (TOBS)</name>
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        <title>Washington State Housing Finance Commission</title>
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        <name>PUBLIC FIN AUTH WI REVENUE</name>
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        <name>SKYRIDGE PEGASUS INFRASTRUCTUR</name>
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        <name>WARM SPRINGS OR RESERVATION CO</name>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <name>PUBLIC FIN AUTH WI MF AFFORDAB</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>PUBLIC FIN AUTH WI STUDENT HSG</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>POINT PHASE 1 PUB INFRASTRUCTU</name>
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        <name>WARM SPRINGS OR RESERVATION CO</name>
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          <isin value="US56439QAC96"/>
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          <isin value="US65821DYT26"/>
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        <name>LANCASTER PA INDL DEV AUTH</name>
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        <name>PUBLIC FIN AUTH WI POOLED CHRT</name>
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        <name>FEED MILL CDD FL CAPITAL IMPT</name>
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        <name>NEW JERSEY ST ECON DEV AUTH SP</name>
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        <name>PUBLIC FIN AUTH WI MF HSG REVE</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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          <maturityDt>2056-06-01</maturityDt>
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          <maturityDt>2056-02-01</maturityDt>
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        <name>RIVER LANDING CDD FL CAP IMPT</name>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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        <name>LOUISIANA PUB FACS AUTH REVENU</name>
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          <isin value="US546399SZ00"/>
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        <name>PUBLIC FIN AUTH WI HOTEL REVEN</name>
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        <name>VERANO 4 CDD FL SP ASSMNT</name>
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          <isin value="US92337SAF65"/>
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        <name>FARMS NEW KENT VA CMNTY DEV AU</name>
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        <name>CSCDA CMNTY IMPT AUTH CA ESSEN</name>
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        <name>LOWERY HILLS CDD FL SPL ASSMNT</name>
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        <name>DEERING PARK STEWARDSHIP DIST</name>
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        <name>PINELLAS CNTY FL INDL DEV AUTH</name>
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        <name>CHARLOTTE CNTY FL INDL DEV AUT</name>
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        <name>BUCKEYE OH TOBACCO SETTLEMENT</name>
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        <name>CAPITAL TRUST AUTH FL EDUCTNL</name>
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          <isin value="US14054WBW47"/>
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        <name>LANCASTER CNTY PA HOSP AUTH HL</name>
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        <name>PUBLIC FIN AUTH WI REVENUE</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74442PJR73"/>
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        <name>PUBLIC FIN AUTH WI STUDENT HSG</name>
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        <name>PHILADELPHIA PA AUTH FOR INDL</name>
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        <name>PUBLIC FIN AUTH WI EDU REVENUE</name>
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        <name>UPTOWN DEV AUTH TX INCR CONTRA</name>
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        <name>LEHIGH CNTY PA INDL DEV AUTH C</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS ST FIN AUTH STUDENT H</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
        <cusip>45203KAP0</cusip>
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          <isin value="US45203KAP03"/>
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        <curCd>USD</curCd>
        <valUSD>5347687.95000000</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>2047-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FLORIDA ST LOCAL GOVT FIN COMM</name>
        <lei>N/A</lei>
        <title>Florida Local Government Finance Commission</title>
        <cusip>34077EAE6</cusip>
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          <isin value="US34077EAE68"/>
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        <balance>3100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3129379.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</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>GUNTER TX SPL ASSMNT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Gunter TX</title>
        <cusip>40314PAB7</cusip>
        <identifiers>
          <isin value="US40314PAB76"/>
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        <balance>771000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>779757.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>CAPITAL TRUST AGY FL REVENUE</name>
        <lei>549300F49UWS7X0OGQ59</lei>
        <title>Capital Trust Agency Inc</title>
        <cusip>14052WDH7</cusip>
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          <isin value="US14052WDH79"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>536989.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-01-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN ST FIN AUTH LTD OBLIG</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>594479DD6</cusip>
        <identifiers>
          <isin value="US594479DD63"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>566478.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KINGS CREEK I CDD FL SPL ASSMN</name>
        <lei>N/A</lei>
        <title>Kings Creek I Community Development District</title>
        <cusip>495879AC2</cusip>
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          <isin value="US495879AC22"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102790.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PRINCE GEORGES CNTY MD SPL OBL</name>
        <lei>549300NSQ1W50I0VU811</lei>
        <title>County of Prince George's MD</title>
        <cusip>74172RBP1</cusip>
        <identifiers>
          <isin value="US74172RBP10"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301732.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MIDDLETON CDD FL SPL ASMNT REV</name>
        <lei>N/A</lei>
        <title>Middleton Community Development District A</title>
        <cusip>596681AE6</cusip>
        <identifiers>
          <isin value="US596681AE64"/>
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        <balance>1345000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1409101.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UPTOWN DEV AUTH TX INCR CONTRA</name>
        <lei>N/A</lei>
        <title>Uptown Development Authority</title>
        <cusip>916856HP5</cusip>
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          <isin value="US916856HP55"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>570491.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAINT LOUIS CNTY MO INDL DEV A</name>
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        <title>St Louis County Industrial Development Authority</title>
        <cusip>791524CP4</cusip>
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          <isin value="US791524CP42"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5930238.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUBLIC FIN AUTH WI MF HSG REVE</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
        <cusip>74441XHS1</cusip>
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          <isin value="US74441XHS18"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUBLIC FIN AUTH WI REVENUE</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
        <cusip>74442PZR9</cusip>
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          <isin value="US74442PZR99"/>
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        <balance>95000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GAS WORX CDD FL SPL ASSMNT</name>
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          <isin value="US367200AC64"/>
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          <maturityDt>2045-05-01</maturityDt>
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      <invstOrSec>
        <name>California Municipal Finance A</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13050WAB7</cusip>
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          <isin value="US13050WAB72"/>
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        <balance>2986957.20700000</balance>
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        <debtSec>
          <maturityDt>2041-02-20</maturityDt>
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      <invstOrSec>
        <name>EAGAN MN CHRTR SCH LEASE REVEN</name>
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          <isin value="US26940AAC99"/>
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        <name>CYPRESS RESERVE CDD FL CAPITAL</name>
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          <isin value="US23280AAC45"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
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          <annualizedRt>5.80000000</annualizedRt>
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      <invstOrSec>
        <name>MICHIGAN ST FIN AUTH LTD OBLIG</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>594479DC8</cusip>
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          <isin value="US594479DC80"/>
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        <balance>1080000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-12-01</maturityDt>
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        <name>SAINT JOHNS CNTY FL INDL DEV A</name>
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        <name>NATIONAL FIN AUTH NH REVENUE</name>
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        <name>CALIFORNIA CNTY CA TOBACCO SEC</name>
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        <name>EAST NASSAU STEWARDSHIP DIST F</name>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <name>CHICAGO IL</name>
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        <name>NATIONAL FIN AUTH NH REVENUE</name>
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        <name>INDIANA ST FIN AUTH STUDENT HS</name>
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        <name>LAKE CNTY FLA RETMNT FAC REVEN</name>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US45204FYU38"/>
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        <name>LAKESIDE AT SATILLA CDD FL CAP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PENNSYLVANIA ST HGR EDUCTNL FA</name>
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          <isin value="US709181BZ39"/>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>CHESTER CNTY PA INDL DEV AUTH</name>
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        <name>UPTOWN DEV AUTH TX INCR CONTRA</name>
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          <isin value="US916856HS94"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TAMPA FL CAPITAL IMPT CIGARETT</name>
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          <isin value="US875146AZ58"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>PUBLIC FIN AUTH WI CONFERENCE</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74445QDW78"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
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        <name>KINGSTON ONE CDD FL SPL ASSMNT</name>
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        <name>WASHINGTON ST HSG FIN COMMISSI</name>
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        <name>CALIFORNIA ST SCH FIN AUTH CHR</name>
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        <name>TAMPA FL CAPITAL IMPT CIGARETT</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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          <maturityDt>2055-09-15</maturityDt>
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          <maturityDt>2053-06-01</maturityDt>
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        <name>DETROIT MI</name>
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        <name>NEW HOPE CULTURAL ED FACS FIN</name>
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        <name>DENTON CNTY TX SPL ASSMNT REVE</name>
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          <isin value="US24880GAR02"/>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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        <name>KINGSTON ONE CDD FL SPL ASSMNT</name>
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          <maturityDt>2045-05-01</maturityDt>
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        <name>UPTOWN DEV AUTH TX INCR CONTRA</name>
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        <name>NEW HOPE CULTURAL ED FACS FIN</name>
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        <name>WHARTON TX SPL ASSMNT REVENUE</name>
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          <isin value="US962423AC30"/>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>CYPRESS CREEK RESERVE CDD FL S</name>
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        <name>EAST WALLER CNTY MGMT DIST TX</name>
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        <name>TOBACCO SETTLEMENT FING CORP R</name>
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        <name>PLAZA AT NOAHS ARK CMNTY IMPT</name>
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        <name>MONONGALIA CNTY WV COMMISSION</name>
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        <name>KING CNTY WA PUBLIC HOSP DIST</name>
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        <name>CHICAGO IL SPL ASSMNT</name>
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          <annualizedRt>3.20000000</annualizedRt>
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        <name>OHIO ST HGR EDUCTNL FAC COMMIS</name>
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          <isin value="US67756DE367"/>
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        <name>BRUNSWICK MD SPL OBLIG</name>
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          <isin value="US117250AE03"/>
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        <name>TEXAS CMNTY HSG &amp; ECON DEV COR</name>
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          <isin value="US88231CAA71"/>
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        <name>CAPITAL TRUST AGY FL EDUCTNL F</name>
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        <name>RAMPART RANGE CO MET DIST #5</name>
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        <name>DALLAS PA AREA MUNI AUTH UNIVR</name>
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        <name>DIST OF COLUMBIA REVENUE</name>
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        <name>CALIFORNIA PUBLIC FIN AUTH SEN</name>
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        <name>CELINA TX SPL ASSESSMENT REVEN</name>
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        <name>PUBLIC FIN AUTH WI TOLL REVENU</name>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PEACE CREEK VLG CDD FL SPL ASS</name>
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          <isin value="US70459CAE21"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-05-01</maturityDt>
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          <annualizedRt>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>MANOR TX SPL ASSMNT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Manor TX</title>
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          <isin value="US564099AV18"/>
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        <curCd>USD</curCd>
        <valUSD>375721.38000000</valUSD>
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          <maturityDt>2055-09-15</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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      <invstOrSec>
        <name>VILLAGE CDD NO 15 SPL ASSMNT R</name>
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        <title>Village Community Development District No 15</title>
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          <isin value="US92708KAK34"/>
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        <curCd>USD</curCd>
        <valUSD>764004.16000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.80000000</annualizedRt>
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      <invstOrSec>
        <name>ARLINGTON TX HGR EDU FIN CORP</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp</title>
        <cusip>041806L57</cusip>
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          <isin value="US041806L575"/>
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        <balance>335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>310084.84000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>SKAGIT CNTY WA PUBLIC HOSP DIS</name>
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          <isin value="US830227EP53"/>
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        <curCd>USD</curCd>
        <valUSD>2061478.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EAST WALLER CNTY MGMT DIST TX</name>
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        <cusip>275737AB0</cusip>
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          <isin value="US275737AB05"/>
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        <balance>260000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>266999.69000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WILKES-BARRE PA FIN AUTH REVEN</name>
        <lei>N/A</lei>
        <title>Wilkes-Barre Finance Authority</title>
        <cusip>968254CB6</cusip>
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          <isin value="US968254CB63"/>
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        <balance>1165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>987782.53000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526YDB83"/>
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        <valUSD>3504625.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CELINA TX SPL ASSESSMENT REVEN</name>
        <lei>N/A</lei>
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          <isin value="US15114CKU70"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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        <name>CLACKAMAS CNTY OR HOSP FAC AUT</name>
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        <title>Clackamas County Hospital Facility Authority</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-11-15</maturityDt>
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        <name>PUBLIC FIN AUTH WI TOLL REVENU</name>
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          <isin value="US74448UAC27"/>
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          <maturityDt>2065-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <name>RANCHES AT LAKE MCLEOD CDD FL</name>
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          <maturityDt>2055-06-15</maturityDt>
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          <annualizedRt>5.65000000</annualizedRt>
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      <invstOrSec>
        <name>WISCONSIN ST HLTH &amp; EDUCTNL FA</name>
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        <title>Wisconsin Health &amp; Educational Facilities Authority</title>
        <cusip>97712JJX2</cusip>
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          <isin value="US97712JJX28"/>
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        <balance>700000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-10-01</maturityDt>
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        <name>PALM BEACH CNTY FL REVENUE</name>
        <lei>N/A</lei>
        <title>County of Palm Beach FL</title>
        <cusip>696547GJ1</cusip>
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          <isin value="US696547GJ16"/>
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        <balance>500000.00000000</balance>
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        <name>NORTHRIDGE CDD FL SPL ASSMNT</name>
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        <title>Northridge Community Development District</title>
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          <isin value="US66668PAB40"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-05-01</maturityDt>
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      <invstOrSec>
        <name>TERRELL TX SPL ASSMNT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Terrell TX</title>
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          <isin value="US881435AE10"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
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          <annualizedRt>7.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VLG FL CDD #13 SPL ASSMNT REVE</name>
        <lei>N/A</lei>
        <title>Village Community Development District No 13</title>
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          <isin value="US92708HAQ74"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CHICAGO IL SPL ASSMNT</name>
        <lei>N/A</lei>
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          <isin value="US167686AJ31"/>
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        <curCd>USD</curCd>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>2.87000000</annualizedRt>
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        <name>MET GOVT NASHVILLE &amp; DAVIDSON</name>
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          <isin value="US592029AE23"/>
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        <curCd>USD</curCd>
        <valUSD>1739856.06000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WISCONSIN ST HLTH &amp; EDUCTNL FA</name>
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        <title>Wisconsin Health &amp; Educational Facilities Authority</title>
        <cusip>97712JCJ0</cusip>
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          <isin value="US97712JCJ07"/>
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        <curCd>USD</curCd>
        <valUSD>965735.49000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>RAINDANCE MET DIST NO 1 CO NON</name>
        <lei>N/A</lei>
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          <isin value="US75087GAA04"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>SANTA FE NM RETMNT FAC REVENUE</name>
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          <isin value="US802170AQ37"/>
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          <maturityDt>2049-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MATAGORDA CNTY TX NAV DIST #1</name>
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        <title>Matagorda County Navigation District No 1</title>
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          <isin value="US576528CY75"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.40000000</annualizedRt>
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        <name>MET GOVT NASHVILLE &amp; DAVIDSONC</name>
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          <isin value="US592041YV36"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STAMFORD CT HSG AUTH</name>
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        <title>Stamford Housing Authority</title>
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          <isin value="US852640AK71"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-10-01</maturityDt>
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        <name>GOVERNORS PK SOUTH CDD FL SPL</name>
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        <name>PRAIRIE CENTER CO MET DIST #3</name>
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        <name>DETROIT MI</name>
        <lei>549300BQRJP7MKKHOY28</lei>
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        <name>WESTVIEW SOUTH CDD FL SPL ASSM</name>
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        <name>PROVIDENCE VLG TX SPL ASSMNT R</name>
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        <name>IOWA ST FIN AUTH REVENUE</name>
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        <name>SUFFOLK REGL OFF-TRACK BETTING</name>
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        <name>DE KALB CNTY GA DEV AUTH REVEN</name>
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        <name>CSCDA CMNTY IMPT AUTH CA ESSEN</name>
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      <invstOrSec>
        <name>PALM COAST 145 CDD FL SPL ASSM</name>
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          <isin value="US69662AAB70"/>
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      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue (TOBS)</name>
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          <isin value="US592643DJ62"/>
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          <maturityDt>2053-10-01</maturityDt>
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      <invstOrSec>
        <name>DIST OF COLUMBIA REVENUE</name>
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          <isin value="US25483VXU33"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CHICAGO IL SPL ASSMNT</name>
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          <isin value="US167686AP90"/>
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        <curCd>USD</curCd>
        <valUSD>264028.82000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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      <invstOrSec>
        <name>OHIO ST HGR EDUCTNL FAC COMMIS</name>
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          <isin value="US67756DJ986"/>
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      <invstOrSec>
        <name>MISSION TX ECON DEV CORP UTILI</name>
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          <isin value="US605158AA20"/>
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      <invstOrSec>
        <name>WASHINGTON ST HSG FIN COMMISSI</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>Washington State Housing Finance Commission</title>
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          <isin value="US939783TJ59"/>
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        <name>ONEIDA INDIAN NATION NY TAX RE</name>
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          <isin value="US682504AB11"/>
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          <maturityDt>2040-09-01</maturityDt>
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          <annualizedRt>8.00000000</annualizedRt>
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      <invstOrSec>
        <name>WESTMINSTER MD PROJ REVENUE</name>
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          <isin value="US960735AQ15"/>
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        <valUSD>695541.47000000</valUSD>
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        <name>MICHIGAN ST HSG DEV AUTH RENTA</name>
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          <maturityDt>2059-10-01</maturityDt>
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        <name>RAINDANCE MET DIST NO 1 CO NON</name>
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        <name>ROYSE CITY TX SPL ASSMNT REVEN</name>
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        <name>HARRIS CNTY TX CULTURAL EDU FA</name>
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        <name>BELLA COLLINA CDD FL SPL ASSMN</name>
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        <name>TOBACCO SECURITIZATION AUTH ST</name>
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        <name>Orange County Health Facilities Authority (TOBS)</name>
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          <isin value="US13057GAC33"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-01</maturityDt>
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        <name>GRAYS HARBOR CNTY WA PUBLIC HO</name>
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        <name>HAM LAKE MN CHRT SCH LEASE REV</name>
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        <name>SAINT JOHNS CNTY FL INDL DEV A</name>
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        <name>WINDLER PUB IMPT AUTH CO LTD T</name>
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        <name>CSCDA CMNTY IMPT AUTH CA ESSEN</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <name>FOREST LAKE MN CHARTER SCH LEA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PLAZA AT NOAHS ARK CMNTY IMPT</name>
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        <name>GIR EAST CDD FL CAPITAL IMPT R</name>
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        <name>CSCDA CMNTY IMPT AUTH CA ESSEN</name>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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        <name>LOUISIANA PUB FACS AUTH REVENU</name>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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        <name>HAMMOCK OAKS CDD FL ASSMNT</name>
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        <name>TOMBALL TX SPL ASSMNT REVENUE</name>
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      <invstOrSec>
        <name>ELMENDORF TX SPL ASSMNT REVENU</name>
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        <name>SOLAERIS CDD FL SPL ASSMNT</name>
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          <maturityDt>2056-05-01</maturityDt>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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          <maturityDt>2050-09-15</maturityDt>
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        <name>VLG FL CDD #13 SPL ASSMNT REVE</name>
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        <name>CEDAR CROSSINGS CDD FL SPL ASS</name>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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          <isin value="US19648FZP25"/>
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        <name>TERRELL TX SPL ASSMNT REVENUE</name>
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        <name>GARDENS AT HAMMOCK BEACH CDD F</name>
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        <name>ATLANTA GA DEV AUTH STUDENT HS</name>
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        <name>NEW HOPE CULTURAL ED FACS FIN</name>
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        <name>Alaska Industrial Development &amp; Export Authority (TOBS)</name>
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          <maturityDt>2038-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>STAMFORD CT HSG AUTH</name>
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          <maturityDt>2055-05-15</maturityDt>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
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        <name>CMFA SPL FIN AGY VII CA ESSENT</name>
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        <name>ENNIS TX SPL ASSMNT REVENUE</name>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp</title>
        <cusip>87638RKB2</cusip>
        <identifiers>
          <isin value="US87638RKB23"/>
        </identifiers>
        <balance>1620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1640176.94000000</valUSD>
        <pctVal>0.292634806185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WOODLAND PRESERVE CDD FL SPL A</name>
        <lei>N/A</lei>
        <title>Woodland Preserve Community Development District</title>
        <cusip>97966AAC9</cusip>
        <identifiers>
          <isin value="US97966AAC99"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501593.10000000</valUSD>
        <pctVal>0.089492539507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>PILOT POINT TX SPL ASSMNT REVE</name>
        <lei>N/A</lei>
        <title>City of Pilot Point TX</title>
        <cusip>721614AW5</cusip>
        <identifiers>
          <isin value="US721614AW50"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104288.53000000</valUSD>
        <pctVal>0.018606805777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>OHIO ST HGR EDUCTNL FAC COMMIS</name>
        <lei>5493007MQT6NGNN6BR81</lei>
        <title>Ohio Higher Educational Facility Commission</title>
        <cusip>67756DRV0</cusip>
        <identifiers>
          <isin value="US67756DRV00"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>665281.50000000</valUSD>
        <pctVal>0.118697268607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>EAST WALLER CNTY MGMT DIST TX</name>
        <lei>N/A</lei>
        <title>East Waller County Management District</title>
        <cusip>275737AA2</cusip>
        <identifiers>
          <isin value="US275737AA22"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>118001.80000000</valUSD>
        <pctVal>0.021053480896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOWELL MA COLLEGIATE CHRT SCH</name>
        <lei>N/A</lei>
        <title>Collegiate Charter School of Lowell</title>
        <cusip>547649AC7</cusip>
        <identifiers>
          <isin value="US547649AC78"/>
        </identifiers>
        <balance>2290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2186685.96000000</valUSD>
        <pctVal>0.390141091785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC FIN AUTH WI EDUCTNL REV</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
        <cusip>74445GAR3</cusip>
        <identifiers>
          <isin value="US74445GAR39"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>971978.80000000</valUSD>
        <pctVal>0.173417160561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAMILTON CNTY OH HLTH CARE REV</name>
        <lei>549300TO1E3N4E4YIO28</lei>
        <title>County of Hamilton OH</title>
        <cusip>40727RCA4</cusip>
        <identifiers>
          <isin value="US40727RCA41"/>
        </identifiers>
        <balance>785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>740867.77000000</valUSD>
        <pctVal>0.132183114513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH LAS VEGAS NV LOCAL IMPT</name>
        <lei>N/A</lei>
        <title>City of North Las Vegas NV</title>
        <cusip>66041HJE5</cusip>
        <identifiers>
          <isin value="US66041HJE53"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>659218.30000000</valUSD>
        <pctVal>0.117615493029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>CONNECTICUT ST HLTH &amp; EDUCTNL</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>Connecticut State Health &amp; Educational Facilities Authority</title>
        <cusip>20774YW29</cusip>
        <identifiers>
          <isin value="US20774YW299"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1509571.95000000</valUSD>
        <pctVal>0.269332706879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRA LAGO CDD FL SPL ASSMMT</name>
        <lei>N/A</lei>
        <title>Terra Lago Community Development District</title>
        <cusip>88104DAB7</cusip>
        <identifiers>
          <isin value="US88104DAB73"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>254408.60000000</valUSD>
        <pctVal>0.045390719462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>SOUTH CAROLINA ST JOBS-ECON DE</name>
        <lei>5493006X47I9VG3DL112</lei>
        <title>South Carolina Jobs-Economic Development Authority</title>
        <cusip>83704HAM9</cusip>
        <identifiers>
          <isin value="US83704HAM97"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1037653.80000000</valUSD>
        <pctVal>0.185134671293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>GAS WORX CDD FL SPL ASSMNT</name>
        <lei>N/A</lei>
        <title>Gas Worx Community Development District</title>
        <cusip>367200AB8</cusip>
        <identifiers>
          <isin value="US367200AB81"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104300.88000000</valUSD>
        <pctVal>0.018609009222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UTAH INFRASTRUCTURE AGY TELECO</name>
        <lei>549300WD2FDRNXU16V82</lei>
        <title>Utah Infrastructure Agency</title>
        <cusip>917467DB5</cusip>
        <identifiers>
          <isin value="US917467DB54"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>467425.76000000</valUSD>
        <pctVal>0.083396518599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>2025-12-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
