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        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
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      <invstOrSec>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
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      <invstOrSec>
        <name>ALBANY NY CAPITAL RESOURCE COR</name>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <cusip>65000BT73</cusip>
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          <isin value="US65000BT737"/>
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        <name>ST LAWRENCE CNTY NY INDL DEV A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SUFFOLK NY TOBACCO ASSET SECUR</name>
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        <name>ERIE CNTY NY INDL DEV AGY MF H</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
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      <invstOrSec>
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        <name>POUGHKEEPSIE CITY NY</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-01</maturityDt>
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        <name>NEW YORK CITY NY TRANSITIONAL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-01</maturityDt>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
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        <name>MET TRANSPRTN AUTH NY DEDICATE</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-15</maturityDt>
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        <name>SUFFOLK NY TOBACCO ASSET SECUR</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-06-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
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        <title>New York City Municipal Water Finance Authority</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-15</maturityDt>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <name>NASSAU CNTY NY LOCAL ECON ASSI</name>
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        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
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        <name>GUAM INTERNATIONAL ARPT AUTH</name>
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        <name>ALBANY NY CAPITAL RESOURCE COR</name>
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        <name>NEW YORK NY</name>
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        <name>NEW YORK ST HSG FIN AGY AFFORD</name>
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        <title>New York State Housing Finance Agency</title>
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        <name>NEW YORK ST ENERGY RESEARCH &amp;</name>
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        <name>YONKERS NY ECON DEV CORP EDUCT</name>
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        <name>GRAYS HARBOR CNTY WA PUBLIC HO</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>NEW YORK ST DORM AUTH ST PERSO</name>
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        <name>NEW YORK CITY NY INDL DEV AGY</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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          <maturityDt>2052-03-15</maturityDt>
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        <name>NEW YORK ST DORM AUTH SALES TA</name>
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        <name>NEW YORK ST THRUWAY AUTH GEN R</name>
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      <invstOrSec>
        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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      <invstOrSec>
        <name>WESTCHESTER CNTY NY LOCAL DEV</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ST DORM AUTH ST PERSO</name>
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          <isin value="US64990KHC09"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-15</maturityDt>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
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          <isin value="US64985SGG21"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
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      <invstOrSec>
        <name>CLINTON CNTY NY CAPITAL RESOUR</name>
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          <isin value="US187469AE11"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>64985SMS9</cusip>
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          <isin value="US64985SMS94"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTHOLD NY LOCAL DEV CORP REV</name>
        <lei>N/A</lei>
        <title>Southold Local Development Corp</title>
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          <isin value="US844584AL67"/>
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        <curCd>USD</curCd>
        <valUSD>2218030.65000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>ONONDAGA NY CIVIC DEV CORP</name>
        <lei>N/A</lei>
        <title>Onondaga Civic Development Corp</title>
        <cusip>682832JN1</cusip>
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          <isin value="US682832JN11"/>
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        <curCd>USD</curCd>
        <valUSD>201521.97000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp</title>
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          <isin value="US12008EUJ36"/>
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        <valUSD>651170.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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          <maturityDt>2031-11-01</maturityDt>
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        <name>ALBANY NY CAPITAL RESOURCE COR</name>
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        <name>BUFFALO &amp; ERIE CNTY NY INDL LA</name>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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          <isin value="US59261A5G89"/>
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        <name>WESTCHESTER CNTY NY LOCAL DEV</name>
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        <name>MONROE CNTY NY INDL DEV CORP R</name>
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        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
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        <name>MONROE CNTY NY INDL DEV CORP R</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>NEW YORK ST THRUWAY AUTH GEN R</name>
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          <isin value="US650010CD11"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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          <isin value="US64990G4W92"/>
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        <valUSD>552212.46000000</valUSD>
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        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW YORK CITY NY TRANSITIONAL</name>
        <lei>N/A</lei>
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          <isin value="US64972LBL62"/>
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        <curCd>USD</curCd>
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          <maturityDt>2043-07-15</maturityDt>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-15</maturityDt>
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        <name>NEW YORK ST DORM AUTH SALES TA</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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          <isin value="US64990AUJ23"/>
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        <valUSD>5208273.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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          <isin value="US650116GY64"/>
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        <valUSD>5929568.07000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>65000BMT2</cusip>
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          <isin value="US65000BMT25"/>
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        <curCd>USD</curCd>
        <valUSD>792680.03000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>DUTCHESS CNTY NY LOCAL DEV COR</name>
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          <isin value="US267045PU09"/>
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        <valUSD>178929.12000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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        <name>BUFFALO &amp; ERIE CNTY NY INDL LA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-01</maturityDt>
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        <name>GUAM INTERNATIONAL ARPT AUTH</name>
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        <title>Antonio B Won Pat International Airport Authority</title>
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          <isin value="US40064RFF10"/>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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        <name>MONROE CNTY NY INDL DEV CORP R</name>
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        <name>WESTCHESTER CNTY NY LOCAL DEV</name>
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        <name>NEW YORK CITY NY TRANSITIONAL</name>
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        <name>ALBANY NY CAPITAL RESOURCE COR</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
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          <isin value="US12008ESG25"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-01</maturityDt>
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      <invstOrSec>
        <name>TRIBOROUGH NY BRIDGE &amp; TUNNEL</name>
        <lei>54930020ZN4LQF7K3456</lei>
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          <isin value="US896032BD07"/>
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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>2059-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>MONROE CNTY NY INDL DEV CORP R</name>
        <lei>N/A</lei>
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          <isin value="US61075TXV50"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1794515.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>ONEIDA INDIAN NATION NY TAX RE</name>
        <lei>N/A</lei>
        <title>Oneida Indian Nation of New York</title>
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          <isin value="US682504AC93"/>
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        <curCd>USD</curCd>
        <valUSD>1294158.72000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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          <isin value="US65000B7X05"/>
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        <balance>2200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2242562.96000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>TRIBOROUGH NY BRIDGE &amp; TUNNEL</name>
        <lei>54930020ZN4LQF7K3456</lei>
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        <cusip>89602HDR5</cusip>
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          <isin value="US89602HDR57"/>
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        <balance>5500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5743201.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK CITY NY MUNI WTR FIN</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>New York City Municipal Water Finance Authority</title>
        <cusip>64972GZM9</cusip>
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          <isin value="US64972GZM94"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>801900.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEMPSTEAD TOWN NY LOCAL DEV CO</name>
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        <title>Hempstead Town Local Development Corp</title>
        <cusip>424682KL5</cusip>
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          <isin value="US424682KL59"/>
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        <curCd>USD</curCd>
        <valUSD>1000862.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>DUTCHESS CNTY NY LOCAL DEV COR</name>
        <lei>N/A</lei>
        <title>Dutchess County Local Development Corp</title>
        <cusip>267045PW6</cusip>
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          <isin value="US267045PW64"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176587.71000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>GUAM INTERNATIONAL ARPT AUTH</name>
        <lei>N/A</lei>
        <title>Antonio B Won Pat International Airport Authority</title>
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          <isin value="US40064RFE45"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK ST LIBERTY DEV CORP L</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp</title>
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          <isin value="US649519EN15"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>CLINTON CNTY NY CAPITAL RESOUR</name>
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        <title>Clinton County Capital Resource Corp</title>
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          <isin value="US187469AG68"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp</title>
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          <isin value="US64972ETV10"/>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp</title>
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          <isin value="US12008EUH79"/>
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          <maturityDt>2053-06-15</maturityDt>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp</title>
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        <name>HEMPSTEAD TOWN NY LOCAL DEV CO</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
        <lei>N/A</lei>
        <title>New York Counties Tobacco Trust VI</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
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          <isin value="US12008ESY31"/>
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      <invstOrSec>
        <name>ALBANY NY CAPITAL RESOURCE COR</name>
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          <isin value="US012432CJ75"/>
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          <maturityDt>2029-05-01</maturityDt>
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      <invstOrSec>
        <name>HEMPSTEAD TOWN NY LOCAL DEV CO</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-01</maturityDt>
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        <name>NEW YORK CITY NY HLTH &amp; HOSP C</name>
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          <isin value="US649674LJ54"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
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          <isin value="US12008ESH08"/>
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        <curCd>USD</curCd>
        <valUSD>557677.75000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK CITY NY HSG DEV CORP</name>
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        <title>New York City Housing Development Corp</title>
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          <isin value="US64972KEK79"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>PUERTO RICO CMWLTH</name>
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        <title>Commonwealth of Puerto Rico</title>
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          <isin value="US74514L3N58"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>PORT AUTH OF NEW YORK &amp; NEW JE</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-10-15</maturityDt>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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        <name>WESTCHESTER CNTY NY LOCAL DEV</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>ALBANY NY CAPITAL RESOURCE COR</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LONG ISLAND NY PWR AUTH ELEC S</name>
        <lei>1R46U5SYJ63KQXF39168</lei>
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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>2050-09-01</maturityDt>
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      <invstOrSec>
        <name>DUTCHESS CNTY NY LOCAL DEV COR</name>
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          <isin value="US267045PZ95"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp</title>
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          <isin value="US12008ESZ06"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <title>Build NYC Resource Corp</title>
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          <isin value="US12008EUN48"/>
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        <curCd>USD</curCd>
        <valUSD>989544.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
        <lei>N/A</lei>
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          <isin value="US650116HW99"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NEW YORK CITY NY TRANSITIONAL</name>
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        <title>New York City Transitional Finance Authority Future Tax Secured Revenue</title>
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          <isin value="US64972JAU25"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST ENVRNMNTL FACS COR</name>
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        <title>New York State Environmental Facilities Corp</title>
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          <isin value="US649852AT75"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TSASC INC NY</name>
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          <isin value="US898526FF00"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp</title>
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          <isin value="US12008EUM64"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-15</maturityDt>
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        <name>PORT AUTH OF NEW YORK &amp; NEW JE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <name>NEW YORK ST DORM AUTH ST PERSO</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>COFINA CLASS 2 TRUST</name>
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        <name>Washington Metropolitan Area Transit Authority Dedicated Revenue</name>
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        <name>UTILITY DEBT SECURITIZATION AU</name>
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      <invstOrSec>
        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
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      <invstOrSec>
        <name>SYRACUSE REGL ARPT AUTH NY SEN</name>
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      <invstOrSec>
        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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          <maturityDt>2050-09-15</maturityDt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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        <name>ONEIDA CO NY LOCAL DEV CORP RE</name>
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          <isin value="US682440DH27"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-12-01</maturityDt>
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        <name>ONONDAGA NY CIVIC DEV CORP</name>
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          <isin value="US682832JP68"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
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        <title>New York City Housing Development Corp</title>
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          <isin value="US64972ESG51"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.40000000</annualizedRt>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
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          <isin value="US64972E4J50"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-11-01</maturityDt>
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      <invstOrSec>
        <name>NEW YORK ST LIBERTY DEV CORP L</name>
        <lei>N/A</lei>
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          <isin value="US649519DW23"/>
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        <balance>7120000.00000000</balance>
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        <valUSD>5217641.38000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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        <valUSD>10205734.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>TROY NY CAPITAL RESOURCE CORP</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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        <name>ONONDAGA NY CIVIC DEV CORP</name>
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        <name>NEW YORK NY</name>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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          <isin value="US682832JQ42"/>
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        <name>TOMPKINS CNTY NY DEV CORP CONT</name>
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          <isin value="US890090AM58"/>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ENERGY FIN DEV CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ST LAWRENCE CNTY NY INDL DEV A</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>GENESEE CNTY NY FUNDING CORP</name>
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          <isin value="US371669BF82"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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          <isin value="US650116HQ22"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-06-30</maturityDt>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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        <name>DUTCHESS CNTY NY LOCAL DEV COR</name>
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        <name>ALBANY NY CAPITAL RESOURCE COR</name>
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        <name>ONONDAGA NY CIVIC DEV CORP</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY NY MUNI WTR FIN</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>New York City Municipal Water Finance Authority</title>
        <cusip>64972GK37</cusip>
        <identifiers>
          <isin value="US64972GK371"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10613655.00000000</valUSD>
        <pctVal>1.646562749531</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>5.25000000</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>BUFFALO &amp; ERIE CNTY NY INDL LA</name>
        <lei>N/A</lei>
        <title>Buffalo &amp; Erie County Industrial Land Development Corp</title>
        <cusip>11943KCX8</cusip>
        <identifiers>
          <isin value="US11943KCX81"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2037782.20000000</valUSD>
        <pctVal>0.316133910719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</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>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp</title>
        <cusip>12008QAG4</cusip>
        <identifiers>
          <isin value="US12008QAG47"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1040035.30000000</valUSD>
        <pctVal>0.161347187484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</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>MET TRANSPRTN AUTH NY REVENUE</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority</title>
        <cusip>59261A2H9</cusip>
        <identifiers>
          <isin value="US59261A2H99"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3672274.40000000</valUSD>
        <pctVal>0.569702918843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>HEMPSTEAD TOWN NY LOCAL DEV CO</name>
        <lei>N/A</lei>
        <title>Hempstead Town Local Development Corp</title>
        <cusip>424682JS2</cusip>
        <identifiers>
          <isin value="US424682JS22"/>
        </identifiers>
        <balance>865000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>885693.83000000</valUSD>
        <pctVal>0.137403228950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</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>NEW YORK ST CONVENTION CENTER</name>
        <lei>N/A</lei>
        <title>New York Convention Center Development Corp</title>
        <cusip>649451EL1</cusip>
        <identifiers>
          <isin value="US649451EL17"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2196284.30000000</valUSD>
        <pctVal>0.340723333833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>2026-01-27</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 , US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
