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      <invstOrSec>
        <name>FORNEY TX INDEP SCH DIST</name>
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      <invstOrSec>
        <name>NORTH CAROLINA ST MED CARE COM</name>
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      <invstOrSec>
        <name>GALVESTON TX WHARVES &amp; TERMINA</name>
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          <maturityDt>2029-06-15</maturityDt>
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        <name>KANSAS CITY MO INDL DEV AUTH A</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>OHIO ST HGR EDUCTNL FAC COMMIS</name>
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          <isin value="US677510CE75"/>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
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        <name>Putnam Government Money Market Fund</name>
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        <name>NEW JERSEY ST HGR EDU ASSISTAN</name>
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        <name>DOWNTOWN REVITALIZATION PUBLIC</name>
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        <name>FLINT MI HOSP BLDG AUTH REVENU</name>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
        <lei>549300ROY505NVTMMI25</lei>
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        <name>CALIFORNIA ST UNIV REVENUE</name>
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        <name>SAINT JOHN THE BAPTIST PARISH</name>
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        <name>MET WASHINGTON DC ARPTS AUTH A</name>
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        <name>KNOXVILLE TN CMNTY DEV CORP MF</name>
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        <name>INDIANA ST FIN AUTH REVENUE</name>
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        <name>HUMBOLDT CNTY NV POLL CONTROL</name>
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      <invstOrSec>
        <name>DOWNTOWN REVITALIZATION PUBLIC</name>
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      <invstOrSec>
        <name>INDIANA ST FIN AUTH REVENUE</name>
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      <invstOrSec>
        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
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          <maturityDt>2055-06-01</maturityDt>
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      <invstOrSec>
        <name>PARKSIDE TRAILS CDD FL SPL ASS</name>
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          <maturityDt>2035-05-01</maturityDt>
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      <invstOrSec>
        <name>DETROIT MI</name>
        <lei>549300BQRJP7MKKHOY28</lei>
        <title>City of Detroit MI</title>
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          <isin value="US2510936D73"/>
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          <maturityDt>2028-05-01</maturityDt>
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          <annualizedRt>6.84400000</annualizedRt>
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      <invstOrSec>
        <name>COCONINO CNTY AZ POLL CONTROLC</name>
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        <title>Coconino County Pollution Control Corp</title>
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          <isin value="US191855BM63"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FRETE 2019-ML06 TRUST</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily ML Certificates</title>
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          <isin value="US30312CAF05"/>
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        <valUSD>815995.83000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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          <maturityDt>2037-06-25</maturityDt>
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      <invstOrSec>
        <name>MET NASHVILLE TN ARPT AUTH ARP</name>
        <lei>549300IC0HNF8TDXEE63</lei>
        <title>Metropolitan Nashville Airport Authority/The</title>
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          <isin value="US592190QF27"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DIST OF COLUMBIA REVENUE</name>
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        <balance>300000.00000000</balance>
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        <name>LOUISIANA PUB FACS AUTH REVENU</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>Louisiana Public Facilities Authority</title>
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        <name>OHIO ST AIR QUALITY DEV AUTH</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>Ohio Air Quality Development Authority</title>
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          <maturityDt>2030-09-01</maturityDt>
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        <name>PUERTO RICO CMWLTH</name>
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        <title>Commonwealth of Puerto Rico</title>
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          <maturityDt>2051-11-01</maturityDt>
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        <name>FORT BEND TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Fort Bend Independent School District</title>
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        <name>MONTANA ST BRD OF HSG</name>
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        <title>Montana Board of Housing</title>
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        <name>GALVESTON TX WHARVES &amp; TERMINA</name>
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        <title>City of Galveston TX Wharves &amp; Terminal Revenue</title>
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        <name>HOUSTON TX ARPT SYS REVENUE</name>
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        <title>City of Houston TX Airport System Revenue</title>
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        <name>AMERICAN MUNI PWR-OHIO INC</name>
        <lei>EARKGGZJJEMVD66XQ486</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>QUINCY MA</name>
        <lei>N/A</lei>
        <title>City of Quincy MA</title>
        <cusip>748508Y93</cusip>
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        <name>LANCASTER OH PORT AUTH GAS REV</name>
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        <name>YOUNGSTOWN OH ST UNIV</name>
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        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
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        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
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        <name>CALIFORNIA ST ENTERPRISE DEV A</name>
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        <name>VIRGIN ISLANDS TRANSPRTN &amp; INF</name>
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        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
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        <title>Massachusetts Development Finance Agency</title>
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        <name>DAYTON-MONTGOMERY CNTY OH PORT</name>
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        <name>DOWNTOWN REVITALIZATION PUBLIC</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <name>INDIANA ST FIN AUTH REVENUE</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority</title>
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          <maturityDt>2052-07-01</maturityDt>
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          <isin value="US13048VKQ04"/>
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        <name>VIRGIN ISLANDS TRANSPRTN &amp; INF</name>
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          <maturityDt>2027-09-01</maturityDt>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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          <isin value="US64990G4U37"/>
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        <balance>75000.00000000</balance>
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          <maturityDt>2029-07-01</maturityDt>
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        <name>CASS CNTY ND JT WTR RESOURCE D</name>
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          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>POPLAR BLUFF MO REGL TRANSPRTN</name>
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        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
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        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>Kentucky Public Energy Authority</title>
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          <isin value="US74440DEG51"/>
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        <balance>525000.00000000</balance>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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          <maturityDt>2027-02-01</maturityDt>
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          <maturityDt>2028-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US57421CBV54"/>
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          <maturityDt>2029-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>DIST OF COLUMBIA UNIV REVENUE</name>
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        <name>CALIFORNIA ST MUNI FIN AUTH CO</name>
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          <isin value="US130493CA54"/>
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        <name>LOUISIANA ST OFFSHORE TERMINAL</name>
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          <maturityDt>2034-09-01</maturityDt>
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        <name>HIDALGO CNTY TX</name>
        <lei>N/A</lei>
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          <isin value="US429326W565"/>
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          <isin value="US917467BB72"/>
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      <invstOrSec>
        <name>LAVON TX SPL ASSMT REVENUE</name>
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        <name>N TX TOLLWAY AUTH REVENUE</name>
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        <name>SOUTHEAST ENERGY AUTHORITY A C</name>
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        <name>ORO GRANDE CA ELEM SCH DIST CO</name>
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        <name>TRIMBLE CNTY KY ENVRNMNTL FACS</name>
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        <name>PORT OF SEATTLE WA REVENUE</name>
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        <name>MONROE CNTY NY INDL DEV CORP R</name>
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        <name>VOLUSIA CNTY FL EDUCTNL FAC AU</name>
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        <title>Washington State Housing Finance Commission</title>
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        <name>FONTANA CA SPL TAX</name>
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          <isin value="US344630M472"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
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        <cusip>74440DFQ2</cusip>
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          <isin value="US74440DFQ25"/>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW JERSEY ST ECON DEV AUTH WT</name>
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          <isin value="US645780FL65"/>
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        <valUSD>471811.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <title>State of Ohio</title>
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          <isin value="US67759YAG26"/>
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        <balance>940000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>941063.89000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>COOK &amp; DU PAGE CNTYS IL COMB S</name>
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        <title>Cook &amp; Du Page Counties Combined School District No 113A Lemont Bromberek</title>
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          <isin value="US213035CR70"/>
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        <curCd>USD</curCd>
        <valUSD>709633.48000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
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        <title>Pennsylvania Turnpike Commission</title>
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          <isin value="US709224RH40"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>SOUTHEAST ENERGY AUTH AL COMMO</name>
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        <title>Southeast Energy Authority A Cooperative District</title>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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        <name>ILLINOIS ST FIN AUTH REVENUE</name>
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        <title>Illinois Finance Authority</title>
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        <name>CHESTER CNTY PA INDL DEV AUTH</name>
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        <title>Chester County Industrial Development Authority</title>
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          <isin value="US165588FP49"/>
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        <name>FONTANA CA SPL TAX</name>
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        <title>City of Fontana CA</title>
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          <isin value="US344630M621"/>
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        <name>VIRGINIA ST PUBLIC SCH AUTH SC</name>
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      <invstOrSec>
        <name>OWEN CNTY KY WTR FACS REVENUE</name>
        <lei>N/A</lei>
        <title>County of Owen KY</title>
        <cusip>69068WAD5</cusip>
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          <isin value="US69068WAD56"/>
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        <curCd>USD</curCd>
        <valUSD>2295112.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT WTRWKS AUTH WTR &amp; WS</name>
        <lei>N/A</lei>
        <title>Guam Government Waterworks Authority</title>
        <cusip>40065FET7</cusip>
        <identifiers>
          <isin value="US40065FET75"/>
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        <curCd>USD</curCd>
        <valUSD>295418.26000000</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>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COBB-MARIETTA COLISEUM &amp; EXHIB</name>
        <lei>N/A</lei>
        <title>Cobb-Marietta Coliseum &amp; Exhibit Hall Authority</title>
        <cusip>190760HU5</cusip>
        <identifiers>
          <isin value="US190760HU55"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104355.18000000</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>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AKRON BATH COPLEY JT TWP OH HO</name>
        <lei>N/A</lei>
        <title>Akron Bath Copley Joint Township Hospital District</title>
        <cusip>009730PJ5</cusip>
        <identifiers>
          <isin value="US009730PJ59"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>188536.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ST ECON DEV FING</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority</title>
        <cusip>70868YAA7</cusip>
        <identifiers>
          <isin value="US70868YAA73"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>288177.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FONTANA CA SPL TAX</name>
        <lei>N/A</lei>
        <title>City of Fontana CA</title>
        <cusip>344630M39</cusip>
        <identifiers>
          <isin value="US344630M399"/>
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        <balance>245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>264967.26000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALACHUA CNTY FL HLTH FACS AUTH</name>
        <lei>N/A</lei>
        <title>Alachua County Health Facilities Authority</title>
        <cusip>010684BQ0</cusip>
        <identifiers>
          <isin value="US010684BQ01"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250391.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PUERTO RICO CMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3G0</cusip>
        <identifiers>
          <isin value="US74514L3G08"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1023003.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA ST MUNI FIN AUTH RE</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048VDJ4</cusip>
        <identifiers>
          <isin value="US13048VDJ44"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>577986.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TROPHY CLUB TX PUBLIC IMPT DIS</name>
        <lei>N/A</lei>
        <title>Town of Trophy Club TX Public Improvement District No 1</title>
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          <isin value="US89706PAV67"/>
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        <curCd>USD</curCd>
        <valUSD>112688.59000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HORACE ND</name>
        <lei>N/A</lei>
        <title>City of Horace ND</title>
        <cusip>440365JC9</cusip>
        <identifiers>
          <isin value="US440365JC95"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500163.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DOWNTOWN REVITALIZATION PUBLIC</name>
        <lei>N/A</lei>
        <title>Downtown Revitalization Public Infrastructure District</title>
        <cusip>26118TAY6</cusip>
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          <isin value="US26118TAY64"/>
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        <balance>255000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>257697.85000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIV OF N TEXAS UNIV REVENUE</name>
        <lei>N/A</lei>
        <title>University of North Texas System</title>
        <cusip>914729XD5</cusip>
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          <isin value="US914729XD59"/>
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        <debtSec>
          <maturityDt>2028-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>Kentucky Public Energy Authority</title>
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          <isin value="US74440DCZ50"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LONG ISLAND NY PWR AUTH ELEC S</name>
        <lei>1R46U5SYJ63KQXF39168</lei>
        <title>Long Island Power Authority</title>
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          <isin value="US542691EX44"/>
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          <maturityDt>2051-09-01</maturityDt>
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      <invstOrSec>
        <name>SAINT JOHNS CNTY FL INDL DEV A</name>
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        <title>St Johns County Industrial Development Authority</title>
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          <isin value="US79041LAH15"/>
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          <maturityDt>2028-12-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SOUTHEAST ENERGY AUTH AL COMMO</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>Southeast Energy Authority A Cooperative District</title>
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          <isin value="US84136FBL04"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>NEW MEXICO ST MTGE FIN AUTH MF</name>
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          <isin value="US64719HEP10"/>
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          <maturityDt>2028-05-01</maturityDt>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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          <isin value="US59261A5R45"/>
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          <maturityDt>2026-11-15</maturityDt>
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        <name>MATCHING FUND SPL PURPOSE SECU</name>
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      <invstOrSec>
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          <maturityDt>2041-08-01</maturityDt>
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        <name>NORTH CAROLINA ST MED CARE COM</name>
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          <maturityDt>2028-10-01</maturityDt>
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        <name>ILLINOIS ST</name>
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        <name>TENNERGY CORP TN GAS REVENUE</name>
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        <name>OHIO ST HGR EDUCTNL FAC COMMIS</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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        <name>FLORIDA ST HSG FIN CORP REVENU</name>
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        <name>CALIFORNIA ST HLTH FACS FING A</name>
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        <name>DETROIT MI DOWNTOWN DEV AUTH T</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PORT OF SEATTLE WA REVENUE</name>
        <lei>549300T9UCDUJ3GZL429</lei>
        <title>Port of Seattle WA</title>
        <cusip>735389F52</cusip>
        <identifiers>
          <isin value="US735389F526"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1028055.40000000</valUSD>
        <pctVal>0.622217783990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</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>WESTVIEW SOUTH CDD FL SPL ASSM</name>
        <lei>N/A</lei>
        <title>Westview South Community Development District</title>
        <cusip>961566AG1</cusip>
        <identifiers>
          <isin value="US961566AG19"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501378.35000000</valUSD>
        <pctVal>0.303453029747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</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>CALIFORNIA HSG FIN AGY AFFORDA</name>
        <lei>549300BOPCVLBA552Z14</lei>
        <title>California Housing Finance Agency</title>
        <cusip>13032WBB9</cusip>
        <identifiers>
          <isin value="US13032WBB90"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2502164.25000000</valUSD>
        <pctVal>1.514403887976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.60000000</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>
