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      <invstOrSec>
        <name>PUERTO RICO SALES TAX FING COR</name>
        <lei>N/A</lei>
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        <cusip>74529JPW9</cusip>
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          <isin value="US74529JPW98"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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        <name>Port Authority of New York &amp; New Jersey</name>
        <lei>54930006MR4KZ4W74Z83</lei>
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        <curCd>USD</curCd>
        <valUSD>4824139.46700000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA ST POLL CONTROL FIN</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority</title>
        <cusip>13054WAC1</cusip>
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          <isin value="US13054WAC10"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3501636.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IRVING TX HOTEL OCCUPANCY TAXR</name>
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        <title>City of Irving TX</title>
        <cusip>463805DC2</cusip>
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          <isin value="US463805DC26"/>
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        <balance>240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247388.11000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY ST ECON DEV AUTH RE</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority</title>
        <cusip>64577B4K7</cusip>
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          <isin value="US64577B4K76"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1277077.38000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TOBACCO SETTLEMENT FING CORP R</name>
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        <title>Tobacco Settlement Financing Corp/RI</title>
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          <isin value="US888809BG44"/>
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        <curCd>USD</curCd>
        <valUSD>3222695.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INDIANAPOLIS IN LOCAL PUBLIC I</name>
        <lei>549300LX8ESJHDSESB87</lei>
        <title>Indianapolis Local Public Improvement Bond Bank</title>
        <cusip>45528U6T3</cusip>
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          <isin value="US45528U6T31"/>
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        <balance>3185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3004268.45000000</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>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLENDALE AZ INDL DEV AUTH SENI</name>
        <lei>N/A</lei>
        <title>Glendale Industrial Development Authority</title>
        <cusip>378287AP1</cusip>
        <identifiers>
          <isin value="US378287AP13"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3460793.70000000</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>2039-05-15</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>
        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Maricopa County Industrial Development Authority</title>
        <cusip>56681NAS6</cusip>
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          <isin value="US56681NAS62"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250328.70000000</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>NATIONAL FIN AUTH NH EDU REVEN</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority</title>
        <cusip>63607EAD6</cusip>
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          <isin value="US63607EAD67"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1003057.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CONNECTICUT ST HLTH &amp; EDUCTNL</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>Connecticut State Health &amp; Educational Facilities Authority</title>
        <cusip>20775DPE6</cusip>
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          <isin value="US20775DPE66"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>653439.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>SAN FRANCISCO CITY &amp; CNTY CA C</name>
        <lei>N/A</lei>
        <title>City &amp; County of San Francisco CA Community Facilities District No 2016-1</title>
        <cusip>79773LAB8</cusip>
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          <isin value="US79773LAB80"/>
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        <curCd>USD</curCd>
        <valUSD>1879031.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DENVER CITY &amp; CNTY CO ARPT REV</name>
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        <title>City &amp; County of Denver CO Airport System Revenue</title>
        <cusip>249182QP4</cusip>
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          <isin value="US249182QP48"/>
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        <balance>2100000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>IRVING TX HOTEL OCCUPANCY TAXR</name>
        <lei>5493002R7BX8XPQ92O37</lei>
        <title>City of Irving TX</title>
        <cusip>463805DD0</cusip>
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          <isin value="US463805DD09"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>309358.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>GRAND FORKS ND HLTH CARE SYS R</name>
        <lei>N/A</lei>
        <title>City of Grand Forks ND</title>
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          <isin value="US38546WDP23"/>
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        <balance>2000000.00000000</balance>
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          <maturityDt>2046-12-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>TEXAS CMNTY HSG &amp; ECON DEV COR</name>
        <lei>N/A</lei>
        <title>Texas Community Housing &amp; Economic Development Corp</title>
        <cusip>88231CAA7</cusip>
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          <isin value="US88231CAA71"/>
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        <valUSD>1094977.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DOUBLE BRANCH FL CDD SPL ASSMN</name>
        <lei>N/A</lei>
        <title>Double Branch Community Development District</title>
        <cusip>25856MAV5</cusip>
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          <isin value="US25856MAV54"/>
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        <balance>890000.00000000</balance>
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        <valUSD>890126.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>LAKE HOUSTON TX REDEV AUTH TAX</name>
        <lei>N/A</lei>
        <title>Lake Houston Redevelopment Authority</title>
        <cusip>51001QAU8</cusip>
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          <isin value="US51001QAU85"/>
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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>2044-09-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>SEMINOLE CNTY FL INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Seminole County Industrial Development Authority</title>
        <cusip>816686AL3</cusip>
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          <isin value="US816686AL39"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>VILLAGE CDD NO 15 SPL ASSMNT R</name>
        <lei>N/A</lei>
        <title>Village Community Development District No 15</title>
        <cusip>92708KAK3</cusip>
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          <isin value="US92708KAK34"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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          <annualizedRt>4.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HAMILTON CNTY OH HLTH CARE REV</name>
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          <isin value="US40727RBC16"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-01-01</maturityDt>
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      <invstOrSec>
        <name>DENVER CO HLTH &amp; HOSP AUTH HLT</name>
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        <title>Denver Health &amp; Hospital Authority</title>
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          <isin value="US24918EEP16"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>IDAHO ST HLTH FACS AUTH REVENU</name>
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        <title>Idaho Health Facilities Authority</title>
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          <isin value="US451295H440"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-01</maturityDt>
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      <invstOrSec>
        <name>MENIFEE CA UNION SCH DIST SPL</name>
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          <isin value="US5868104B62"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PASSAIC CNTY NJ IMPT AUTH CHRT</name>
        <lei>N/A</lei>
        <title>Passaic County Improvement Authority/The</title>
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          <isin value="US70275QAC78"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES CA DEPT OF WTR &amp; P</name>
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        <title>Los Angeles Department of Water &amp; Power</title>
        <cusip>544532EC4</cusip>
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          <isin value="US544532EC48"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LAS VEGAS NV SPL IMPT DIST #81</name>
        <lei>N/A</lei>
        <title>City of Las Vegas NV Special Improvement District No 818</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOWER COLORADO RIVER TX AUTH T</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>Lower Colorado River Authority</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-05-15</maturityDt>
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        <name>FEDERAL HOME LOAN MTGE CORP MF</name>
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        <assetCat>ABS-MBS</assetCat>
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          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>PUBLIC FIN AUTH WI TOLL REVENU</name>
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        <title>Public Finance Authority</title>
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        <name>GALVESTON TX WHARVES &amp; TERMINA</name>
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        <name>SAINT LOUIS MO MUNI FIN CORP</name>
        <lei>549300CR13DAYKUKQN03</lei>
        <title>St Louis Municipal Finance Corp</title>
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        <name>OHIO CNTY WV COMMISSION TAX IN</name>
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        <balance>750000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2053-06-01</maturityDt>
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        <name>SEMINOLE CNTY FL INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Seminole County Industrial Development Authority</title>
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        <balance>425000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>MUNI ELEC AUTH OF GA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-01-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>PUBLIC FIN AUTH WI REVENUE</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
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          <isin value="US74442PZX67"/>
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      <invstOrSec>
        <name>IOWA ST FIN AUTH REVENUE</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority</title>
        <cusip>46247SBM5</cusip>
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          <isin value="US46247SBM52"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-05-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York State Thruway Authority</name>
        <lei>N/A</lei>
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          <isin value="US650028ZP10"/>
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          <maturityDt>2054-03-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Washington State Housing Finan</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>Washington State Housing Finance Commission</title>
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          <isin value="US93978T4M89"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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        <debtSec>
          <maturityDt>2037-04-20</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CHICAGO IL BRD OF EDU</name>
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        <title>Chicago Board of Education</title>
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        <curCd>USD</curCd>
        <valUSD>1765324.62000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MATAGORDA CNTY TX NAV DIST #1</name>
        <lei>N/A</lei>
        <title>Matagorda County Navigation District No 1</title>
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          <isin value="US576528CY75"/>
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        <curCd>USD</curCd>
        <valUSD>2348213.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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        <name>GULFPORT MS HOSP FAC REVENUE</name>
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          <isin value="US402682DH84"/>
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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>2055-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>INDIANAPOLIS IN LOCAL PUBLIC I</name>
        <lei>549300LX8ESJHDSESB87</lei>
        <title>Indianapolis Local Public Improvement Bond Bank</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>FRETE 2019-ML05 TRUST</name>
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        <title>Freddie Mac Multifamily ML Certificates</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-25</maturityDt>
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        <name>OMAHA NE PUBLIC PWR DIST ELEC</name>
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        <title>Omaha Public Power District</title>
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        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
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        <title>Pennsylvania Turnpike Commission</title>
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        <name>PUBLIC FIN AUTH WI MF AFFORDAB</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
        <cusip>74448FAA9</cusip>
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        <name>PORT OF SEATTLE WA REVENUE</name>
        <lei>549300T9UCDUJ3GZL429</lei>
        <title>Port of Seattle WA</title>
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        <name>CHICAGO IL O'HARE INTERNATIONA</name>
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        <title>Chicago O'Hare International Airport</title>
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        <name>ILLINOIS ST FIN AUTH STUDENT H</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
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        <invCountry>US</invCountry>
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        <name>RHODE ISLAND ST STUDENT LOAN A</name>
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        <title>Rhode Island Student Loan Authority</title>
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          <isin value="US762323DT74"/>
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        <name>TRIBOROUGH NY BRIDGE &amp; TUNNEL</name>
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          <maturityDt>2057-05-15</maturityDt>
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      <invstOrSec>
        <name>SEMINOLE CNTY FL INDL DEV AUTH</name>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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          <maturityDt>2046-10-31</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <maturityDt>2035-05-15</maturityDt>
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        <name>LAKEWOOD RANCH FL STEWARDSHIP</name>
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          <isin value="US51265KGH59"/>
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          <maturityDt>2056-05-01</maturityDt>
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        <name>PHILADELPHIA PA AUTH FOR INDL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-15</maturityDt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-12-01</maturityDt>
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        <name>IOWA ST HGR EDU LOAN AUTH REVE</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-10-01</maturityDt>
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        <name>PORT HOUSTON TX AUTH</name>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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          <maturityDt>2037-11-15</maturityDt>
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        <name>PUBLIC FIN AUTH WI HOTEL REVEN</name>
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        <name>SAN FRANCISCO CA CITY &amp;CNTY AR</name>
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        <name>TAMPA FL CAPITAL IMPT CIGARETT</name>
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        <name>PUBLIC FIN AUTH WI POOLED CHRT</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority</title>
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        <name>NEW JERSEY ST ECON DEV AUTH SC</name>
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        <name>PUBLIC FIN AUTH WI STUDENT HSG</name>
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        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912797SG39"/>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-01-20</maturityDt>
          <couponKind>None</couponKind>
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        <name>NEW HOPE CULTURAL EDU FACS FIN</name>
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          <isin value="US64542YBF25"/>
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        <name>JOHNSON CITY TN HLTH &amp; EDUCTNL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC FIN AUTH WI MF HSG REVE</name>
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        <name>LAKE HOUSTON TX REDEV AUTH TAX</name>
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        <name>KENTWOOD MI ECON DEV CORP</name>
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        <name>NORTH CAROLINA ST MED CARE COM</name>
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        <name>Orange County Health Facilities Authority</name>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
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        <name>E-470 CO PUBLIC HIGHWAY AUTH</name>
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        <name>INDIANA ST FIN AUTH REVENUE</name>
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        <name>NEW HAMPSHIRE ST HLTH &amp; EDU FA</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Finance Authority</name>
        <lei>N/A</lei>
        <title>National Finance Authority Affordable Housing Certificates Series 2024-1</title>
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          <isin value="US63607DAB29"/>
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        <curCd>USD</curCd>
        <valUSD>1499865.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-20</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA MUNI FIN AUTH MF</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>130489AB3</cusip>
        <identifiers>
          <isin value="US130489AB36"/>
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        <balance>3565000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>VOLUSIA CNTY FL EDUCTNL FAC AU</name>
        <lei>N/A</lei>
        <title>Volusia County Educational Facility Authority</title>
        <cusip>928836NC5</cusip>
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          <isin value="US928836NC52"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>504051.15000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission</title>
        <cusip>709224DV8</cusip>
        <identifiers>
          <isin value="US709224DV89"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5044014.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW JERSEY ST ECON DEV AUTH SP</name>
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        <title>New Jersey Economic Development Authority</title>
        <cusip>64578CCE9</cusip>
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          <isin value="US64578CCE93"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3050927.70000000</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>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>OHIO ST HOSP FAC REVENUE</name>
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        <title>State of Ohio</title>
        <cusip>677561LF7</cusip>
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          <isin value="US677561LF71"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15410.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Grand Parkway Transportation Corp</name>
        <lei>N/A</lei>
        <title>Grand Parkway Transportation Corp (TOBs)</title>
        <cusip>38611TBR7</cusip>
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          <isin value="US38611TBR77"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4581796.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Maricopa County Industrial Development Authority</title>
        <cusip>56681NAN7</cusip>
        <identifiers>
          <isin value="US56681NAN75"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>351085.39000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WISCONSIN ST HLTH &amp; EDUCTNL FA</name>
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        <title>Wisconsin Health &amp; Educational Facilities Authority</title>
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          <isin value="US97712D8M13"/>
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        <balance>7825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8051278.66000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>PHOENIX AZ CIVIC IMPT CORP DIS</name>
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        <title>City of Phoenix Civic Improvement Corp</title>
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          <isin value="US71884WBH34"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>FLORIDA ST DEV FIN CORP EDUCTN</name>
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        <title>Florida Development Finance Corp</title>
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          <isin value="US34061UGS15"/>
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        <name>SOUTHEAST ENERGY AUTHORITY A C</name>
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        <title>Southeast Energy Authority A Cooperative District</title>
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          <isin value="US84136HDM25"/>
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        <name>MET WASHINGTON DC ARPTS AUTH D</name>
        <lei>N/A</lei>
        <title>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</title>
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          <isin value="US592643CZ14"/>
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        <name>ONEIDA INDIAN NATION NY TAX RE</name>
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        <title>Oneida Indian Nation of New York</title>
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        <name>INDIANA FIN AUTH IN WSTWTR UTI</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority</title>
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        <name>DETROIT MI</name>
        <lei>549300BQRJP7MKKHOY28</lei>
        <title>City of Detroit MI</title>
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        <name>KENTWOOD MI ECON DEV CORP</name>
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      <invstOrSec>
        <name>FLORIDA DEV FIN CORP HLTHCAREF</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NORTH CAROLINA ST MED CARE COM</name>
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          <isin value="US65821DYU98"/>
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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>2036-03-01</maturityDt>
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      <invstOrSec>
        <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="US64972ELG25"/>
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        <balance>5670000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.35000000</annualizedRt>
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      <invstOrSec>
        <name>LAKE HOUSTON TX REDEV AUTH TAX</name>
        <lei>N/A</lei>
        <title>Lake Houston Redevelopment Authority</title>
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          <isin value="US51001QAP90"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>191321.13000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KANSAS CITY MO INDL DEV AUTH A</name>
        <lei>549300QWDXL46XQC8110</lei>
        <title>Kansas City Industrial Development Authority</title>
        <cusip>48504NCE7</cusip>
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          <isin value="US48504NCE76"/>
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        <balance>5215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5161541.56000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TAMPA FL CAPITAL IMPT CIGARETT</name>
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        <title>City of Tampa FL</title>
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          <isin value="US875146BC54"/>
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        <curCd>USD</curCd>
        <valUSD>671859.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LOUISIANA PUB FACS AUTH REVENU</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>Louisiana Public Facilities Authority</title>
        <cusip>546399UN4</cusip>
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          <isin value="US546399UN42"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA CMNTY HSG AGY ESSEN</name>
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        <title>California Community Housing Agency</title>
        <cusip>13013FAU8</cusip>
        <identifiers>
          <isin value="US13013FAU84"/>
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        <balance>5975000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4072291.72000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>KANSAS CITY MO INDL DEV AUTH A</name>
        <lei>549300QWDXL46XQC8110</lei>
        <title>Kansas City Industrial Development Authority</title>
        <cusip>48504NBC2</cusip>
        <identifiers>
          <isin value="US48504NBC20"/>
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        <balance>2700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2712337.38000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Las Vegas Convention &amp; Visitors Authority</name>
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        <title>Las Vegas Convention &amp; Visitors Authority (TOBs)</title>
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          <isin value="US51771FAT30"/>
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        <balance>3900000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>YAVAPAI CNTY AZ INDL DEV AUTH</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>DELAWARE ST ECON DEV AUTH CHRT</name>
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        <cusip>246372BB1</cusip>
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          <isin value="US246372BB13"/>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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        <title>New York Liberty Development Corp</title>
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          <isin value="US649519EN15"/>
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        <name>UTAH INFRASTRUCTURE AGY TELECO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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          <isin value="US592643DJ62"/>
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        <name>DIST OF COLUMBIA</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <cusip>25476FA40</cusip>
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          <isin value="US25476FA408"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-01-01</maturityDt>
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        <name>IRVING TX HOTEL OCCUPANCY TAXR</name>
        <lei>5493002R7BX8XPQ92O37</lei>
        <title>City of Irving TX</title>
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          <isin value="US463805DJ78"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>LAKE HOUSTON TX REDEV AUTH TAX</name>
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        <title>Lake Houston Redevelopment Authority</title>
        <cusip>51001QAS3</cusip>
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          <isin value="US51001QAS30"/>
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      <invstOrSec>
        <name>FREDDIE MAC STRUCTURED PASS TH</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GRAYS HARBOR CNTY WA PUBLIC HO</name>
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        <title>Grays Harbor County Public Hospital District No 1</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>GALVESTON TX WHARVES &amp; TERMINA</name>
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          <isin value="US364568KF13"/>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>DEKALB CNTY GA HSG AUTH MF HSG</name>
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          <isin value="US240471PF32"/>
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        <curCd>USD</curCd>
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          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>OHIO ST HOSP REVENUE</name>
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          <isin value="US67756CFC73"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>KNOX CNTY TN HLTH EDUCTNL &amp; HS</name>
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        <title>Knox County Health Educational &amp; Housing Facility Board</title>
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          <isin value="US499526AS07"/>
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          <couponKind>Fixed</couponKind>
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        <name>TOBACCO SETTLEMENT FING CORP N</name>
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        <title>Tobacco Settlement Financing Corp</title>
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          <isin value="US888808HM74"/>
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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>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <title>Colorado Health Facilities Authority</title>
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          <isin value="US19648FZN76"/>
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        <debtSec>
          <maturityDt>2054-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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        <title>New York Liberty Development Corp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>MASSACHUSETTS ST PORT AUTH</name>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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        <name>UNIV OF KENTUCKY LEASE PURCHAS</name>
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        <name>ILLINOIS ST</name>
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        <name>TEXAS ST TRANSPRTN COMMISSION</name>
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        <name>MICHIGAN ST FIN AUTH LTD OBLIG</name>
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        <title>Michigan Finance Authority</title>
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        <name>UTAH INFRASTRUCTURE AGY TELECO</name>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <title>Colorado Health Facilities Authority</title>
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        <name>M-S-R CA ENERGY AUTH GAS REVEN</name>
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        <name>MICHIGAN ST HSG DEV AUTH RENTA</name>
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        <name>LAKE HOUSTON TX REDEV AUTH TAX</name>
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          <isin value="US51001QAV68"/>
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        <curCd>USD</curCd>
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          <maturityDt>2047-09-01</maturityDt>
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        <name>KNOX CNTY TN HLTH EDUCTNL &amp; HS</name>
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          <isin value="US499526AT89"/>
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          <isin value="US64972ESG51"/>
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          <maturityDt>2050-11-01</maturityDt>
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          <annualizedRt>2.40000000</annualizedRt>
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        <name>KNOX CNTY TN HLTH EDUCTNL &amp; HS</name>
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        <name>ILLINOIS FIN AUTH LEASE REVENU</name>
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          <isin value="US45203NAV10"/>
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          <maturityDt>2053-10-01</maturityDt>
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        <name>CLIFTON TX HGR EDU FIN CORP ED</name>
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        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
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        <name>MET WASHINGTON DC ARPTS AUTH D</name>
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          <maturityDt>2044-10-01</maturityDt>
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          <isin value="US837151PS29"/>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US60636AWD17"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CHICAGO IL</name>
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        <valUSD>3659793.45000000</valUSD>
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        <name>Alaska Industrial Development &amp; Export Authority</name>
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        <lei>EMBXY64GWKA9MZGFUD26</lei>
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        <name>LINCOLN CNTY SD ECON DEV REVEN</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</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>ILLINOIS ST</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>State of Illinois</title>
        <cusip>452153FG9</cusip>
        <identifiers>
          <isin value="US452153FG96"/>
        </identifiers>
        <balance>2650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2850036.84000000</valUSD>
        <pctVal>0.604354921261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SALT VERDE AZ FINANCIAL CORP S</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>Salt Verde Financial Corp</title>
        <cusip>79575EAQ1</cusip>
        <identifiers>
          <isin value="US79575EAQ17"/>
        </identifiers>
        <balance>1900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2044855.24000000</valUSD>
        <pctVal>0.433614860768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</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>PORT OF GTR CINCINNATI DEV AUT</name>
        <lei>549300IK2RCZBY62ST97</lei>
        <title>Port of Greater Cincinnati Development Authority</title>
        <cusip>734195DE7</cusip>
        <identifiers>
          <isin value="US734195DE75"/>
        </identifiers>
        <balance>2740000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2806646.94000000</valUSD>
        <pctVal>0.595154022792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-12-01</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>CSCDA CMNTY IMPT AUTH CA ESSEN</name>
        <lei>N/A</lei>
        <title>CSCDA Community Improvement Authority</title>
        <cusip>126292AW1</cusip>
        <identifiers>
          <isin value="US126292AW10"/>
        </identifiers>
        <balance>4300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2957329.73000000</valUSD>
        <pctVal>0.627106552110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>PORT OF SEATTLE WA REVENUE</name>
        <lei>549300T9UCDUJ3GZL429</lei>
        <title>Port of Seattle WA</title>
        <cusip>735389V47</cusip>
        <identifiers>
          <isin value="US735389V473"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3238629.30000000</valUSD>
        <pctVal>0.686756580871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</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>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BMT8</cusip>
        <identifiers>
          <isin value="US04052BMT88"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>544049.17000000</valUSD>
        <pctVal>0.115366506384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-15</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>VAUXMONT MET DIST CO</name>
        <lei>549300M7XL6MB0OW8D56</lei>
        <title>Vauxmont Metropolitan District</title>
        <cusip>92242SAN3</cusip>
        <identifiers>
          <isin value="US92242SAN36"/>
        </identifiers>
        <balance>938000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>803627.75000000</valUSD>
        <pctVal>0.170410564087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</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>KENTUCKY ST PUBLIC ENERGY AUTH</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>Kentucky Public Energy Authority</title>
        <cusip>74440DCZ5</cusip>
        <identifiers>
          <isin value="US74440DCZ50"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5042525.50000000</valUSD>
        <pctVal>1.069275687507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Variable</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>AURORA CROSSROADS MET DIST NO</name>
        <lei>N/A</lei>
        <title>Aurora Crossroads Metropolitan District No 2</title>
        <cusip>05162QAE5</cusip>
        <identifiers>
          <isin value="US05162QAE52"/>
        </identifiers>
        <balance>950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>847545.92000000</valUSD>
        <pctVal>0.179723483064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>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>
      <invstOrSec>
        <name>PHOENIX AZ INDL DEV AUTH EDU R</name>
        <lei>549300A62PWFBDWB8332</lei>
        <title>Industrial Development Authority of the City of Phoenix Arizona/The</title>
        <cusip>71885FDN4</cusip>
        <identifiers>
          <isin value="US71885FDN42"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100035.18000000</valUSD>
        <pctVal>0.021212621705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</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>MET PIER &amp; EXPOSITION AUTH IL</name>
        <lei>254900I3VDCQ58UGBR15</lei>
        <title>Metropolitan Pier &amp; Exposition Authority</title>
        <cusip>592250EY6</cusip>
        <identifiers>
          <isin value="US592250EY66"/>
        </identifiers>
        <balance>2900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2497340.80000000</valUSD>
        <pctVal>0.529565155567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-06-15</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>ORANGE CNTY FL HLTH FACS AUTH</name>
        <lei>N/A</lei>
        <title>Orange County Health Facilities Authority</title>
        <cusip>68450LHK4</cusip>
        <identifiers>
          <isin value="US68450LHK44"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1332669.00000000</valUSD>
        <pctVal>0.282594616763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</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>IRVING TX HOTEL OCCUPANCY TAXR</name>
        <lei>5493002R7BX8XPQ92O37</lei>
        <title>City of Irving TX</title>
        <cusip>463805DA6</cusip>
        <identifiers>
          <isin value="US463805DA69"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103656.54000000</valUSD>
        <pctVal>0.021980536949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MET WASHINGTON DC ARPTS AUTH D</name>
        <lei>N/A</lei>
        <title>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</title>
        <cusip>592643BP4</cusip>
        <identifiers>
          <isin value="US592643BP41"/>
        </identifiers>
        <balance>11000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6475053.20000000</valUSD>
        <pctVal>1.373045503107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>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>
      <invstOrSec>
        <name>DENVER CITY &amp; CNTY CO ARPT REV</name>
        <lei>N/A</lei>
        <title>City &amp; County of Denver CO Airport System Revenue</title>
        <cusip>249182QN9</cusip>
        <identifiers>
          <isin value="US249182QN99"/>
        </identifiers>
        <balance>1450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1574568.78000000</valUSD>
        <pctVal>0.333889856335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>2026-02-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
