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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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</name>
        <lei>N/A</lei>
        <title>GU GMSFAC 5 11/15/2031</title>
        <cusip>40065BCQ4</cusip>
        <identifiers>
          <isin value="US40065BCQ41"/>
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        <balance>455000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>483972.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLEGHENY CNTY PA ARPT AUTH</name>
        <lei>N/A</lei>
        <title>PA ALLAPT 4 01/01/2046</title>
        <cusip>01728LFH0</cusip>
        <identifiers>
          <isin value="US01728LFH06"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>703761.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WEST CORNWALL TWP PA MUN AUTH</name>
        <lei>N/A</lei>
        <title>PA WCOFAC 4 11/15/2041</title>
        <cusip>95235TAS2</cusip>
        <identifiers>
          <isin value="US95235TAS24"/>
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        <balance>505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>486339.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ST HIGHER EDL FACS AUTH</name>
        <lei>DB1TWPCZX5RK7VR27A68</lei>
        <title>PA PASHGR 5.5 11/01/2054</title>
        <cusip>70917TSA0</cusip>
        <identifiers>
          <isin value="US70917TSA06"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1050726.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT</name>
        <lei>N/A</lei>
        <title>GU GMSGEN 5 11/01/2040</title>
        <cusip>40065KAV5</cusip>
        <identifiers>
          <isin value="US40065KAV52"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>450245.81000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ADAMS CNTY PA GEN AUTH</name>
        <lei>N/A</lei>
        <title>PA ADMGEN 5 06/01/2054</title>
        <cusip>006114AD4</cusip>
        <identifiers>
          <isin value="US006114AD47"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98088.26000000</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>2054-06-01</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>
        <name>PENNSYLVANIA TURNPIKE COMMISSION (PA)</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PA PASTRN 5.25 12/01/2053</title>
        <cusip>709230AT3</cusip>
        <identifiers>
          <isin value="US709230AT39"/>
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        <balance>1100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1181365.57000000</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>2053-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ECONOMIC DEV FING AUTH</name>
        <lei>N/A</lei>
        <title>PA PASDEV 5.25 07/01/2049</title>
        <cusip>70869PPB7</cusip>
        <identifiers>
          <isin value="US70869PPB75"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>507896.55000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ST HIGHER EDL FACS AUTH</name>
        <lei>N/A</lei>
        <title>PA PASHGR 5 07/01/2035</title>
        <cusip>709181CA7</cusip>
        <identifiers>
          <isin value="US709181CA78"/>
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        <balance>730000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>730105.12000000</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>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Putnam Investment Fund.</name>
        <lei>549300SRAF55EHI5J317</lei>
        <title>Putnam Investment Fund. GOVT MMKT P</title>
        <cusip>74680A869</cusip>
        <identifiers>
          <isin value="US74680A8696"/>
          <ticker value="PGLXX"/>
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        <balance>6274962.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6274962.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PITTSBURGH PA WTR &amp; SWR AUTH</name>
        <lei>54930034DVH6W22T1E86</lei>
        <title>PA PITUTL 5 09/01/2045</title>
        <cusip>725304D30</cusip>
        <identifiers>
          <isin value="US725304D308"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>710584.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LANCASTER CNTY PA HOSP AUTH</name>
        <lei>N/A</lei>
        <title>PA LANMED 5 11/01/2035</title>
        <cusip>514045Z30</cusip>
        <identifiers>
          <isin value="US514045Z305"/>
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        <balance>470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>540546.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INTERBORO SCH DIST PA</name>
        <lei>N/A</lei>
        <title>PA INTSCD 5.5 08/15/2063</title>
        <cusip>458436YP1</cusip>
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          <isin value="US458436YP15"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2426294.48000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GRAYS HARBOR COUNTY PUBLIC UTILITY DISTRICT N.1 (WA)</name>
        <lei>TBI9VVSY0W0HBJJJJM65</lei>
        <title>WA GRHMED 6.75 12/01/2044</title>
        <cusip>389526AG9</cusip>
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          <isin value="US389526AG95"/>
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        <balance>600000.00000000</balance>
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        <valUSD>675747.72000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CUMBERLAND CNTY PA MUN AUTH</name>
        <lei>N/A</lei>
        <title>PA CUMGEN 5 01/01/2045</title>
        <cusip>230614PN3</cusip>
        <identifiers>
          <isin value="US230614PN31"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495001.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHESTER CNTY PA INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>PA CHEDEV 5 08/01/2045</title>
        <cusip>16559PAT2</cusip>
        <identifiers>
          <isin value="US16559PAT21"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>969873.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LANCASTER PA INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>PA LANMED 4 07/01/2051</title>
        <cusip>51434NAS7</cusip>
        <identifiers>
          <isin value="US51434NAS71"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>420347.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CUMBERLAND VALLEY PA SCH DIST</name>
        <lei>N/A</lei>
        <title>PA CMVSCD 5 11/15/2044</title>
        <cusip>230822TW8</cusip>
        <identifiers>
          <isin value="US230822TW83"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1606863.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PHILADELPHIA PA HSG AUTH</name>
        <lei>N/A</lei>
        <title>PA PHIHSG 5.25 03/01/2043</title>
        <cusip>71783TAS9</cusip>
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          <isin value="US71783TAS96"/>
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        <curCd>USD</curCd>
        <valUSD>540567.45000000</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>2043-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PHILADELPHIA PA HSG AUTH</name>
        <lei>N/A</lei>
        <title>PA PHIHSG 5.25 03/01/2045</title>
        <cusip>71783TAT7</cusip>
        <identifiers>
          <isin value="US71783TAT79"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>528363.85000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ECONOMIC DEV FING AUTH</name>
        <lei>N/A</lei>
        <title>PA PASDEV 5 12/31/2034</title>
        <cusip>70869PHV2</cusip>
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          <isin value="US70869PHV22"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>251256.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MONTGOMERY CNTY PA INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>PA MONDEV 4 10/01/2046</title>
        <cusip>613609L38</cusip>
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          <isin value="US613609L381"/>
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        <balance>625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>555421.88000000</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>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>ALLEGHENY CNTY PA HOSP DEV AUTH</name>
        <lei>54930046B973R604OG22</lei>
        <title>PA ALLMED 4 04/01/2044</title>
        <cusip>01728A3Z7</cusip>
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          <isin value="US01728A3Z77"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1910385.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLEGHENY CNTY PA HIGHER ED BLDG AUTH</name>
        <lei>N/A</lei>
        <title>PA ALLHGR 12/01/2037</title>
        <cusip>01728RES4</cusip>
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          <isin value="US01728RES40"/>
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        <balance>620000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>620000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.55000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PITTSBURGH PA SCH DIST</name>
        <lei>549300DCE2NGMJO6P377</lei>
        <title>PA PITSCD 3 09/01/2038</title>
        <cusip>725277RF6</cusip>
        <identifiers>
          <isin value="US725277RF69"/>
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        <balance>995000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>946043.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BEAUMONT TEX HSG AUTH</name>
        <lei>N/A</lei>
        <title>TX BEAHSG 6.5 07/01/2055</title>
        <cusip>07451AAA4</cusip>
        <identifiers>
          <isin value="US07451AAA43"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200743.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LANCASTER CNTY PA HOSP AUTH</name>
        <lei>N/A</lei>
        <title>PA LANMED 5 07/01/2045</title>
        <cusip>514045J20</cusip>
        <identifiers>
          <isin value="US514045J200"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999999.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLEGHENY CNTY PA ARPT AUTH</name>
        <lei>N/A</lei>
        <title>PA ALLAPT 5.5 01/01/2050</title>
        <cusip>01728LKY7</cusip>
        <identifiers>
          <isin value="US01728LKY73"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1068711.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ECONOMIC DEV FING AUTH</name>
        <lei>N/A</lei>
        <title>PA PASMED 5 02/15/2039</title>
        <cusip>70870JEB0</cusip>
        <identifiers>
          <isin value="US70870JEB08"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1628605.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PHILADELPHIA PA REDEV AUTH</name>
        <lei>N/A</lei>
        <title>PA PHIDEV 5 09/01/2043</title>
        <cusip>717868HY2</cusip>
        <identifiers>
          <isin value="US717868HY29"/>
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        <balance>1250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>WEST CORNWALL TWP PA MUN AUTH</name>
        <lei>N/A</lei>
        <title>PA WCOFAC 4 11/15/2036</title>
        <cusip>95235TAR4</cusip>
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          <isin value="US95235TAR41"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>366690.97000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>WILKES-BARRE PA FIN AUTH UNIV</name>
        <lei>N/A</lei>
        <title>PA WILGEN 4 03/01/2042</title>
        <cusip>968254CB6</cusip>
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          <isin value="US968254CB63"/>
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        <balance>1400000.00000000</balance>
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        <valUSD>1227348.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>HIGHLANDS PA SCH DIST</name>
        <lei>N/A</lei>
        <title>PA HIGSCD 4 04/15/2040</title>
        <cusip>431095MY1</cusip>
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          <isin value="US431095MY17"/>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>SOUTHEASTERN PA TRANSN AUTH PA</name>
        <lei>98450061A2F3FD36E493</lei>
        <title>PA SEPTRN 5.25 06/01/2052</title>
        <cusip>842039FR5</cusip>
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          <isin value="US842039FR53"/>
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        <valUSD>1831079.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>PHILADELPHIA PA AUTH</name>
        <lei>549300DIY68KQZEW7M79</lei>
        <title>PA PHIDEV 5 06/15/2050</title>
        <cusip>71781XGA5</cusip>
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          <isin value="US71781XGA54"/>
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        <balance>1375000.00000000</balance>
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        <valUSD>1265042.35000000</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>2050-06-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADAMS CNTY PA GEN AUTH</name>
        <lei>N/A</lei>
        <title>PA ADMGEN 5 06/01/2059</title>
        <cusip>006114AE2</cusip>
        <identifiers>
          <isin value="US006114AE20"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>387959.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSBURY PA SCH DIST</name>
        <lei>N/A</lei>
        <title>PA PBYSCD 5 08/01/2044</title>
        <cusip>708553B84</cusip>
        <identifiers>
          <isin value="US708553B842"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1065210.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ST HIGHER EDL FACS AUTH</name>
        <lei>N/A</lei>
        <title>PA PASHGR 5 08/15/2055</title>
        <cusip>70917TTV3</cusip>
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          <isin value="US70917TTV34"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1032823.10000000</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>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LANCASTER CNTY PA HOSP AUTH</name>
        <lei>N/A</lei>
        <title>PA LANMED 5 03/01/2045</title>
        <cusip>514045V67</cusip>
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          <isin value="US514045V676"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>452247.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LANCASTER PA INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>PA LANDEV 4 12/01/2049</title>
        <cusip>514349CZ0</cusip>
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          <isin value="US514349CZ07"/>
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        <balance>1550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1315016.90000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BETHLEHEM PA REDEV AUTH</name>
        <lei>N/A</lei>
        <title>PA BTHHGR 5.5 10/01/2054</title>
        <cusip>087470BX7</cusip>
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          <isin value="US087470BX73"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1527444.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>PHILADELPHIA PA AUTH</name>
        <lei>549300DIY68KQZEW7M79</lei>
        <title>PA PHIDEV 5 11/01/2047</title>
        <cusip>71781XHG1</cusip>
        <identifiers>
          <isin value="US71781XHG16"/>
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        <balance>505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>505302.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-01</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>
      <invstOrSec>
        <name>PENNSYLVANIA ST TPK COMMN</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PA PASTRN 5 12/01/2046</title>
        <cusip>709225TR7</cusip>
        <identifiers>
          <isin value="US709225TR78"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>325950.45000000</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>2046-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TPK COMMN</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PA PASTRN 5.25 12/01/2055</title>
        <cusip>709225QR0</cusip>
        <identifiers>
          <isin value="US709225QR06"/>
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        <balance>1580000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1693412.56000000</valUSD>
        <pctVal>1.986557085272</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>Fixed</couponKind>
          <annualizedRt>5.25000000</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>
      <invstOrSec>
        <name>MATCHING FD SPL PURP SECURITIZATION CORP VIRGIN IS</name>
        <lei>N/A</lei>
        <title>VI MFCFAC 5 10/01/2030</title>
        <cusip>57665NAE5</cusip>
        <identifiers>
          <isin value="US57665NAE58"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>338004.74000000</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>2030-10-01</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DALLAS PA AREA MUN AUTH</name>
        <lei>N/A</lei>
        <title>PA DLSGEN 5 05/01/2029</title>
        <cusip>235171AL9</cusip>
        <identifiers>
          <isin value="US235171AL91"/>
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        <balance>1230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1230504.79000000</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>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHESTER CNTY PA INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>PA CHEDEV 5.12 10/15/2037</title>
        <cusip>165588DK7</cusip>
        <identifiers>
          <isin value="US165588DK79"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225164.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LEHIGH CNTY PA GEN PURP AUTH</name>
        <lei>N/A</lei>
        <title>PA LEHGEN 5.25 02/01/2054</title>
        <cusip>52480RGN4</cusip>
        <identifiers>
          <isin value="US52480RGN44"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1605175.04000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>PHILADELPHIA (PA), CITY OF</name>
        <lei>549300IVFOPB4AG7UL47</lei>
        <title>PA PHIUTL 5 08/01/2047</title>
        <cusip>71783MAZ8</cusip>
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          <isin value="US71783MAZ86"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2530849.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>MONTGOMERY CNTY PA INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>PA MONDEV 4 10/01/2051</title>
        <cusip>613609L46</cusip>
        <identifiers>
          <isin value="US613609L464"/>
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        <valUSD>674984.32000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>PENNSYLVANIA ECONOMIC DEV FING AUTH</name>
        <lei>N/A</lei>
        <title>PA PASUTL 4 01/01/2029</title>
        <cusip>70870FAR7</cusip>
        <identifiers>
          <isin value="US70870FAR73"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>668132.34000000</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>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>DELAWARE CNTY PA</name>
        <lei>N/A</lei>
        <title>PA DEL 5 08/01/2049</title>
        <cusip>246001D57</cusip>
        <identifiers>
          <isin value="US246001D573"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1065215.20000000</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>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PHILADELPHIA PA AUTH</name>
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        <cusip>83703EMQ5</cusip>
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        <name>PENNSYLVANIA ST TPK COMMN</name>
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        <name>BUCKS CNTY PA INDL DEV AUTH</name>
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        <name>HIGHLANDS PA SCH DIST</name>
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        <name>LANCASTER CNTY PA HOSP AUTH</name>
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          <annualizedRt>5.12500000</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>2026-04-24</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>
