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        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
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        <cusip>64613CHQ4</cusip>
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        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
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        <name>PORT AUTH N Y &amp; N J</name>
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        <name>NEW JERSEY ST EDL FACS AUTH</name>
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        <name>ATLANTIC CNTY N J IMPT AUTH</name>
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        <name>CASINO REINVESTMENT DEV AUTH NJ</name>
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        <name>NORTH BERGEN TWP N J MUN UTILS AUTH</name>
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        <name>GUAM INTL ARPT AUTH</name>
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        <name>PASSAIC CNTY N J IMPT AUTH</name>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTH JERSEY TRANSN AUTH N J</name>
        <lei>549300W8SZI2CAOKT956</lei>
        <title>NJ SJPTRN 5 11/01/2045</title>
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      </invstOrSec>
      <invstOrSec>
        <name>PASSAIC CNTY N J IMPT AUTH</name>
        <lei>N/A</lei>
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        <cusip>70275QAM5</cusip>
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          <isin value="US70275QAM50"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>PASSAIC CNTY N J IMPT AUTH</name>
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          <isin value="US70275QAB95"/>
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        <name>MONMOUTH CNTY N J IMPT AUTH</name>
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          <isin value="US60956PJ454"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
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        <cusip>64613CGH5</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-15</maturityDt>
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        <name>NEW JERSEY ECONOMIC DEV AUTH</name>
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        <title>NJ NJSWTR 4 08/01/2059</title>
        <cusip>645780FK8</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY ST TPK AUTH</name>
        <lei>5493005YN67D71KSMI84</lei>
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        <cusip>646140GD9</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY ST EDL FACS AUTH</name>
        <lei>549300UTOO4X537XXG70</lei>
        <title>NJ NJSEDU 5 07/01/2032</title>
        <cusip>646067AN8</cusip>
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          <isin value="US646067AN86"/>
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        <valUSD>195562.62000000</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>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GUAM INTL ARPT AUTH</name>
        <lei>N/A</lei>
        <title>GU GMSAPT 5.25 10/01/2035</title>
        <cusip>40064RFD6</cusip>
        <identifiers>
          <isin value="US40064RFD61"/>
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        <balance>265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296212.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY ST EDL FACS AUTH</name>
        <lei>549300UTOO4X537XXG70</lei>
        <title>NJ NJSEDU 5 07/01/2035</title>
        <cusip>646066L65</cusip>
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          <isin value="US646066L658"/>
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        <balance>1200000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>PORT AUTH N Y &amp; N J</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>NY PORTRN 5 09/15/2029</title>
        <cusip>73358WR97</cusip>
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          <isin value="US73358WR978"/>
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        <balance>550000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW JERSEY ST HIGHER ED ASSISTANCE AUTH</name>
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        <title>NJ NJSHGR 5.5 12/01/2055</title>
        <cusip>646080YY1</cusip>
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          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>NEW JERSEY ST HSG &amp; MTG FIN AGY</name>
        <lei>5493002ONULJL0FIGU24</lei>
        <title>NJ NJSMFH 5.1 11/01/2045</title>
        <cusip>6461087G9</cusip>
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          <isin value="US6461087G95"/>
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        <name>NEW JERSEY ST TPK AUTH</name>
        <lei>5493005YN67D71KSMI84</lei>
        <title>NJ NJSTRN 5 01/01/2048</title>
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        <name>GUAM INTL ARPT AUTH</name>
        <lei>N/A</lei>
        <title>GU GMSAPT 5.25 10/01/2037</title>
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          <isin value="US40064RFT14"/>
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        <name>SOUTH JERSEY TRANSN AUTH N J</name>
        <lei>549300W8SZI2CAOKT956</lei>
        <title>NJ SJPTRN 4 11/01/2039</title>
        <cusip>838536NR7</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>NEW JERSEY ST EDL FACS AUTH</name>
        <lei>549300UTOO4X537XXG70</lei>
        <title>NJ NJSEDU 4 07/01/2050</title>
        <cusip>6460666K1</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>DELAWARE RIV JT TOLL BRDG COMMN PA</name>
        <lei>549300N6IGAQMI0JLE23</lei>
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          <isin value="US246343MK07"/>
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        <balance>500000.00000000</balance>
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        <valUSD>522236.45000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ATLANTIC CNTY N J IMPT AUTH</name>
        <lei>N/A</lei>
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        <cusip>048501JR2</cusip>
        <identifiers>
          <isin value="US048501JR29"/>
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        <valUSD>543494.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAMDEN CNTY N J IMPT AUTH</name>
        <lei>549300UTQBT9ZE0QFB15</lei>
        <title>NJ CAMEDU 5 07/15/2042</title>
        <cusip>13281UAC0</cusip>
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          <isin value="US13281UAC09"/>
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        <valUSD>1204507.07000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
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          <isin value="US74529JPW98"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>NJ NJSTRN 5 06/15/2055</title>
        <cusip>64613CHS0</cusip>
        <identifiers>
          <isin value="US64613CHS08"/>
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        <balance>1250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY HEALTH CARE FACS FING AUTH</name>
        <lei>N/A</lei>
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          <isin value="US645790ED49"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CAMDEN CNTY N J IMPT AUTH</name>
        <lei>549300UTQBT9ZE0QFB15</lei>
        <title>NJ CAMGEN 5 01/15/2039</title>
        <cusip>13281NL59</cusip>
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          <isin value="US13281NL597"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW JERSEY INFRASTRUCTURE BK</name>
        <lei>5493006ZE03IRA2BET07</lei>
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        <cusip>64580CNN3</cusip>
        <identifiers>
          <isin value="US64580CNN38"/>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY ECONOMIC DEV AUTH</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>NJ NJSDEV 5 06/01/2032</title>
        <cusip>64577HSY8</cusip>
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          <isin value="US64577HSY89"/>
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        <valUSD>1299771.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>ESSEX CNTY N J IMPT AUTH</name>
        <lei>N/A</lei>
        <title>NJ ESSEDU 4 06/15/2056</title>
        <cusip>29681CBH0</cusip>
        <identifiers>
          <isin value="US29681CBH07"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1287886.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>SALEM CNTY N J IMPT AUTH</name>
        <lei>N/A</lei>
        <title>NJ SALGEN 4 08/15/2048</title>
        <cusip>794102GS6</cusip>
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          <isin value="US794102GS64"/>
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        <balance>400000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>PORT AUTH N Y &amp; N J</name>
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        <name>SALEM CNTY N J IMPT AUTH</name>
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          <isin value="US794102GR81"/>
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        <name>Putnam Investment Fund.</name>
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        <name>GUAM GOVT WTRWKS AUTH</name>
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          <isin value="US40065FFJ84"/>
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        <name>MONMOUTH CNTY N J IMPT AUTH</name>
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        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>NJ NJSTRN 5 12/15/2034</title>
        <cusip>6461364F5</cusip>
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        <name>NEW JERSEY HEALTH CARE FACS FING AUTH</name>
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          <maturityDt>2039-07-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ST TPK AUTH</name>
        <lei>5493005YN67D71KSMI84</lei>
        <title>NJ NJSTRN 4.12 01/01/2054</title>
        <cusip>646140FY4</cusip>
        <identifiers>
          <isin value="US646140FY48"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>977373.00000000</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>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </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>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301114.65000000</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>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>
      <invstOrSec>
        <name>NEW JERSEY HEALTH CARE FACS FING AUTH</name>
        <lei>N/A</lei>
        <title>NJ NJSMED 5 07/01/2041</title>
        <cusip>645790TG1</cusip>
        <identifiers>
          <isin value="US645790TG15"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1123861.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY HEALTH CARE FACS FING AUTH</name>
        <lei>N/A</lei>
        <title>NJ NJSMED 5.25 07/01/2054</title>
        <cusip>645790UQ7</cusip>
        <identifiers>
          <isin value="US645790UQ77"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1064713.80000000</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>2054-07-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOBACCO SETTLEMENT FING CORP N J</name>
        <lei>N/A</lei>
        <title>NJ TOBGEN 5 06/01/2036</title>
        <cusip>888808HM7</cusip>
        <identifiers>
          <isin value="US888808HM74"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1558618.80000000</valUSD>
        <pctVal>1.031732690426</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SALEM CNTY N J IMPT AUTH</name>
        <lei>N/A</lei>
        <title>NJ SALGEN 4 08/15/2037</title>
        <cusip>794102GQ0</cusip>
        <identifiers>
          <isin value="US794102GQ09"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>536581.29000000</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>2037-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>SOUTH JERSEY TRANSN AUTH N J</name>
        <lei>549300W8SZI2CAOKT956</lei>
        <title>NJ SJPTRN 5.25 11/01/2052</title>
        <cusip>838536MR8</cusip>
        <identifiers>
          <isin value="US838536MR84"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2598809.75000000</valUSD>
        <pctVal>1.720290410505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ST EDL FACS AUTH</name>
        <lei>549300UTOO4X537XXG70</lei>
        <title>NJ NJSEDU 5 07/01/2033</title>
        <cusip>646067AP3</cusip>
        <identifiers>
          <isin value="US646067AP35"/>
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        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250395.66000000</valUSD>
        <pctVal>0.165750206505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY HEALTH CARE FACS FING AUTH</name>
        <lei>N/A</lei>
        <title>NJ NJSMED 5 07/01/2042</title>
        <cusip>645790LP9</cusip>
        <identifiers>
          <isin value="US645790LP95"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1018526.60000000</valUSD>
        <pctVal>0.674216934434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT WTRWKS AUTH</name>
        <lei>N/A</lei>
        <title>GU GMSUTL 5.5 07/01/2055</title>
        <cusip>40065FFK5</cusip>
        <identifiers>
          <isin value="US40065FFK57"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>946011.78000000</valUSD>
        <pctVal>0.626215517838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ECONOMIC DEV AUTH</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>NJ NJSDEV 5.25 11/01/2042</title>
        <cusip>64577XEC6</cusip>
        <identifiers>
          <isin value="US64577XEC65"/>
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        <balance>1350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1491090.93000000</valUSD>
        <pctVal>0.987032401302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</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>ATLANTIC CITY N J</name>
        <lei>N/A</lei>
        <title>NJ ATC 5 03/01/2037</title>
        <cusip>048339VX0</cusip>
        <identifiers>
          <isin value="US048339VX07"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1019636.20000000</valUSD>
        <pctVal>0.674951437697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH BERGEN TWP N J MUN UTILS AUTH</name>
        <lei>N/A</lei>
        <title>NJ NRBUTL 0 12/15/2027</title>
        <cusip>657654DD8</cusip>
        <identifiers>
          <isin value="US657654DD81"/>
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        <balance>1005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>958193.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY HEALTH CARE FACS FING AUTH</name>
        <lei>N/A</lei>
        <title>NJ NJSMED 4 07/01/2043</title>
        <cusip>645790FT8</cusip>
        <identifiers>
          <isin value="US645790FT81"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500222.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>NEW JERSEY ECONOMIC DEV AUTH</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>NJ NJSDEV 5 06/15/2036</title>
        <cusip>64577BTK0</cusip>
        <identifiers>
          <isin value="US64577BTK07"/>
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        <balance>550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>562778.98000000</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>2036-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ST HSG &amp; MTG FIN AGY</name>
        <lei>5493002ONULJL0FIGU24</lei>
        <title>NJ NJSHSG 5 01/20/2066</title>
        <cusip>646127FQ8</cusip>
        <identifiers>
          <isin value="US646127FQ86"/>
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        <balance>1875000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1927730.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>PASSAIC CNTY N J IMPT AUTH</name>
        <lei>N/A</lei>
        <title>NJ PASEDU 4.12 07/01/2033</title>
        <cusip>70275QAK9</cusip>
        <identifiers>
          <isin value="US70275QAK94"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>139503.64000000</valUSD>
        <pctVal>0.092344879852</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT WTRWKS AUTH</name>
        <lei>N/A</lei>
        <title>GU GMSUTL 5 01/01/2046</title>
        <cusip>40065FEG5</cusip>
        <identifiers>
          <isin value="US40065FEG54"/>
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        <balance>535000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>554162.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM INTL ARPT AUTH</name>
        <lei>N/A</lei>
        <title>GU GMSAPT 5.25 10/01/2035</title>
        <cusip>40064RFR5</cusip>
        <identifiers>
          <isin value="US40064RFR57"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>113115.57000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CASINO REINVESTMENT DEV AUTH NJ</name>
        <lei>N/A</lei>
        <title>NJ CASDEV 5 11/01/2042</title>
        <cusip>14760RBR1</cusip>
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          <isin value="US14760RBR12"/>
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        <balance>1340000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1455807.49000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DELAWARE RIV &amp; BAY AUTH DEL AUTH</name>
        <lei>549300DIIIT0MBXYHJ34</lei>
        <title>DE DRVGEN 5 01/01/2040</title>
        <cusip>246317JF9</cusip>
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          <isin value="US246317JF92"/>
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        <balance>1865000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2066511.94000000</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>2040-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW JERSEY ECONOMIC DEV AUTH</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>NJ NJSDEV 5 11/01/2026</title>
        <cusip>64577BE26</cusip>
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          <isin value="US64577BE265"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1018480.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLOUCESTER CNTY N J IMPT AUTH</name>
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        <cusip>37970PLW0</cusip>
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          <isin value="US37970PLW04"/>
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        <balance>3000000.00000000</balance>
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        <valUSD>3111894.90000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DELAWARE RIV &amp; BAY AUTH DEL AUTH</name>
        <lei>549300DIIIT0MBXYHJ34</lei>
        <title>DE DRVGEN 5 01/01/2038</title>
        <cusip>246317JD4</cusip>
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          <isin value="US246317JD45"/>
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        <balance>410000.00000000</balance>
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        <valUSD>456633.89000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH JERSEY PORT CORP N J</name>
        <lei>N/A</lei>
        <title>NJ SPCTRN 5 01/01/2037</title>
        <cusip>838530RF2</cusip>
        <identifiers>
          <isin value="US838530RF22"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180058.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUERTO RICO COMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PR PRC 4 07/01/2041</title>
        <cusip>74514L3N5</cusip>
        <identifiers>
          <isin value="US74514L3N58"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>485286.70000000</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>2041-07-01</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>
        <name>PORT AUTH N Y &amp; N J</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>NY PORTRN 5.25 10/15/2051</title>
        <cusip>73358XQX3</cusip>
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          <isin value="US73358XQX39"/>
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        <balance>500000.00000000</balance>
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        <valUSD>541986.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>NJ NJSTRN 5.5 06/15/2050</title>
        <cusip>64613CCL0</cusip>
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          <isin value="US64613CCL00"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>NEW JERSEY ST EDL FACS AUTH</name>
        <lei>549300UTOO4X537XXG70</lei>
        <title>NJ NJSEDU 4 07/01/2050</title>
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          <isin value="US6460667B09"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY INST TECHNOLOGY</name>
        <lei>N/A</lei>
        <title>NJ NEWHGR 5 07/01/2044</title>
        <cusip>64579REC7</cusip>
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          <isin value="US64579REC79"/>
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        <balance>500000.00000000</balance>
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        <name>NEW JERSEY ECONOMIC DEV AUTH</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>NJ NJSDEV 4 06/15/2035</title>
        <cusip>64577B7W8</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW JERSEY ST TPK AUTH</name>
        <lei>5493005YN67D71KSMI84</lei>
        <title>NJ NJSTRN 5 01/01/2042</title>
        <cusip>646140GA5</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PASSAIC CNTY N J IMPT AUTH</name>
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        <title>NJ PASEDU 5 01/01/2060</title>
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        <name>NEW JERSEY HEALTH CARE FACS FING AUTH</name>
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        <title>NJ NJSMED 4 07/01/2038</title>
        <cusip>645790MY9</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>ESSEX CNTY N J IMPT AUTH</name>
        <lei>N/A</lei>
        <title>NJ ESSEDU 4 07/15/2040</title>
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          <isin value="US29681CAK45"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>803502.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CASINO REINVESTMENT DEV AUTH NJ</name>
        <lei>N/A</lei>
        <title>NJ CASDEV 5 11/01/2041</title>
        <cusip>14760RBQ3</cusip>
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          <isin value="US14760RBQ39"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1208567.36000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM INTL ARPT AUTH</name>
        <lei>N/A</lei>
        <title>GU GMSAPT 5 10/01/2034</title>
        <cusip>40064RFQ7</cusip>
        <identifiers>
          <isin value="US40064RFQ74"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111556.65000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>SOUTH JERSEY PORT CORP N J</name>
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          <isin value="US838530RG05"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>229036.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW JERSEY ST HIGHER ED ASSISTANCE AUTH</name>
        <lei>5493007OOYUHTF8GSL63</lei>
        <title>NJ NJSHGR 5 12/01/2035</title>
        <cusip>646080YM7</cusip>
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          <isin value="US646080YM74"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1655344.35000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW JERSEY HEALTH CARE FACS FING AUTH</name>
        <lei>N/A</lei>
        <title>NJ NJSMED 5.25 07/01/2054</title>
        <cusip>645790TM8</cusip>
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          <isin value="US645790TM82"/>
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        <balance>1135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1208986.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HUDSON CNTY N J IMPT AUTH</name>
        <lei>N/A</lei>
        <title>NJ HUDGEN 4 01/01/2035</title>
        <cusip>443731CR3</cusip>
        <identifiers>
          <isin value="US443731CR39"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>828053.84000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW JERSEY ECONOMIC DEV AUTH</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>NJ NJSDEV 5 07/01/2050</title>
        <cusip>645912EH5</cusip>
        <identifiers>
          <isin value="US645912EH55"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>947724.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KANSAS CITY MO INDL DEV AUTH</name>
        <lei>549300QWDXL46XQC8110</lei>
        <title>MO KANDEV 4 03/01/2045</title>
        <cusip>48504NCG2</cusip>
        <identifiers>
          <isin value="US48504NCG25"/>
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        <balance>1520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1437191.31000000</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>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JERSEY CITY N J MUN UTILS AUTH</name>
        <lei>N/A</lei>
        <title>NJ JERUTL 5.75 10/15/2055</title>
        <cusip>476623DY6</cusip>
        <identifiers>
          <isin value="US476623DY63"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>839401.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW JERSEY ST TPK AUTH</name>
        <lei>5493005YN67D71KSMI84</lei>
        <title>NJ NJSTRN 5.25 01/01/2055</title>
        <cusip>646140JF1</cusip>
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          <isin value="US646140JF13"/>
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        <balance>1250000.00000000</balance>
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        <valUSD>1343773.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>PORT AUTH N Y &amp; N J</name>
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        <title>NY PORTRN 5 11/01/2044</title>
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          <isin value="US73358W4S03"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>GUAM GOVT</name>
        <lei>N/A</lei>
        <title>GU GMSGEN 4 01/01/2042</title>
        <cusip>40065NCR6</cusip>
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          <isin value="US40065NCR61"/>
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        <balance>1400000.00000000</balance>
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        <valUSD>1394118.74000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>GLOUCESTER CNTY N J IMPT AUTH</name>
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        <cusip>37970PNJ7</cusip>
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          <isin value="US37970PNJ74"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>PUERTO RICO COMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PR PRC 4 07/01/2037</title>
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        <identifiers>
          <isin value="US74514L3M75"/>
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        <balance>850000.00000000</balance>
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        <valUSD>851756.36000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY ST EDL FACS AUTH</name>
        <lei>549300UTOO4X537XXG70</lei>
        <title>NJ NJSEDU 3 07/01/2035</title>
        <cusip>646067AR9</cusip>
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          <isin value="US646067AR90"/>
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        <balance>200000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>MONROE CNTY N Y INDL DEV AGY</name>
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        <cusip>610758AB0</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TOBACCO SETTLEMENT FING CORP N J</name>
        <lei>N/A</lei>
        <title>NJ TOBGEN 5 06/01/2046</title>
        <cusip>888808HT2</cusip>
        <identifiers>
          <isin value="US888808HT28"/>
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        <balance>815000.00000000</balance>
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        <valUSD>807522.54000000</valUSD>
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        <name>NEW JERSEY ST HSG &amp; MTG FIN AGY</name>
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        <name>NEW JERSEY HEALTH CARE FACS FING AUTH</name>
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        <name>DAVIS CALIF JT UNI SCH DIST</name>
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          <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>
