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        <name>KANSAS CITY MO INDL DEV AUTH</name>
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        <name>FONTANA CALIF</name>
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        <name>PENNSYLVANIA HSG FIN AGY</name>
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        <name>Putnam Investment Fund.</name>
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        <name>NEW JERSEY ST HIGHER ED ASSISTANCE AUTH</name>
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        <name>DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FLINT MICH HOSP BLDG AUTH</name>
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          <isin value="US339511FB89"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CLARK (NV), COUNTY OF</name>
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        <name>GALVESTON TEX</name>
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        <name>TARRANT CNTY TEX CULTURAL ED FACS FIN CORP</name>
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        <name>CALIFORNIA ST UNIV</name>
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        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>NJ NJSTRN 5 06/15/2034</title>
        <cusip>64613CDH8</cusip>
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        <name>MARATHON OIL CORP</name>
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        <name>FORNEY TEX INDPT SCH DIST</name>
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        <name>PENNSYLVANIA HSG FIN AGY</name>
        <lei>549300JZVUPNWP77SP29</lei>
        <title>PA PASSFH 3 10/01/2051</title>
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        <name>WASHINGTON ST HEALTH CARE FACS AUTH</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>WA WASMED 5 08/15/2026</title>
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        <balance>500000.00000000</balance>
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        <name>LANCASTER CNTY S C</name>
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        <valUSD>404433.92000000</valUSD>
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          <maturityDt>2030-06-01</maturityDt>
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        <name>NEW YORK ST DORM AUTH</name>
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        <name>GEORGIA POWER CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WISCONSIN ST HEALTH &amp; EDL FACS AUTH</name>
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        <cusip>97712JNN9</cusip>
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          <isin value="US97712JNN99"/>
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        <fairValLevel>2</fairValLevel>
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        <name>KNOXVILLE TENN CMNTY DEV CORP</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>MONROE CNTY GA DEV AUTH</name>
        <lei>N/A</lei>
        <title>GA MONPOL 10/01/2048</title>
        <cusip>610530FY8</cusip>
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          <isin value="US610530FY83"/>
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        <balance>500000.00000000</balance>
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        <valUSD>500066.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-01</maturityDt>
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          <annualizedRt>3.87500000</annualizedRt>
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        <name>METROPOLITAN WASHINGTON AIRPORTS AUTHORITY (DC)</name>
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        <balance>500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
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        <name>NEW YORK ST DORM AUTH</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NY NYSHGR 5 07/01/2026</title>
        <cusip>64990G4R0</cusip>
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        <balance>200000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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        <name>GALVESTON TEX</name>
        <lei>N/A</lei>
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        <cusip>364568JQ9</cusip>
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          <isin value="US364568JQ96"/>
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        <balance>350000.00000000</balance>
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        <name>BROWARD CNTY FLA HSG FIN AUTH</name>
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        <cusip>115027QZ0</cusip>
        <identifiers>
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        <name>COBB-MARIETTA GA COLISEUM &amp; EXHIBIT HALL AUTH</name>
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        <cusip>190760HV3</cusip>
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        <name>MAIN STR NAT GAS INC GA</name>
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        <name>INDIANA ST FIN AUTH</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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        <cusip>45506EMY6</cusip>
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        <name>HUMBOLDT CNTY NEV</name>
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        <name>DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH</name>
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        <name>INDIANA ST FIN AUTH</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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        <cusip>45506EMX8</cusip>
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        <name>KENTUCKY INC KY PUB ENERGY AUTH</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>KY KYSPWR 06/01/2055</title>
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        <name>COCONINO CNTY ARIZ POLLUTN CTL CORP</name>
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        <name>LOUISIANA PUB FACS AUTH</name>
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        <name>OHIO ST AIR QUALITY DEV AUTH</name>
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        <name>FORT BEND TEX INDPT SCH DIST</name>
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        <name>FRETE 2019-ML06 TRUST</name>
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        <name>GALVESTON TEX</name>
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        <name>AMERICAN MUN PWR OHIO INC</name>
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        <name>LAKEWOOD RANCH STEWARDSHIP DIST FLA</name>
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        <name>ALASKA INDL DEV &amp; EXPT AUTH</name>
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        <name>ARIZONA ST INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>AZ AZSMFH 03/01/2045</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>YOUNGSTOWN ST UNIV OHIO</name>
        <lei>N/A</lei>
        <title>OH YOUHGR 5 12/15/2030</title>
        <cusip>987720EP0</cusip>
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          <isin value="US987720EP04"/>
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        <balance>1535000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1564946.16000000</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>2030-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS ST DEV FIN AGY</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MA MASDEV 5 01/01/2027</title>
        <cusip>57585BDF2</cusip>
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          <isin value="US57585BDF22"/>
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        <balance>1010000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1025585.11000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA ST ENTERPRISE DEV AUTH</name>
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        <title>CA CASHSG 5 08/01/2026</title>
        <cusip>13069BAF3</cusip>
        <identifiers>
          <isin value="US13069BAF31"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100829.74000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CAMDEN CNTY N J IMPT AUTH</name>
        <lei>549300UTQBT9ZE0QFB15</lei>
        <title>NJ CAMMFH 03/01/2027</title>
        <cusip>13281RAF0</cusip>
        <identifiers>
          <isin value="US13281RAF01"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>800000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIRGIN IS TRANSN &amp; INFRASTRUCTURE CORP</name>
        <lei>N/A</lei>
        <title>VI VIITRN 5 09/01/2026</title>
        <cusip>927686AB1</cusip>
        <identifiers>
          <isin value="US927686AB10"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>202243.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK TRANSN DEV CORP</name>
        <lei>N/A</lei>
        <title>NY NYTTRN 5.5 06/30/2037</title>
        <cusip>650116HZ2</cusip>
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          <isin value="US650116HZ21"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1142300.80000000</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>2037-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS ST DEV FIN AGY</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MA MASDEV 4.25 07/01/2034</title>
        <cusip>57585BBR8</cusip>
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          <isin value="US57585BBR87"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>469302.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DAYTON-MONTGOMERY CNTY OHIO PORT AUTH</name>
        <lei>N/A</lei>
        <title>OH DAYTRN 5 12/01/2032</title>
        <cusip>23981MBD7</cusip>
        <identifiers>
          <isin value="US23981MBD74"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>404654.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH</name>
        <lei>N/A</lei>
        <title>UT DTRFAC 5 06/01/2029</title>
        <cusip>26118TBB5</cusip>
        <identifiers>
          <isin value="US26118TBB52"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108115.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>UTAH INFRASTRUCTURE AGY</name>
        <lei>549300WD2FDRNXU16V82</lei>
        <title>UT UTSFAC 3 10/15/2026</title>
        <cusip>917467BR2</cusip>
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          <isin value="US917467BR25"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>249830.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST DORM AUTH</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NY NYSHGR 5 07/01/2030</title>
        <cusip>64990G4V1</cusip>
        <identifiers>
          <isin value="US64990G4V10"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>77073.14000000</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>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CA CCEDEV 11/01/2055</title>
        <cusip>13013JFS0</cusip>
        <identifiers>
          <isin value="US13013JFS06"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2109385.40000000</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>2055-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PINELLAS CNTY FLA INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>FL PINDEV 5 07/01/2029</title>
        <cusip>72316VAS8</cusip>
        <identifiers>
          <isin value="US72316VAS88"/>
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        <balance>355000.00000000</balance>
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        <valUSD>364336.25000000</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>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PENNSYLVANIA HSG FIN AGY</name>
        <lei>549300JZVUPNWP77SP29</lei>
        <title>PA PASSFH 5 10/01/2026</title>
        <cusip>70879QS79</cusip>
        <identifiers>
          <isin value="US70879QS794"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>253779.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TROY N Y CAP RESOURCE CORP</name>
        <lei>N/A</lei>
        <title>NY TRYGEN 5 09/01/2028</title>
        <cusip>897579BM9</cusip>
        <identifiers>
          <isin value="US897579BM94"/>
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        <balance>350000.00000000</balance>
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        <valUSD>371533.02000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>RHODE ISLAND ST HEALTH &amp; EDL BLDG CORP</name>
        <lei>N/A</lei>
        <title>RI RISMED 5 05/15/2026</title>
        <cusip>762244FD8</cusip>
        <identifiers>
          <isin value="US762244FD84"/>
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        <balance>115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115639.73000000</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>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
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        <name>INDIANA ST FIN AUTH</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>IN INSFIN 5 11/15/2027</title>
        <cusip>45506EQD8</cusip>
        <identifiers>
          <isin value="US45506EQD84"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1251945.00000000</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>2027-11-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HONOLULU HAWAII</name>
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          <isin value="US438697BQ66"/>
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        <curCd>USD</curCd>
        <valUSD>538315.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CORTLAND N Y ENLARGED CITY SCH DIST</name>
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          <isin value="US220660DV39"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250513.18000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-04-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAIN STR NAT GAS INC GA</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <cusip>56035DDH2</cusip>
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          <isin value="US56035DDH26"/>
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        <balance>2200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2244227.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>IDAHO HSG &amp; FIN ASSN</name>
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        <title>ID IDSHSG 3 09/21/2046</title>
        <cusip>45129WND8</cusip>
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          <isin value="US45129WND82"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>KENTUCKY INC KY PUB ENERGY AUTH</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>KY KYSPWR 01/01/2055</title>
        <cusip>74440DFC3</cusip>
        <identifiers>
          <isin value="US74440DFC39"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>818002.50000000</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>2055-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 4 10/01/2030</title>
        <cusip>13048VKQ0</cusip>
        <identifiers>
          <isin value="US13048VKQ04"/>
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        <balance>165000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165983.02000000</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>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DE KALB CNTY GA HSG AUTH</name>
        <lei>N/A</lei>
        <title>GA DEKMFH 4 03/01/2034</title>
        <cusip>240471PE6</cusip>
        <identifiers>
          <isin value="US240471PE66"/>
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        <balance>780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>797925.73000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</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>VIRGIN IS TRANSN &amp; INFRASTRUCTURE CORP</name>
        <lei>N/A</lei>
        <title>VI VIITRN 5 09/01/2027</title>
        <cusip>927686AC9</cusip>
        <identifiers>
          <isin value="US927686AC92"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165151.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST DORM AUTH</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NY NYSHGR 5 07/01/2029</title>
        <cusip>64990G4U3</cusip>
        <identifiers>
          <isin value="US64990G4U37"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76776.43000000</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>2029-07-01</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>CASS CNTY N D JT WTR RES DIST</name>
        <lei>N/A</lei>
        <title>ND CASWTR 3.45 04/01/2027</title>
        <cusip>14805PBA9</cusip>
        <identifiers>
          <isin value="US14805PBA93"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000393.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KING CNTY WASH HSG AUTH</name>
        <lei>549300TZU8KSWALVD392</lei>
        <title>WA KINHSG 5.5 05/01/2038</title>
        <cusip>494762KG1</cusip>
        <identifiers>
          <isin value="US494762KG11"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2505386.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>DURHAM N C HSG AUTH</name>
        <lei>N/A</lei>
        <title>NC DURMFH 07/01/2059</title>
        <cusip>266785AV6</cusip>
        <identifiers>
          <isin value="US266785AV68"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1008908.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15000000</annualizedRt>
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        <name>KENTUCKY INC KY PUB ENERGY AUTH</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>KY KYSPWR 5 07/01/2028</title>
        <cusip>74440DEH3</cusip>
        <identifiers>
          <isin value="US74440DEH35"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1044978.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW HAMPSHIRE MUN BD BK</name>
        <lei>N/A</lei>
        <title>NH NHMBBK 5 08/15/2027</title>
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          <isin value="US64465QTD87"/>
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        <balance>500000.00000000</balance>
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        <valUSD>520857.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>KANSAS CITY MO INDL DEV AUTH</name>
        <lei>549300QWDXL46XQC8110</lei>
        <title>MO KANDEV 5 03/01/2026</title>
        <cusip>48504NBR9</cusip>
        <identifiers>
          <isin value="US48504NBR98"/>
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        <balance>500000.00000000</balance>
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        <valUSD>500000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>POPLAR BLUFF MO REGL TRANSN DEV DIST</name>
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        <title>MO POPTRN 3.38 12/01/2031</title>
        <cusip>733060AH0</cusip>
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          <isin value="US733060AH04"/>
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        <balance>240000.00000000</balance>
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        <valUSD>241935.65000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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      <invstOrSec>
        <name>KENTUCKY INC KY PUB ENERGY AUTH</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>KY KYSPWR 5 07/01/2027</title>
        <cusip>74440DEG5</cusip>
        <identifiers>
          <isin value="US74440DEG51"/>
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        <balance>525000.00000000</balance>
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        <valUSD>538850.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>NEW YORK ST DORM AUTH</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <cusip>64990G4T6</cusip>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13048RAJ6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>MOUNTAIN VIEW CALIF SCH DIST SCH FACS IMPT DIST NO 2 SAN BERNARDINO CNTY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SAN ANTONIO TEX INDPT SCH DIST</name>
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          <maturityDt>2026-08-15</maturityDt>
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        <name>MAINE GOVERNMENTAL FACS AUTH</name>
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        <name>MARYLAND ST HEALTH &amp; HIGHER EDL FACS AUTH</name>
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        <cusip>57421CBV5</cusip>
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        <name>DISTRICT COLUMBIA</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <name>MONTANA ST BRD HSG</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>2.90000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>130493CA5</cusip>
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        <balance>100000.00000000</balance>
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        <name>CENTRAL PLAINS ENERGY PROJ NEB</name>
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        <name>HIDALGO CNTY TEX</name>
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        <name>SOUTHERN UTE INDIAN TRIBE OF SOUTHN UTE INDIAN RESERVATION COLO</name>
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        <name>SOUTHEAST ENERGY AUTH COOP DIST ALA</name>
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        <name>DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH</name>
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        <name>SOUTHEAST ENERGY AUTH COOP DIST ALA</name>
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        <name>TRIMBLE CNTY KY</name>
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        <name>UTAH INFRASTRUCTURE AGY</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DAVIS CNTY UTAH SCH DIST</name>
        <lei>N/A</lei>
        <title>UT DAVSCD 2.5 06/01/2028</title>
        <cusip>239019R87</cusip>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
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      <invstOrSec>
        <name>ILLINOIS FIN AUTH</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>IL ILSGEN 11/01/2034</title>
        <cusip>45204E2L1</cusip>
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          <isin value="US45204E2L19"/>
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        <balance>480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>481570.61000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>CHESTER CNTY PA INDL DEV AUTH</name>
        <lei>N/A</lei>
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        <cusip>165588FP4</cusip>
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          <isin value="US165588FP49"/>
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        <balance>800000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FONTANA CALIF</name>
        <lei>N/A</lei>
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        <cusip>344630M62</cusip>
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          <isin value="US344630M621"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>442033.12000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>WI PUBGEN 5 12/01/2031</title>
        <cusip>74442PV69</cusip>
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          <isin value="US74442PV694"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>827717.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>SOUTHEAST ENERGY AUTH ALA</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>AL SEEPWR 01/01/2053</title>
        <cusip>84136FBL0</cusip>
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          <isin value="US84136FBL04"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>544236.45000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>VIRGINIA ST PUB SCH AUTH</name>
        <lei>N/A</lei>
        <title>VA VASSCD 3 08/01/2026</title>
        <cusip>92818HL90</cusip>
        <identifiers>
          <isin value="US92818HL907"/>
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        <balance>1585000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1585616.09000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OWEN CNTY KY</name>
        <lei>N/A</lei>
        <title>KY OWNWTR 06/01/2040</title>
        <cusip>69068WAD5</cusip>
        <identifiers>
          <isin value="US69068WAD56"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2313138.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ST TRANSN TR FD AUTH</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>NJ NJSTRN 5 06/15/2036</title>
        <cusip>64613CEN4</cusip>
        <identifiers>
          <isin value="US64613CEN48"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>586342.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>CONNECTICUT ST HEALTH &amp; EDL FACS AUTH</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>CT CTSMED 07/01/2042</title>
        <cusip>20774YJ99</cusip>
        <identifiers>
          <isin value="US20774YJ999"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209827.38000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK N Y CITY TRANSITIONAL FIN AUTH</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>NY NYCGEN 5 11/01/2029</title>
        <cusip>64972JYV4</cusip>
        <identifiers>
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        <balance>500000.00000000</balance>
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        <valUSD>549907.25000000</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>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT WTRWKS AUTH</name>
        <lei>N/A</lei>
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        <cusip>40065FET7</cusip>
        <identifiers>
          <isin value="US40065FET75"/>
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        <balance>270000.00000000</balance>
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        <valUSD>299400.19000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>COBB-MARIETTA GA COLISEUM &amp; EXHIBIT HALL AUTH</name>
        <lei>N/A</lei>
        <title>GA COBFAC 5 10/01/2027</title>
        <cusip>190760HU5</cusip>
        <identifiers>
          <isin value="US190760HU55"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104421.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>AKRON BATH COPLEY OHIO JT TWP HOSP DIST</name>
        <lei>N/A</lei>
        <title>OH AKRMED 5 11/15/2027</title>
        <cusip>009730PJ5</cusip>
        <identifiers>
          <isin value="US009730PJ59"/>
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        <balance>180000.00000000</balance>
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        <valUSD>188407.17000000</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>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>PENNSYLVANIA ECONOMIC DEV FING AUTH</name>
        <lei>N/A</lei>
        <title>PA PASDEV 5 12/31/2029</title>
        <cusip>70868YAA7</cusip>
        <identifiers>
          <isin value="US70868YAA73"/>
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        <balance>270000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>ALACHUA CNTY FLA HEALTH FACS AUTH</name>
        <lei>N/A</lei>
        <title>FL ALAMED 3.62 10/01/2030</title>
        <cusip>010684BQ0</cusip>
        <identifiers>
          <isin value="US010684BQ01"/>
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        <balance>250000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ILLINOIS ST</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>IL ILS 4.1 09/01/2026</title>
        <cusip>452153NA3</cusip>
        <identifiers>
          <isin value="US452153NA35"/>
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        <balance>1800000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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        <name>PUERTO RICO COMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PR PRC 5.62 07/01/2027</title>
        <cusip>74514L3G0</cusip>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAKEWOOD RANCH STEWARDSHIP DIST FLA</name>
        <lei>N/A</lei>
        <title>FL LKRGEN 5 05/01/2030</title>
        <cusip>51265KGE2</cusip>
        <identifiers>
          <isin value="US51265KGE29"/>
        </identifiers>
        <balance>285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>301313.46000000</valUSD>
        <pctVal>0.182863222000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA INFRASTRUCTURE &amp; ECONOMIC DEV BK</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CA CASDEV 01/01/2065</title>
        <cusip>13034A7F1</cusip>
        <identifiers>
          <isin value="US13034A7F19"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000345.00000000</valUSD>
        <pctVal>0.607096376684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENNERGY CORP TENN</name>
        <lei>5493008K3JJFBSC4C235</lei>
        <title>TN TGYPWR 12/01/2051</title>
        <cusip>880397BW3</cusip>
        <identifiers>
          <isin value="US880397BW31"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1546777.35000000</valUSD>
        <pctVal>0.938719066643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>
