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        <name>E 470 PUB HWY AUTH COLO</name>
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        <name>NEW MEMPHIS ARENA PUBLIC BUILDING AUTHORITY OF MEMPHIS AND SHELBY COUNTY (TN)</name>
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        <name>EAST NASSAU STEWARDSHIP DIST FLA</name>
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      <invstOrSec>
        <name>KENTUCKY INC KY PUB ENERGY AUTH</name>
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        <cusip>74440DFQ2</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IOWA FIN AUTH</name>
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        <name>MUNICIPAL ELEC AUTH GA</name>
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        <cusip>62620HJZ6</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>NV LASGEN 5 07/01/2043</name>
        <lei>N/A</lei>
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        <cusip>51771FAT3</cusip>
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          <isin value="US51771FAT30"/>
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        <balance>3900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3986141.25000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>LAS VEGAS NEV SPL IMPT DIST NO 818</name>
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        <cusip>51779DAP8</cusip>
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          <isin value="US51779DAP87"/>
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        <balance>1200000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>ONEIDA INDIAN NATION N Y</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
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        <name>A.B. WON PAT INTERNATIONAL AIRPORT AUTHORITY</name>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-10-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOWER COLO RIV AUTH TEX</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>TX LWCGEN 6 05/15/2052</title>
        <cusip>54811BZT1</cusip>
        <identifiers>
          <isin value="US54811BZT15"/>
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        <balance>3250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3463582.53000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GALVESTON TEX</name>
        <lei>N/A</lei>
        <title>TX GALTRN 5.5 08/01/2044</title>
        <cusip>364568KF1</cusip>
        <identifiers>
          <isin value="US364568KF13"/>
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        <balance>550000.00000000</balance>
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        <valUSD>574577.36000000</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>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>FLORIDA DEV FIN CORP</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>FL FLSDEV 4 07/01/2055</title>
        <cusip>34061UGS1</cusip>
        <identifiers>
          <isin value="US34061UGS15"/>
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        <balance>750000.00000000</balance>
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        <valUSD>561863.93000000</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>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>ANNA (TX), CITY OF</name>
        <lei>N/A</lei>
        <title>TX ANNGEN 5.88 09/15/2051</title>
        <cusip>035713AZ9</cusip>
        <identifiers>
          <isin value="US035713AZ94"/>
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        <balance>679000.00000000</balance>
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        <valUSD>694418.53000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>PHOENIX ARIZ INDL DEV AUTH</name>
        <lei>549300A62PWFBDWB8332</lei>
        <title>AZ PHOEDU 5 07/01/2035</title>
        <cusip>71885FDN4</cusip>
        <identifiers>
          <isin value="US71885FDN42"/>
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        <balance>100000.00000000</balance>
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        <invCountry>US</invCountry>
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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>MISSOURI ST HEALTH &amp; EDL FACS AUTH</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>MO MOSMED 4 05/01/2045</title>
        <cusip>60636AWS8</cusip>
        <identifiers>
          <isin value="US60636AWS85"/>
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        <balance>1750000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>RHODE ISLAND STUDENT LOAN AUTHORITY (RI)</name>
        <lei>N/A</lei>
        <title>RI RISSTD 5 12/01/2044</title>
        <cusip>762323DT7</cusip>
        <identifiers>
          <isin value="US762323DT74"/>
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        <balance>985000.00000000</balance>
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        <valUSD>967399.23000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>UTAH TRANSIT AUTHORITY (UT)</name>
        <lei>N/A</lei>
        <title>UT UTSFAC 5 05/15/2041</title>
        <cusip>917547F97</cusip>
        <identifiers>
          <isin value="US917547F974"/>
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        <balance>2960000.00000000</balance>
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        <valUSD>3156985.93000000</valUSD>
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          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CLIFTON HIGHER EDUCATION FINANCE CORP (TX)</name>
        <lei>N/A</lei>
        <title>TX CLIEDU 4.25 04/01/2048</title>
        <cusip>187145SA6</cusip>
        <identifiers>
          <isin value="US187145SA66"/>
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        <balance>2525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2357071.09000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>NATIONAL FINANCE AUTHORITY (NH)</name>
        <lei>N/A</lei>
        <title>NH NFADEV 3.62 08/20/2039</title>
        <cusip>63607WAU8</cusip>
        <identifiers>
          <isin value="US63607WAU80"/>
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        <balance>3351693.72300000</balance>
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        <valUSD>3152446.59000000</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>2039-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CONNECTICUT ST HSG FIN AUTH</name>
        <lei>5493003DXX0NRJKSH186</lei>
        <title>CT CTSHSG 4.1 11/15/2039</title>
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        <name>LAKE HOUSTON REDEV AUTH TAX TEX</name>
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        <name>CLIFTON TEX HIGHER ED FIN CORP</name>
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        <name>SEMINOLE CNTY FLA INDL DEV AUTH</name>
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        <name>ORANGE COUNTY HEALTH FACILITIES AUTHORITY (FL)</name>
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        <name>SOUTHEAST ENERGY AUTH COOP DIST ALA</name>
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        <name>LOUISIANA PUB FACS AUTH</name>
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        <name>NEW YORK N Y CITY HSG DEV CORP</name>
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        <name>NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)</name>
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        <name>ALLEGHENY COUNTY AIRPORT AUTHORITY (PA)</name>
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        <name>KANSAS CITY MO INDL DEV AUTH</name>
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        <name>MENIFEE CALIF UN SCH DIST</name>
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        <name>SOUTH CAROLINA PUB SVC AUTH</name>
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        <name>NEW YORK N Y CITY HSG DEV CORP</name>
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        <name>YAVAPAI COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (AZ)</name>
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        <name>FL ORAMED 4 10/01/2052</name>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY HOUSING AGENCY</name>
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        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>PORT GTR CINCINNATI DEV AUTH OHIO</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>ATLANTA GA DEV AUTH</name>
        <lei>N/A</lei>
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        <cusip>04777LDV5</cusip>
        <identifiers>
          <isin value="US04777LDV53"/>
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        <balance>100000.00000000</balance>
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        <valUSD>102515.78000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>DISTRICT COLUMBIA</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <balance>2500000.00000000</balance>
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        <valUSD>2522288.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOS ANGELES CALIF DEPT WTR &amp; PWR</name>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>SAN FRANCISCO CALIF CITY &amp; CNTY CMNTY FACS DIST NO 2016-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>METROPOLITAN WASH D C ARPTS AUTH</name>
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        <name>MASSACHUSETTS ST PORT AUTH</name>
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        <title>MA MASTRN 4 07/01/2046</title>
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        <name>CHICAGO ILL BRD ED</name>
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        <title>IL CHIEDU 5 12/01/2035</title>
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        <name>PORT SEATTLE WASH</name>
        <lei>549300T9UCDUJ3GZL429</lei>
        <title>WA PTSGEN 5 08/01/2037</title>
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        <name>METROPOLITAN PIER &amp; EXPOSITION AUTH ILL</name>
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        <name>ILLINOIS ST</name>
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      </invstOrSec>
      <invstOrSec>
        <name>FLORIDA DEV FIN CORP</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>FL FLSDEV 4 07/01/2045</title>
        <cusip>34061UGR3</cusip>
        <identifiers>
          <isin value="US34061UGR32"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>494785.86000000</valUSD>
        <pctVal>0.104984789205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL TR AUTH FLA</name>
        <lei>N/A</lei>
        <title>FL CTSEDU 5.25 07/01/2055</title>
        <cusip>14054WBW4</cusip>
        <identifiers>
          <isin value="US14054WBW47"/>
        </identifiers>
        <balance>335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>315816.79000000</valUSD>
        <pctVal>0.067010724853</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>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOUISIANA PUB FACS AUTH</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>LA LASFAC 5.25 05/15/2055</title>
        <cusip>546399UN4</cusip>
        <identifiers>
          <isin value="US546399UN42"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2565406.00000000</valUSD>
        <pctVal>0.544333680305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IDAHO HEALTH FACS AUTH</name>
        <lei>549300X43KY1C2WW0J97</lei>
        <title>ID IDSMED 4.38 03/01/2053</title>
        <cusip>451295H44</cusip>
        <identifiers>
          <isin value="US451295H440"/>
        </identifiers>
        <balance>1515000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1388018.46000000</valUSD>
        <pctVal>0.294512914004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRVING TEX</name>
        <lei>5493002R7BX8XPQ92O37</lei>
        <title>TX IRVFAC 5 08/15/2034</title>
        <cusip>463805DD0</cusip>
        <identifiers>
          <isin value="US463805DD09"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306039.51000000</valUSD>
        <pctVal>0.064936159343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DC METAPT 4 10/01/2053</name>
        <lei>7HERAVJJLN8J1DZ6AZ19</lei>
        <title>DC METAPT 4 10/01/2053 (TOBs)</title>
        <cusip>592643DJ6</cusip>
        <identifiers>
          <isin value="US592643DJ62"/>
        </identifiers>
        <balance>2050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1694256.94000000</valUSD>
        <pctVal>0.359491291255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ECONOMIC DEV AUTH</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>NJ NJSDEV 5.25 11/01/2060</title>
        <cusip>645912GC4</cusip>
        <identifiers>
          <isin value="US645912GC41"/>
        </identifiers>
        <balance>430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415927.00000000</valUSD>
        <pctVal>0.088252336919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAKE HOUSTON REDEV AUTH TAX TEX</name>
        <lei>N/A</lei>
        <title>TX LKHDEV 3 09/01/2038</title>
        <cusip>51001QAQ7</cusip>
        <identifiers>
          <isin value="US51001QAQ73"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>166988.34000000</valUSD>
        <pctVal>0.035431965809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONEIDA INDIAN NATION N Y</name>
        <lei>N/A</lei>
        <title>NY ONEFAC 6 09/01/2043</title>
        <cusip>682504AC9</cusip>
        <identifiers>
          <isin value="US682504AC93"/>
        </identifiers>
        <balance>825000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>885638.41000000</valUSD>
        <pctVal>0.187916772290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>MENIFEE CALIF UN SCH DIST</name>
        <lei>N/A</lei>
        <title>CA MNFSCD 4 09/01/2041</title>
        <cusip>5868104A8</cusip>
        <identifiers>
          <isin value="US5868104A89"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>757347.12000000</valUSD>
        <pctVal>0.160695634569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>WI PUBMFH 6.75 12/01/2060</title>
        <cusip>74441XJJ9</cusip>
        <identifiers>
          <isin value="US74441XJJ90"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>909986.67000000</valUSD>
        <pctVal>0.193083041479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</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>SOUTH CAROLINA PUB SVC AUTH</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
        <title>SC SCSUTL 5 12/01/2036</title>
        <cusip>83715BDC8</cusip>
        <identifiers>
          <isin value="US83715BDC81"/>
        </identifiers>
        <balance>2700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2706303.42000000</valUSD>
        <pctVal>0.574229615363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>2026-05-21</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>
</edgarSubmission>
