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        <name>DEL WEBB OAK CREEK CMNTY DEV DIST FLA</name>
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        <name>DESERTXPRESS ENTERPRISES LLC</name>
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        <name>LOWRY CROSSING TEX</name>
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        <name>WOODCREEK CMNTY DEV DIST FLA</name>
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          <isin value="US97925TAG94"/>
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        <name>EA MCKINNON GROVES CMNTY DEV DIST FLA</name>
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        <title>FL EAMDEV 5.5 05/01/2056</title>
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        <name>PARKSIDE TRAILS CMNTY DEV DIST FLA</name>
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          <isin value="US70147QAD16"/>
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        <name>LAKEWOOD RANCH STEWARDSHIP DISTRICT (FL)</name>
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        <name>CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CA)</name>
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        <name>OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION (OH)</name>
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        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
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        <name>SEMINOLE CNTY FLA INDL DEV AUTH</name>
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        <name>NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP (TX)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CMFA SPECIAL FINANCE AGENCY I (CA)</name>
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        <name>POINT PHASE 1 PUB INFRASTRUCTURE DIST NO 1 UTAH</name>
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        <name>CUMBERLAND COUNTY MUNICIPAL AUTHORITY (PA)</name>
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        <name>WOODLAND CROSSING CMNTY DEV DIST FLA</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>WARM SPRINGS RESERVATION (OR)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>MANSFIELD TEX</name>
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          <isin value="US56439QAC96"/>
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        <name>MASSACHUSETTS ST DEV FIN AGY</name>
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        <name>NORTH CAROLINA MEDICAL CARE COMMISSION (NC)</name>
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        <name>BALDWIN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AL)</name>
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        <name>LANCASTER INDUSTRIAL DEVELOPMENT AUTHORITY (PA)</name>
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        <name>PUBLIC FINANCE AUTHORITY (WI)</name>
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        <name>FEED ML CMNTY DEV DIST FLA</name>
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        <name>NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (NJ)</name>
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        <name>DENVER COLO CITY &amp; CNTY</name>
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        <name>MEDINA CNTY TEX</name>
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      <invstOrSec>
        <name>PILOT POINT TEX</name>
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        <name>VENICE FLA</name>
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        <name>CHICAGO CITY BOARD OF EDUCATION (IL)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>WOODLANDS SECT 9 CMNTY DEV DIST</name>
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          <isin value="US97968MAC10"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BEAUMONT CITY HOUSING AUTHORITY (TX)</name>
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          <isin value="US07451AAA43"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>TOLOMATO CMNTY DEV DIST FLA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FLORIDA DEVELOPMENT FINANCE CORP (FL)</name>
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        <balance>3500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LAKEWOOD RANCH STEWARDSHIP DISTRICT (FL)</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.30000000</annualizedRt>
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        <name>JAMES CITY COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY (VA)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LAKE FLORES CMNTY DEV DIST FLA</name>
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        <name>RIVERWALK CMNTY DEV DIST FLA</name>
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        <name>COLORADO HEALTH FACILITIES AUTHORITY (CO)</name>
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        <name>LOUISIANA PUBLIC FACILITIES AUTHORITY (LA)</name>
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        <name>PUBLIC FINANCE AUTHORITY (WI)</name>
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        <name>WINDSOR CAY CMNTY DEV DIST FLA</name>
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        <name>DEKALB COUNTY DEVELOPMENT AUTHORITY (GA)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION (OH)</name>
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        <name>LEHIGH CNTY PA INDL DEV AUTH</name>
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        <name>LAKESIDE AT SATILLA CMNTY DEV DIST FLA</name>
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        <name>CONNERTON EAST CMNTY DEV DIST FLA</name>
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        <name>ARKANSAS ST DEV FIN AUTH</name>
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        <name>CSCDA COMMUNITY IMPROVEMENT AUTHORITY (CA)</name>
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        <name>MANOR TEX</name>
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        <name>NORTHLAKE STEWARDSHIP DIST FLA</name>
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        <name>HIGHER EDUCATIONAL FACILITIES FINANCING AUTHORITY (FL)</name>
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        <name>SARASOTA COUNTY HEALTH FACILITIES AUTHORITY (FL)</name>
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      <invstOrSec>
        <name>ARLINGTON HIGHER EDUCATION FINANCE CORP (TX)</name>
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          <isin value="US041806L575"/>
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      <invstOrSec>
        <name>WILKES-BARRE FINANCE AUTHORITY (PA)</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>TERRELL TEX</name>
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          <isin value="US881435AE10"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>EAST WALLER CNTY MGMT DIST TEX</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>PUERTO RICO ELECTRIC POWER AUTHORITY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LAVON TEX</name>
        <lei>N/A</lei>
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          <isin value="US51946PCS11"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>CURIOSITY CREEK CMNTY DEV DIST FLA</name>
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          <isin value="US23128SAG21"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
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        <name>CELINA TEX</name>
        <lei>N/A</lei>
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          <isin value="US15114CKU70"/>
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        <balance>358000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>SOUTHPOINTE OF MANATEE CNTY CMNTY DEV DIST FLA</name>
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          <isin value="US844654AC71"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC FINANCE AUTHORITY (WI)</name>
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        <name>CALIFORNIA COMMUNITY HOUSING AGENCY</name>
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          <isin value="US13013FAF18"/>
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        <name>RANCHES AT LAKE MCLEOD CMNTY DEV DIST FLA</name>
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          <isin value="US752041AG82"/>
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        <name>GOVERNORS PK SOUTH CMNTY DEV DIST FLA</name>
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          <isin value="US383670AC05"/>
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        <name>WISCONSIN ST HEALTH &amp; EDL FACS AUTH</name>
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        <name>PALM BEACH (FL), COUNTY OF</name>
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        <name>NORTHRIDGE CMNTY DEV DIST FLA</name>
        <lei>N/A</lei>
        <title>FL NRCGEN 5.75 05/01/2045</title>
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        <name>STAMFORD CONN HSG AUTH</name>
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        <name>NORTHRIDGE CMNTY DEV DIST FLA</name>
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        <name>CSCDA COMMUNITY IMPROVEMENT AUTHORITY (CA)</name>
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        <name>NEW YORK LIBERTY DEVELOPMENT CORP (NY)</name>
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        <lei>N/A</lei>
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        <name>SOLAERIS CMNTY DEV DIST FLA</name>
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        <name>CEDAR CROSSINGS CMNTY DEV DIST FLA</name>
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        <name>DE KALB CNTY GA DEV AUTH</name>
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        <name>COLORADO HEALTH FACS AUTH</name>
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        <name>SAN ANTONIO TEX EDUCATION FACILITIES CORP</name>
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        <name>TERRELL TEX</name>
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        <name>GARDENS AT HAMMOCK BEACH CMNTY DEV DIST FLA</name>
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        <name>PUBLIC ENERGY AUTHORITY OF KENTUCKY (KY)</name>
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        <name>ATLANTA GA DEV AUTH</name>
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        <name>SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY (SC)</name>
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        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
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        <name>ARLINGTON HIGHER EDUCATION FINANCE CORP (TX)</name>
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        <name>BLACK DESERT PUB INFRASTRUCTURE DIST UTAH</name>
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        <name>MISSOURI STATE HEALTH AND EDUCATIONAL FACILITIES AUTHORITY (MO)</name>
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        <name>PORT ARTHUR TEX HSG AUTH</name>
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        <name>OKALOOSA CNTY FLA</name>
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        <name>PUERTO RICO SALES TAX FINANCING CORP</name>
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        <name>CMFA SPECIAL FINANCE AGENCY VII (CA)</name>
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        <name>SUGARLOAF CMNTY DEV DIST FLA</name>
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        <name>AURORA CROSSROADS MET DIST NO 2 COLO</name>
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        <name>IOWA FIN AUTH</name>
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        <name>CAMDEN COUNTY IMPROVEMENT AUTHORITY (THE) (NJ)</name>
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        <name>LOWER MAGNOLIA GREEN COMMUNITY DEVELOPMENT AUTHORITY (VA)</name>
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        <name>UTAH INFRASTRUCTURE AGENCY (UT)</name>
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        <pctVal>0.093521051305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP (TX)</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>TX TAREDU 5 11/15/2037</title>
        <cusip>87638RKB2</cusip>
        <identifiers>
          <isin value="US87638RKB23"/>
        </identifiers>
        <balance>1620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1636637.89000000</valUSD>
        <pctVal>0.298204560834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENNIS TEX</name>
        <lei>N/A</lei>
        <title>TX ENNGEN 5.5 09/15/2055</title>
        <cusip>293470AC4</cusip>
        <identifiers>
          <isin value="US293470AC40"/>
        </identifiers>
        <balance>625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>620066.94000000</valUSD>
        <pctVal>0.112979658274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAST WALLER CNTY MGMT DIST TEX</name>
        <lei>N/A</lei>
        <title>TX EWLGEN 5 09/15/2035</title>
        <cusip>275737AA2</cusip>
        <identifiers>
          <isin value="US275737AA22"/>
        </identifiers>
        <balance>115000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>117967.12000000</valUSD>
        <pctVal>0.021494267869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-15</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>VILLAGE COMMUNITY DEVELOPMENT DISTRICT N.13 (FL)</name>
        <lei>N/A</lei>
        <title>FL VILDEV 3.5 05/01/2051</title>
        <cusip>92708HAK0</cusip>
        <identifiers>
          <isin value="US92708HAK05"/>
        </identifiers>
        <balance>3805000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2970080.27000000</valUSD>
        <pctVal>0.541165207020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Fixed</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>WOODLAND PRESV CMNTY DEV DIST FLA</name>
        <lei>N/A</lei>
        <title>FL WDLDEV 5.5 05/01/2055</title>
        <cusip>97966AAC9</cusip>
        <identifiers>
          <isin value="US97966AAC99"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>495026.30000000</valUSD>
        <pctVal>0.090196555569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PILOT POINT TEX</name>
        <lei>N/A</lei>
        <title>TX PILGEN 5.25 09/15/2035</title>
        <cusip>721614AW5</cusip>
        <identifiers>
          <isin value="US721614AW50"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104260.43000000</valUSD>
        <pctVal>0.018996832427</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC FINANCE AUTHORITY (WI)</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>WI PUBFIN 5 06/15/2053</title>
        <cusip>74445GAR3</cusip>
        <identifiers>
          <isin value="US74445GAR39"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>942930.50000000</valUSD>
        <pctVal>0.171807201439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-15</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>LOWELL COLLEGIATE CHARTER SCHOOL (MA)</name>
        <lei>N/A</lei>
        <title>MA LOWEDU 5 06/15/2049</title>
        <cusip>547649AC7</cusip>
        <identifiers>
          <isin value="US547649AC78"/>
        </identifiers>
        <balance>2290000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2199435.31000000</valUSD>
        <pctVal>0.400749392831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-15</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>HAMILTON (OH), COUNTY OF</name>
        <lei>549300TO1E3N4E4YIO28</lei>
        <title>OH HAMMED 5 01/01/2052</title>
        <cusip>40727RCA4</cusip>
        <identifiers>
          <isin value="US40727RCA41"/>
        </identifiers>
        <balance>785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>750181.09000000</valUSD>
        <pctVal>0.136687182825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</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>NORTH LAS VEGAS NEV</name>
        <lei>N/A</lei>
        <title>NV NORGEN 6.75 06/01/2055</title>
        <cusip>66041HJE5</cusip>
        <identifiers>
          <isin value="US66041HJE53"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>663620.30000000</valUSD>
        <pctVal>0.120915323622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TERRA LAGO CMNTY DEV DIST FLA</name>
        <lei>N/A</lei>
        <title>FL TLGDEV 5.62 05/01/2045</title>
        <cusip>88104DAB7</cusip>
        <identifiers>
          <isin value="US88104DAB73"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>256319.15000000</valUSD>
        <pctVal>0.046702780148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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 6.12 07/01/2060</title>
        <cusip>14054WDC6</cusip>
        <identifiers>
          <isin value="US14054WDC64"/>
        </identifiers>
        <balance>825000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>819394.29000000</valUSD>
        <pctVal>0.149298214280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAS WORX CMNTY DEV DIST FLA</name>
        <lei>N/A</lei>
        <title>FL GSWGEN 5 05/01/2036</title>
        <cusip>367200AB8</cusip>
        <identifiers>
          <isin value="US367200AB81"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103467.11000000</valUSD>
        <pctVal>0.018852285094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</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>UTAH INFRASTRUCTURE AGENCY (UT)</name>
        <lei>549300WD2FDRNXU16V82</lei>
        <title>UT UTSFAC 5.5 10/15/2044</title>
        <cusip>917467DB5</cusip>
        <identifiers>
          <isin value="US917467DB54"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>473470.34000000</valUSD>
        <pctVal>0.086268939311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>2026-06-24</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>
