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        <name>St Louis Municipal Finance Corp.</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>FHLMC, Multi-family ML Pass-Through Certificates</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>Duluth Economic Development Authority</name>
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        <name>Knox County Health Educational &amp; Housing Facility Board</name>
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        <name>Alaska Industrial Development &amp; Export Authority</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Knox County Health Educational &amp; Housing Facility Board</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>Knox County Health Educational &amp; Housing Facility Board</name>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <name>New Hampshire Health and Education Facilities Authority Act</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <name>City &amp; County of San Francisco CA Community Facilities District No. 2016-1</name>
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        <name>Southeastern Ohio Port Authority</name>
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        <name>Indiana Finance Authority</name>
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        <name>County of Lincoln SD</name>
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        <name>Chicago O'Hare International Airport</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Houston Higher Education Finance Corp.</name>
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        <name>City of Las Vegas NV Special Improvement District No. 818</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Triborough Bridge &amp; Tunnel Authority Sales Tax Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>Confluence Community Authority</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Public Finance Authority</name>
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      <invstOrSec>
        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Idaho Health Facilities Authority</name>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
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      <invstOrSec>
        <name>Duluth Economic Development Authority</name>
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          <isin value="US26444VAF76"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-04-01</maturityDt>
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        <name>Illinois Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-02-15</maturityDt>
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        <name>Denver Health &amp; Hospital Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
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        <name>Massachusetts Port Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Indiana Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Jersey Economic Development Authority</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>City of Detroit MI</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <name>Omaha Public Power District</name>
        <lei>54930000VJEJ9CGIYG32</lei>
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        <invCountry>US</invCountry>
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        <name>Allegheny County Airport Authority</name>
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        <name>Johnson City Health &amp; Educational Facilities Board</name>
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        <name>Port of Seattle WA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>Salt Verde Financial Corp.</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>City of Gaithersburg MD</name>
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        <name>Port Authority of Houston of Harris County Texas</name>
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        <name>Indianapolis Local Public Improvement Bond Bank</name>
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          <maturityDt>2052-02-01</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74448FAA93"/>
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        <curCd>USD</curCd>
        <valUSD>1639985.12000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.81000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Utah Charter School Finance Authority</name>
        <lei>N/A</lei>
        <title>Utah Charter School Finance Authority, Series 2018</title>
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          <isin value="US91754TWJ86"/>
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        <valUSD>730523.74000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>St Louis Municipal Finance Corp.</name>
        <lei>549300CR13DAYKUKQN03</lei>
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          <isin value="US79165TUB50"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1047723.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Louisville/Jefferson County Metropolitan Government</name>
        <lei>N/A</lei>
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          <isin value="US54659LBP85"/>
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        <balance>1135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1155498.78000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Series 2021 A</title>
        <cusip>34061UGS1</cusip>
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          <isin value="US34061UGS15"/>
          <other otherDesc="Inhouse Asset ID" value="1131344"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>600679.20000000</valUSD>
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        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Philadelphia Authority for Industrial Development</name>
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          <isin value="US71781XFZ15"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>475149.45000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Menifee Union School District</name>
        <lei>N/A</lei>
        <title>Menifee Union School District, Series 2021</title>
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          <isin value="US5868104A89"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>754718.08000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
        <lei>N/A</lei>
        <title>Metropolitan Washington Airports Authority, Series 2019 B</title>
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          <isin value="US592643CZ14"/>
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        <balance>1490000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1497264.79000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority, Series 2021</title>
        <cusip>45204FLG8</cusip>
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          <isin value="US45204FLG80"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1265205.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912797MS3</cusip>
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          <isin value="US912797MS31"/>
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        <balance>400000.00000000</balance>
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        <valUSD>399955.38000000</valUSD>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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          <isin value="US65821DYG05"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>1615666.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority, Series 2023 A</title>
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          <isin value="US45203NAV10"/>
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        <balance>2500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <cusip>25476FA40</cusip>
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          <isin value="US25476FA408"/>
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        <balance>5000000.00000000</balance>
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        <valUSD>5243272.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City &amp; County of Denver</name>
        <lei>N/A</lei>
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        <cusip>249182TF3</cusip>
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        <balance>2500000.00000000</balance>
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        <valUSD>2810366.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>State of Illinois, Series 2023 B</title>
        <cusip>452153FG9</cusip>
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          <isin value="US452153FG96"/>
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        <balance>2650000.00000000</balance>
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        <valUSD>2813766.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Las Vegas Convention &amp; Visitors Authority</name>
        <lei>N/A</lei>
        <title>Las Vegas Convention &amp; Visitors Authority</title>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Series 2022 A</title>
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          <isin value="US34061QBT31"/>
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        <name>Illinois Finance Authority</name>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <name>Louisville Regional Airport Authority</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Chester County Industrial Development Authority</name>
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        <name>Cleveland-Cuyahoga County Port Authority</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>E-470 Public Highway Authority</name>
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        <name>Central Texas Turnpike System</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Utah Charter School Finance Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>Orange County Health Facilities Authority</name>
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        <name>FHLMC Multifamily ML Certificates</name>
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        <name>Tobacco Settlement Financing Corp.</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>Indiana Finance Authority</name>
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        <name>Passaic County Improvement Authority (The)</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Village Community Development District No. 15</name>
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        <name>Public Finance Authority</name>
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        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
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        <name>Lake Houston Redevelopment Authority</name>
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        <invCountry>PR</invCountry>
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        <name>East Nassau Stewardship District</name>
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        <name>Seminole County Industrial Development Authority</name>
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        <name>Chicago Board of Education</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cleveland-Cuyahoga County Port Authority</name>
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        <name>Double Branch Community Development District</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>Port of Seattle WA</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Grays Harbor County Public Hospital District No. 1</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>Indianapolis Local Public Improvement Bond Bank</name>
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          <isin value="US45528UZL87"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>District of Columbia</name>
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          <isin value="US25483VVN18"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Grand Parkway Transportation Corp.</name>
        <lei>N/A</lei>
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          <isin value="US38611TBR77"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-15</maturityDt>
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      <invstOrSec>
        <name>Philadelphia Authority for Industrial Development</name>
        <lei>549300DIY68KQZEW7M79</lei>
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          <maturityDt>2029-06-15</maturityDt>
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        <name>Utah Infrastructure Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lower Colorado River Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pennsylvania Turnpike Commission</name>
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          <maturityDt>2044-12-01</maturityDt>
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        <name>Alaska Industrial Development &amp; Export Authority</name>
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        <name>Lakewood Ranch Stewardship District</name>
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        <name>Henrico County Economic Development Authority</name>
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      <invstOrSec>
        <name>City of Los Angeles CA Community Facilities District</name>
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        <name>City of Galveston TX Wharves &amp; Terminal Revenue</name>
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        <invCountry>US</invCountry>
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        <name>FW Texas Street Public Facility Corp.</name>
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        <name>Empire State Development Corp.</name>
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        <name>Indiana County Industrial Development Authority</name>
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        <name>New York City Housing Development Corp.</name>
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        <name>N/A</name>
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        <name>Michigan Finance Authority</name>
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        <name>St Clair County Community Unit School District No. 187 Cahokia</name>
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        <name>Port of Seattle WA</name>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Municipal Electric Authority of Georgia</name>
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        <name>South Carolina Public Service Authority</name>
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        <name>Public Finance Authority</name>
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          <isin value="US74442EMS62"/>
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        <balance>250000.00000000</balance>
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        <name>Arizona Industrial Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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        <name>Capital Trust Authority</name>
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          <isin value="US14054WBW47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Pennsylvania Turnpike Commission</name>
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        <name>City of Irving TX</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Beaumont Housing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Metropolitan Washington Airports Authority</name>
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          <maturityDt>2044-10-01</maturityDt>
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        <name>City of Tampa FL</name>
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          <maturityDt>2042-09-01</maturityDt>
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        <name>Kentwood Economic Development Corp.</name>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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          <maturityDt>2060-12-01</maturityDt>
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      <invstOrSec>
        <name>Lake Houston Redevelopment Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Irving TX</name>
        <lei>5493002R7BX8XPQ92O37</lei>
        <title>City of Irving, Series 2019</title>
        <cusip>463805DD0</cusip>
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          <isin value="US463805DD09"/>
          <other otherDesc="Inhouse Asset ID" value="1294921"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>308083.59000000</valUSD>
        <pctVal>0.059439272959</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>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp., Series 2020 I-1</title>
        <cusip>64972ETS8</cusip>
        <identifiers>
          <isin value="US64972ETS80"/>
          <other otherDesc="Inhouse Asset ID" value="1128787"/>
        </identifiers>
        <balance>3075000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2205976.40000000</valUSD>
        <pctVal>0.425604081611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</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>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
        <lei>N/A</lei>
        <title>Metropolitan Washington Airports Authority, Series 2019 B</title>
        <cusip>592643DA5</cusip>
        <identifiers>
          <isin value="US592643DA53"/>
          <other otherDesc="Inhouse Asset ID" value="1293871"/>
        </identifiers>
        <balance>3140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3140047.10000000</valUSD>
        <pctVal>0.605816482085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</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 York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp., Series 2019 J</title>
        <cusip>64972ELG2</cusip>
        <identifiers>
          <isin value="US64972ELG25"/>
          <other otherDesc="Inhouse Asset ID" value="1300221"/>
        </identifiers>
        <balance>5670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4315142.16000000</valUSD>
        <pctVal>0.832530264616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.35000000</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>Salt Verde Financial Corp.</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>Salt Verde Financial Corp., Series 2007-1</title>
        <cusip>79575EAS7</cusip>
        <identifiers>
          <isin value="US79575EAS72"/>
          <other otherDesc="Inhouse Asset ID" value="402267"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>537140.35000000</valUSD>
        <pctVal>0.103631718525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</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>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Tax Exempt Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
