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        <name>Jacksonville Transportation Authority</name>
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        <name>Special Care Facilities Financing Authority of the City of Pell City Alabama</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Eastern Kentucky University</name>
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        <name>Michigan Finance Authority</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
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        <invCountry>PR</invCountry>
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        <name>Centennial Gardens LP</name>
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        <name>Louisville/Jefferson County Metropolitan Government</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Indiana Finance Authority</name>
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        <name>Central Texas Turnpike System</name>
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        <name>University of Illinois</name>
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        <name>Newark Board of Education</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Nebraska Public Power District</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>THF Public Facility Corp.</name>
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      <invstOrSec>
        <name>Baytown Leased Housing Associates II Ltd.</name>
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        <title>Baytown Leased Housing Associates II Ltd.</title>
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      <invstOrSec>
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        <name>Ohio Water Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Providence RI</name>
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          <isin value="US743787Z974"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Auburn School District No. 408 of King &amp; Pierce Counties</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US928103AN01"/>
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        <balance>230000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
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          <isin value="US56035DCS99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500682.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Albemarle County Economic Development Authority</name>
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          <isin value="US012663AM23"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.07999850</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eastern Kentucky University</name>
        <lei>N/A</lei>
        <title>Eastern Kentucky University, Series 2021 A</title>
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          <isin value="US276552GS91"/>
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        <balance>1155000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Capital Facilities Finance Agency</name>
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          <isin value="US65818PNV75"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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          <isin value="US018444BP30"/>
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        <balance>590000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Philadelphia Gas Works Co.</name>
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          <isin value="US71783MBH79"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Louisiana Stadium &amp; Exposition District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Montgomery MD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <name>State of New York Mortgage Agency</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <title>Pennsylvania Economic Development Financing Authority, Series 2021 A</title>
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        <name>Michigan Strategic Fund</name>
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        <invCountry>US</invCountry>
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        <name>State of Hawaii</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-11-01</maturityDt>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.70200000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>City of Moline IL</name>
        <lei>N/A</lei>
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          <isin value="US608557B299"/>
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        <curCd>USD</curCd>
        <valUSD>547171.77000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.15100000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Garden State Preservation Trust</name>
        <lei>N/A</lei>
        <title>Garden State Preservation Trust, Series 2005 A</title>
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          <isin value="US365418BX94"/>
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        <balance>25000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27950015.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Delaware State Economic Development Authority</name>
        <lei>N/A</lei>
        <title>Delaware State Economic Development Authority, Series 2020 A</title>
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          <isin value="US246387SV70"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4649468.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Transportation Development Corp., Series 2020 C</title>
        <cusip>650116EE2</cusip>
        <identifiers>
          <isin value="US650116EE29"/>
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        <balance>2200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2335134.34000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of King WA</name>
        <lei>N/A</lei>
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        <cusip>49474FF47</cusip>
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          <isin value="US49474FF479"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9632982.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.61000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Dakota Health &amp; Educational Facilities Authority</name>
        <lei>549300ZW6LKR8UI2C378</lei>
        <title>South Dakota Health &amp; Educational Facilities Authority, Series 2021</title>
        <cusip>83755VQ23</cusip>
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          <isin value="US83755VQ233"/>
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        <balance>710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>683795.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.74400000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Westside 211 Special Improvement District</name>
        <lei>N/A</lei>
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          <isin value="US96145JAF93"/>
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        <balance>280000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256414.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Providence RI</name>
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          <isin value="US743787Z719"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>514269.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Municipal Power, Inc.</name>
        <lei>EARKGGZJJEMVD66XQ486</lei>
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          <isin value="US02765UCL61"/>
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        <balance>4465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4518401.40000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35500000</annualizedRt>
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      <invstOrSec>
        <name>Spokane County School District No. 354 Mead</name>
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          <isin value="US848780SV50"/>
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        <balance>1150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1210116.94000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cass County Joint Water Resource District</name>
        <lei>N/A</lei>
        <title>Cass County Joint Water Resource District, Series 2021 A</title>
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          <isin value="US14805PAZ53"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4741011.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.48000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kaufman County Fresh Water Supply District No. 1-D</name>
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          <isin value="US48618TAS87"/>
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        <balance>155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>138403.72000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>City of New Orleans LA Sewerage Service Revenue</name>
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        <balance>600000.00000000</balance>
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        <valUSD>659015.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Washington Suburban Sanitary Commission</name>
        <lei>549300EZUWNTQF827C24</lei>
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          <isin value="US940157VK33"/>
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        <balance>5500000.00000000</balance>
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        <valUSD>5567911.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
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        <cusip>97712JDV2</cusip>
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          <isin value="US97712JDV26"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Illinois Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <cusip>452227RM5</cusip>
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          <isin value="US452227RM54"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1556179.05000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Spokane County School District No. 354 Mead</name>
        <lei>N/A</lei>
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          <isin value="US848780SW34"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1651620.45000000</valUSD>
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        <name>Development Authority of Monroe County (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Transportation Development Corp.</name>
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        <name>Missouri Development Finance Board</name>
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        <name>Youngstown State University</name>
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        <name>Private Colleges &amp; Universities Authority</name>
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        <name>Upper Illinois River Valley Development Authority</name>
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        <name>County of Atlantic NJ</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>River Hall Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-01</maturityDt>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Minnesota Higher Education Facilities Authority</name>
        <lei>549300DI4V4CIPMX7K35</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Dallas TX Waterworks &amp; Sewer System Revenue</name>
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          <isin value="US2354166M19"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Memphis TN</name>
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          <isin value="US586145R899"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Houston TX Combined Utility System Revenue</name>
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          <isin value="US44244CSL27"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Kentucky Public Energy Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-04-01</maturityDt>
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        <name>Michigan State Housing Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Water Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Washington Health Care Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Las Vegas Valley Water District</name>
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        <name>Public Finance Authority</name>
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        <name>City of Atlanta GA Department of Aviation</name>
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        <name>City of Cumberland MD</name>
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          <maturityDt>2025-06-01</maturityDt>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
        <lei>5493004WIZ1HV87IVF85</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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      <invstOrSec>
        <name>State of Maryland</name>
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        <securityLending>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Private Colleges &amp; Universities Authority</name>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>1.80000000</annualizedRt>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Utah Infrastructure Agency</name>
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        <name>Minnesota Municipal Gas Agency</name>
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        <name>State of Washington</name>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Westmoreland County Municipal Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>City of Memphis TN</name>
        <lei>254900N4APYJWTAF5J46</lei>
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          <maturityDt>2026-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>New Jersey Economic Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
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          <isin value="US882854D251"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US928103AK61"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Westside 211 Special Improvement District</name>
        <lei>N/A</lei>
        <title>Westside 211 Special Improvement District, Series 2021</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-15</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>State of Illinois</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Town of Chestertown MD</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Transit Authority Capital Grant Receipts Revenue</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>River Hall Community Development District</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>Leon County Housing Finance Authority</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
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        <name>Eastern Kentucky University</name>
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        <name>Mississippi Business Finance Corp.</name>
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        <name>Public Finance Authority</name>
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        <name>Louisiana Stadium &amp; Exposition District</name>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>State of Illinois Sales Tax Revenue</name>
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        <name>New Jersey Economic Development Authority</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Oklahoma State University</name>
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        <name>City of Baltimore MD</name>
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        <name>Youngstown State University</name>
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        <name>Philadelphia Gas Works Co.</name>
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        <name>Indiana Finance Authority</name>
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        <name>St Charles County Industrial Development Authority</name>
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        <name>City of New Orleans LA Sewerage Service Revenue</name>
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        <name>Public Finance Authority</name>
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        <name>Tulsa County Industrial Authority</name>
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        <name>Special Care Facilities Financing Authority of the City of Pell City Alabama</name>
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        <name>Town of Little Elm TX</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-15</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>Farmington Independent School District No. 192</name>
        <lei>5493007G614S7UP0F263</lei>
        <title>Farmington Independent School District No. 192, Series 2015 C</title>
        <cusip>311315VF9</cusip>
        <identifiers>
          <isin value="US311315VF90"/>
          <other otherDesc="Inhouse Asset ID" value="617971"/>
        </identifiers>
        <balance>6065000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6282844.49000000</valUSD>
        <pctVal>0.514994076127</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-01</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>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp., Series 2021 A</title>
        <cusip>649519DJ1</cusip>
        <identifiers>
          <isin value="US649519DJ12"/>
          <other otherDesc="Inhouse Asset ID" value="1160408"/>
        </identifiers>
        <balance>780000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>681673.04000000</valUSD>
        <pctVal>0.055875579606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.95000000</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>City of Lubbock TX</name>
        <lei>549300I1QTL3QZV4BX74</lei>
        <title>City of Lubbock, Series 2018</title>
        <cusip>549188M31</cusip>
        <identifiers>
          <isin value="US549188M318"/>
          <other otherDesc="Inhouse Asset ID" value="868486"/>
        </identifiers>
        <balance>5150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5463066.44000000</valUSD>
        <pctVal>0.447798263758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-15</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>Kentucky Public Energy Authority</name>
        <lei>N/A</lei>
        <title>Kentucky Public Energy Authority, Series 2022 A-2</title>
        <cusip>74440DDT8</cusip>
        <identifiers>
          <isin value="US74440DDT81"/>
          <other otherDesc="Inhouse Asset ID" value="1190373"/>
        </identifiers>
        <balance>9375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8812355.63000000</valUSD>
        <pctVal>0.722333801735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.73399965</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>University of Hawaii</name>
        <lei>N/A</lei>
        <title>University of Hawaii, Series 2020 B</title>
        <cusip>91428LND4</cusip>
        <identifiers>
          <isin value="US91428LND46"/>
          <other otherDesc="Inhouse Asset ID" value="1117047"/>
        </identifiers>
        <balance>3440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3694693.47000000</valUSD>
        <pctVal>0.302847739297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</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>City of Newark NJ</name>
        <lei>5493008RBPM01QHRYX34</lei>
        <title>City of Newark, Series 2020 A</title>
        <cusip>650367PK5</cusip>
        <identifiers>
          <isin value="US650367PK57"/>
          <other otherDesc="Inhouse Asset ID" value="1099643"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1024374.30000000</valUSD>
        <pctVal>0.083966218975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-01</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>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Series 2022 E</title>
        <cusip>09182TBL0</cusip>
        <identifiers>
          <isin value="US09182TBL08"/>
          <other otherDesc="Inhouse Asset ID" value="1204314"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4251191.60000000</valUSD>
        <pctVal>0.348462944445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Variable</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 Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority, Series 1997 A</title>
        <cusip>645913AA2</cusip>
        <identifiers>
          <isin value="US645913AA22"/>
          <other otherDesc="Inhouse Asset ID" value="239538"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3328077.30000000</valUSD>
        <pctVal>0.272796835433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.42500000</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>Tulsa County Industrial Authority</name>
        <lei>549300WEYXBXLGN1E271</lei>
        <title>Tulsa County Industrial Authority, Series 2018</title>
        <cusip>89952PEY7</cusip>
        <identifiers>
          <isin value="US89952PEY79"/>
          <other otherDesc="Inhouse Asset ID" value="687060"/>
        </identifiers>
        <balance>1170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1198279.60000000</valUSD>
        <pctVal>0.098220940614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-01</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>Industrial Development Board of the City of Mobile Alabama</name>
        <lei>N/A</lei>
        <title>Industrial Development Board of the City of Mobile Alabama, Series 2008</title>
        <cusip>607167DX8</cusip>
        <identifiers>
          <isin value="US607167DX82"/>
          <other otherDesc="Inhouse Asset ID" value="944969"/>
        </identifiers>
        <balance>7550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7540096.67000000</valUSD>
        <pctVal>0.618048898815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.90000160</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>West Virginia Economic Development Authority</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>West Virginia Economic Development Authority, Series 2010 A</title>
        <cusip>95648VBH1</cusip>
        <identifiers>
          <isin value="US95648VBH15"/>
          <other otherDesc="Inhouse Asset ID" value="1161003"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>891335.20000000</valUSD>
        <pctVal>0.073061230239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.62500000</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>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority, Series 2023 A</title>
        <cusip>45506EEJ8</cusip>
        <identifiers>
          <isin value="US45506EEJ82"/>
          <other otherDesc="Inhouse Asset ID" value="1173938"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>983109.10000000</valUSD>
        <pctVal>0.080583780721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</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 Industrial Development Agency</name>
        <lei>549300XR20ZR5DHL9534</lei>
        <title>New York City Industrial Development Agency, Series 2021 A</title>
        <cusip>64971PKS3</cusip>
        <identifiers>
          <isin value="US64971PKS38"/>
          <other otherDesc="Inhouse Asset ID" value="1134022"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1028954.20000000</valUSD>
        <pctVal>0.084341625588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-01-01</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>Private Colleges &amp; Universities Authority</name>
        <lei>N/A</lei>
        <title>Private Colleges &amp; Universities Authority, Series 2021</title>
        <cusip>74265LV88</cusip>
        <identifiers>
          <isin value="US74265LV888"/>
          <other otherDesc="Inhouse Asset ID" value="1152245"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300550.89000000</valUSD>
        <pctVal>0.024635645235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2021 B-1</title>
        <cusip>13013JAF3</cusip>
        <identifiers>
          <isin value="US13013JAF30"/>
          <other otherDesc="Inhouse Asset ID" value="1163465"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>387043.43000000</valUSD>
        <pctVal>0.031725291620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</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>Auburn School District No. 408 of King &amp; Pierce Counties</name>
        <lei>N/A</lei>
        <title>Auburn School District No. 408 of King &amp; Pierce Counties, Series 2018</title>
        <cusip>494619EH8</cusip>
        <identifiers>
          <isin value="US494619EH88"/>
          <other otherDesc="Inhouse Asset ID" value="921938"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1913237.97000000</valUSD>
        <pctVal>0.156824862104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</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>2022-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Tax Free Trust</ncom:nameOfApplicant>
      <ncom:signature>Jeffrey W. White </ncom:signature>
      <ncom:signerName>Jeffrey W. White </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
