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        <name>Atlanta Urban Residential Finance Authority</name>
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      <invstOrSec>
        <name>Westmoreland County Industrial Development Authority</name>
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        <name>Jacksonville Transportation Authority</name>
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          <isin value="US469494AY42"/>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Special Care Facilities Financing Authority of the City of Pell City Alabama</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Main Street Natural Gas, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Laramie WY</name>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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        <name>Florida Municipal Power Agency</name>
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        <name>South Valley Water Reclamation Facility</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Jacksonville Transportation Authority</name>
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        <name>State of Illinois</name>
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        <name>Eastern Kentucky University</name>
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        <name>South Carolina State Housing Finance &amp; Development Authority</name>
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        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
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      <invstOrSec>
        <name>THF Public Facility Corp.</name>
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          <isin value="US883720AA22"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Baytown Leased Housing Associates II Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-01</maturityDt>
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        <name>State of Illinois</name>
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          <isin value="US452152H202"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Indiana Finance Authority</name>
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          <maturityDt>2025-08-01</maturityDt>
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        <name>Illinois Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kaufman County Fresh Water Supply District No. 1-D</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Illinois</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-01</maturityDt>
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        <name>Nebraska Public Power District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Carolina Public Service Authority</name>
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        <name>Dakota County Community Development Agency</name>
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          <maturityDt>2024-06-01</maturityDt>
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        <name>Development Authority of Monroe County (The)</name>
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          <maturityDt>2049-07-01</maturityDt>
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        <name>Chicago Park District</name>
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          <maturityDt>2026-01-01</maturityDt>
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        <name>State of Illinois Sales Tax Revenue</name>
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          <maturityDt>2024-06-15</maturityDt>
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        <name>City of Providence RI</name>
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        <name>Auburn School District No. 408 of King &amp; Pierce Counties</name>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
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          <isin value="US928103AN01"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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          <isin value="US56035DCS99"/>
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        <curCd>USD</curCd>
        <valUSD>500000.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Eastern Kentucky University</name>
        <lei>N/A</lei>
        <title>Eastern Kentucky University, Series 2021 A</title>
        <cusip>276552GS9</cusip>
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          <isin value="US276552GS91"/>
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        <balance>1155000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1156998.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>North Carolina Capital Facilities Finance Agency</name>
        <lei>549300PWNPSB7G58A235</lei>
        <title>North Carolina Capital Facilities Finance Agency, Series 2021 A</title>
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          <isin value="US65818PNV75"/>
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        <balance>850000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
        <lei>N/A</lei>
        <title>Allentown Neighborhood Improvement Zone Development Authority, Series 2022</title>
        <cusip>018444BP3</cusip>
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          <isin value="US018444BP30"/>
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        <balance>590000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>616130.69000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Philadelphia Gas Works Co.</name>
        <lei>549300H8UJ7V5WU5IA90</lei>
        <title>Philadelphia Gas Works Co., Series Sixteenth A</title>
        <cusip>71783MBH7</cusip>
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          <isin value="US71783MBH79"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>642529.44000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Louisiana Stadium &amp; Exposition District</name>
        <lei>5493000QEHWDGVGH7J62</lei>
        <title>Louisiana Stadium &amp; Exposition District, Series 2022 A</title>
        <cusip>546410CG4</cusip>
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          <isin value="US546410CG48"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2939526.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.87200000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Montgomery MD</name>
        <lei>549300GNX5SDUEBKPK13</lei>
        <title>County of Montgomery, Series 2017 E</title>
        <cusip>6133408D3</cusip>
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          <isin value="US6133408D38"/>
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        <balance>5100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5100000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.04999915</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>Connecticut State Health &amp; Educational Facilities Authority, Series M</title>
        <cusip>20775DNT5</cusip>
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          <isin value="US20775DNT53"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>176658.67000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of New York Mortgage Agency</name>
        <lei>549300ZQWNLLIG564027</lei>
        <title>State of New York Mortgage Agency, Series 212</title>
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          <isin value="US6498834M46"/>
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        <balance>895000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>885297.04000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Series 2021 A</title>
        <cusip>708692BT4</cusip>
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          <isin value="US708692BT49"/>
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        <balance>6000000.00000000</balance>
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        <valUSD>5775413.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.30000005</annualizedRt>
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        <name>Michigan Strategic Fund</name>
        <lei>N/A</lei>
        <title>Michigan Strategic Fund, Series 2001</title>
        <cusip>59468PAA3</cusip>
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          <isin value="US59468PAA30"/>
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        <balance>3300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3101344.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.58000000</annualizedRt>
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        <name>Jacksonville Transportation Authority</name>
        <lei>N/A</lei>
        <title>Jacksonville Transportation Authority, Series 2020</title>
        <cusip>469494AZ1</cusip>
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          <isin value="US469494AZ17"/>
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        <balance>1800000.00000000</balance>
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        <valUSD>1901612.16000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>University of Hawaii</name>
        <lei>N/A</lei>
        <title>University of Hawaii, Series 2020 D</title>
        <cusip>91428LNV4</cusip>
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          <isin value="US91428LNV44"/>
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        <balance>600000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-10-01</maturityDt>
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        <name>Atlanta Urban Residential Finance Authority</name>
        <lei>N/A</lei>
        <title>Atlanta Urban Residential Finance Authority, Series 2021 A</title>
        <cusip>04785VBG8</cusip>
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          <isin value="US04785VBG86"/>
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        <balance>1250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-01</maturityDt>
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          <annualizedRt>0.24000000</annualizedRt>
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        <name>Deschutes &amp; Jefferson Counties School District No. 2J Redmond</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-15</maturityDt>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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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="US276552GU48"/>
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        <balance>1255000.00000000</balance>
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        <valUSD>1303914.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-01</maturityDt>
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      <invstOrSec>
        <name>City of Providence RI</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-01-15</maturityDt>
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      <invstOrSec>
        <name>American Municipal Power, Inc.</name>
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          <isin value="US02765UCL61"/>
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        <name>Spokane County School District No. 354 Mead</name>
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          <isin value="US848780SV50"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cass County Joint Water Resource District</name>
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        <balance>5000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.48000000</annualizedRt>
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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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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-01</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of New Orleans LA Sewerage Service Revenue</name>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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          <isin value="US97712JDV26"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Illinois Sales Tax Revenue</name>
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        <balance>1500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Spokane County School District No. 354 Mead</name>
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        <balance>1500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
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        <balance>10000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Minnesota Municipal Gas Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Grand Forks ND</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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        <name>State of Illinois</name>
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          <isin value="US452153DD83"/>
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          <maturityDt>2024-03-01</maturityDt>
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        <name>Development Authority of Monroe County (The)</name>
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          <maturityDt>2037-09-01</maturityDt>
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        <name>State of Texas</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Missouri Development Finance Board</name>
        <lei>549300JD8BCNBV9D3830</lei>
        <title>Missouri Development Finance Board, Series 2021</title>
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        <balance>660000.00000000</balance>
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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>River Hall Community Development District</name>
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        <name>California County Tobacco Securitization Agency</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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>City of Goshen IN</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>New Jersey Economic Development Authority</name>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>Fort Carson Family Housing LLC</name>
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        <name>Virginia Small Business Financing Authority</name>
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          <maturityDt>2024-12-01</maturityDt>
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        <name>State of Texas</name>
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      <invstOrSec>
        <name>Lake Charles Harbor &amp; Terminal District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-12-01</maturityDt>
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      <invstOrSec>
        <name>Sycamore Community City School District</name>
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          <isin value="US87122NFP96"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Cumberland MD</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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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
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          <isin value="US56035DDP42"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clark County School District No. 37 Vancouver</name>
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          <isin value="US181144UQ76"/>
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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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      <invstOrSec>
        <name>Michigan Strategic Fund</name>
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        <cusip>594698EH1</cusip>
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        <balance>4350000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Massachusetts Development Finance Agency</name>
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          <isin value="US57584X7D71"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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          <isin value="US837151YB92"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-01</maturityDt>
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      <invstOrSec>
        <name>Private Colleges &amp; Universities Authority</name>
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        <title>Private Colleges &amp; Universities Authority, Series 2021</title>
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          <isin value="US74265LW209"/>
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        <balance>400000.00000000</balance>
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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="US928104NE48"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <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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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <title>Pennsylvania Economic Development Financing Authority, Series 2017 A</title>
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          <maturityDt>2029-11-15</maturityDt>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JAA43"/>
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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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        <invCountry>US</invCountry>
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        <name>County of Union NJ</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-01</maturityDt>
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          <annualizedRt>0.50000000</annualizedRt>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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          <isin value="US018444BM09"/>
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        <name>City of Chicago IL</name>
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          <maturityDt>2025-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Atlantic NJ</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>0.37500000</annualizedRt>
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        <name>Public Finance Authority</name>
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          <isin value="US74441XHA00"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>California Health Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>2.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Memphis TN</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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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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        <name>New Jersey Economic Development Authority</name>
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        <name>Tennergy Corp.</name>
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        <title>Tennergy Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Water Development Board</name>
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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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        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Westside 211 Special Improvement District</name>
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        <name>State of Illinois</name>
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        <name>State of Texas</name>
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      <invstOrSec>
        <name>Chicago Transit Authority Capital Grant Receipts Revenue</name>
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        <name>Geisinger Authority</name>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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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>Missouri Development Finance Board</name>
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        <name>Wisconsin Health &amp; Educational Facilities 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>Wisconsin Health &amp; Educational Facilities Authority</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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      <invstOrSec>
        <name>Spartanburg Housing 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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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-11-01</maturityDt>
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        <name>City of Moline IL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-01</maturityDt>
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        <name>Mississippi Business Finance Corp.</name>
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          <isin value="US60527MAQ24"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
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        <name>City of Newark NJ</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Hampshire Business Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Des Moines Independent Community School District</name>
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          <maturityDt>2029-06-01</maturityDt>
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        <name>Energy Northwest</name>
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        <name>State of Illinois Sales Tax Revenue</name>
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        <invCountry>US</invCountry>
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        <name>Ohio Air Quality Development Authority</name>
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        <name>Public Finance Authority</name>
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        <name>New York State Housing Finance Agency</name>
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        <name>University of Hawaii</name>
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        <name>City of New Orleans LA Sewerage Service Revenue</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>Columbia Housing Authority</name>
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        <name>Jacksonville Transportation Authority</name>
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      <invstOrSec>
        <name>Public Finance Authority</name>
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      <invstOrSec>
        <name>Salem-Keizer School District No. 24J</name>
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      <invstOrSec>
        <name>County of Richland SC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Salt Lake City UT Airport Revenue</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US928103AL45"/>
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        <balance>300000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-12-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>County of Atlantic NJ</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-06-01</maturityDt>
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      <invstOrSec>
        <name>Missouri Development Finance Board</name>
        <lei>549300JD8BCNBV9D3830</lei>
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          <isin value="US60636SHK33"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Oklahoma State University</name>
        <lei>N/A</lei>
        <title>Oklahoma State University, Series 2021 A</title>
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          <isin value="US679191JX51"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-09-01</maturityDt>
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        <name>State of New Jersey</name>
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          <isin value="US646039UG03"/>
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        <valUSD>1997060.60000000</valUSD>
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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>3.00000000</annualizedRt>
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        <name>City of Baltimore MD</name>
        <lei>N/A</lei>
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        <cusip>059189VL1</cusip>
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          <isin value="US059189VL17"/>
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        <valUSD>5328124.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-15</maturityDt>
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        <name>Youngstown State University</name>
        <lei>N/A</lei>
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          <maturityDt>2025-12-15</maturityDt>
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        <name>Philadelphia Gas Works Co.</name>
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        <title>Philadelphia Gas Works Co., Series Sixteenth A</title>
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          <isin value="US71783MBG96"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority, Series 2023 A</title>
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          <isin value="US45506EEH27"/>
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        <balance>1000000.00000000</balance>
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          <maturityDt>2024-11-15</maturityDt>
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        <name>St Charles County Industrial Development Authority</name>
        <lei>N/A</lei>
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        <balance>3500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-08-01</maturityDt>
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        <name>City of New Orleans LA Sewerage Service Revenue</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-06-01</maturityDt>
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        <name>North Carolina State University at Raleigh</name>
        <lei>N/A</lei>
        <title>North Carolina State University at Raleigh, Series 2018</title>
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          <isin value="US658289G313"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-10-01</maturityDt>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2021 A</title>
        <cusip>74442EGM6</cusip>
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          <isin value="US74442EGM66"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <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>2022-12-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
