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        <name>Herons Glen Recreation District</name>
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        <name>Iowa Finance Authority</name>
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        <name>Clackamas County School District No. 12 North Clackamas</name>
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        <name>City of Chicago IL</name>
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        <name>Madison City Board of Education</name>
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      <invstOrSec>
        <name>Beach Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Diego Public Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Louisiana Public Facilities Authority</name>
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          <isin value="US546399JQ02"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Eastern Municipal Water District</name>
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        <balance>7400000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
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      <invstOrSec>
        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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          <isin value="US167510BD79"/>
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        <balance>3720000.00000000</balance>
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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>2040-04-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>City of Grand Forks ND</name>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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          <isin value="US041807KX57"/>
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        <balance>250000.00000000</balance>
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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>2049-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
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          <isin value="US4521525T44"/>
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        <balance>4680000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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          <isin value="US20775DNX65"/>
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        <balance>250000.00000000</balance>
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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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      <invstOrSec>
        <name>Herons Glen Recreation District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-01</maturityDt>
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        <name>State of Rhode Island</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Arkansas Development Finance Authority</name>
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          <isin value="US04084RBW07"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-01</maturityDt>
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        <name>Metropolitan Transportation Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-15</maturityDt>
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        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority, Series 2021 A</title>
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          <isin value="US45204FNA92"/>
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          <maturityDt>2031-05-15</maturityDt>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Atlanta GA Water &amp; Wastewater Revenue</name>
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      <invstOrSec>
        <name>Conroe Local Government Corp.</name>
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      <invstOrSec>
        <name>Philadelphia Gas Works Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Michigan State Hospital Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Louisiana Public Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Massachusetts Development Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chicago Transit Authority Capital Grant Receipts Revenue</name>
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          <isin value="US167723HD01"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Illinois</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York State Dormitory Authority</name>
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        <name>New Jersey Health Care Facilities Financing Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pine Isle Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-15</maturityDt>
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        <name>Washington Health Care Facilities Authority</name>
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        <invCountry>US</invCountry>
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        <name>City of Seattle WA Drainage &amp; Wastewater Revenue</name>
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        <invCountry>US</invCountry>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Gainesville &amp; Hall County Hospital Authority</name>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
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        <name>Indiana Finance Authority</name>
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        <name>Upper Illinois River Valley Development Authority</name>
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        <name>Kentucky Turnpike Authority</name>
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        <name>San Antonio Education Facilities Corp.</name>
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        <name>Village Community Development District No. 15</name>
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        <name>Redevelopment Authority of the City of Philadelphia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <name>New York State Dormitory Authority</name>
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        <name>Indiana Finance Authority</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Cobb County Kennestone Hospital Authority</name>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <name>Regional Transportation District</name>
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        <name>Troy Capital Resource Corp.</name>
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        <name>Kaufman County Fresh Water Supply District No. 1-D</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Infirmary Health System Special Care Facilities Financing Authority of Mobile</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. IV</name>
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        <name>Celebration Community Development District</name>
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        <name>Massachusetts Port Authority</name>
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        <name>Paducah Electric Plant Board</name>
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        <name>Greater Orlando Aviation Authority</name>
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        <name>Municipal Electric Authority of Georgia</name>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>Iowa Tobacco Settlement Authority</name>
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      <invstOrSec>
        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Southeast A Cooperative District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Village Community Development District No. 15</name>
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          <isin value="US92708KAC18"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.85000000</annualizedRt>
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        <name>Kentucky Economic Development Finance Authority</name>
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          <isin value="US49126PFZ80"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1064930.20000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York City Municipal Water Finance Authority</name>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
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          <annualizedRt>2.70000030</annualizedRt>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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          <isin value="US19648FRH90"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>701051.52000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Pennsylvania Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Higher Educational Facilities Authority, Series 2017 A</title>
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          <isin value="US70917SS202"/>
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        <balance>5895000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5991277.73000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>EP Royal Estates PFC</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
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        <name>Forest Lake Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Dakota Health &amp; Educational Facilities Authority</name>
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        <name>City of Tampa FL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Washington Health Care Facilities Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-03-01</maturityDt>
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        <name>Cobb County Kennestone Hospital Authority</name>
        <lei>549300TB04LETJYNFR44</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Cobb County Kennestone Hospital Authority</name>
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        <name>City of Phoenix Civic Improvement Corp.</name>
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        <name>Utah Infrastructure Agency</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>Ohio Water Development Authority Water Pollution Control Loan Fund</name>
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        <name>Gainesville &amp; Hall County Hospital Authority</name>
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        <name>City of New York NY</name>
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        <name>Washington Metropolitan Area Transit Authority</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>Southern California Public Power Authority</name>
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        <name>City of Seattle WA Municipal Light &amp; Power Revenue</name>
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        <name>New Jersey Health Care Facilities Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Salem Hospital Facility Authority</name>
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          <isin value="US794458FQ75"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cobb County Kennestone Hospital Authority</name>
        <lei>549300TB04LETJYNFR44</lei>
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          <isin value="US190813SR70"/>
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        <balance>275000.00000000</balance>
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        <valUSD>280410.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
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          <isin value="US546399DN35"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Dallas TX Waterworks &amp; Sewer System Revenue</name>
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          <isin value="US23542JFN00"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Port New Orleans Board of Commissioners</name>
        <lei>N/A</lei>
        <title>Port New Orleans Board of Commissioners, Series 2020 E</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Kentucky Municipal Power Agency</name>
        <lei>2549001MTI3IE05Z7959</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Scottsdale Municipal Property Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
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        <name>Medford Hospital Facilities Authority</name>
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          <isin value="US584283GV16"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-15</maturityDt>
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        <name>University of California</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-15</maturityDt>
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        <name>New Jersey Economic Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
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        <invCountry>US</invCountry>
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        <name>Gainesville &amp; Hall County Hospital Authority</name>
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          <isin value="US362762LK05"/>
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        <invCountry>US</invCountry>
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        <name>Harvest Ridge Community Development District</name>
        <lei>N/A</lei>
        <title>Harvest Ridge Community Development District, Series 2024</title>
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      <invstOrSec>
        <name>Allentown Neighborhood Improvement Zone 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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          <maturityDt>2038-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Hawaii Airports System Revenue</name>
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        <valUSD>4443145.77000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Port New Orleans Board of Commissioners</name>
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          <isin value="US734782DQ54"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Illinois</name>
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          <isin value="US452153AW91"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina State Education Assistance Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington Health Care Facilities Authority</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>Washington Health Care Facilities Authority, Series B</title>
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          <isin value="US93978HUL76"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Port St Lucie FL Utility System Revenue</name>
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          <isin value="US735352QF67"/>
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        <balance>1635000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-01</maturityDt>
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        <name>Main Street Natural Gas, Inc.</name>
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        <balance>12000000.00000000</balance>
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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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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74448FAA93"/>
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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>2036-04-28</maturityDt>
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        <name>Alachua County Health Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arizona Industrial Development Authority</name>
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          <isin value="US04052EAU29"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Village of Bellwood IL</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2050-12-01</maturityDt>
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        <name>Westpointe Special Improvement District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-08-15</maturityDt>
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        <name>Michigan Strategic Fund</name>
        <lei>N/A</lei>
        <title>Michigan Strategic Fund, Series 2005</title>
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        <valUSD>4591861.50000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-04-01</maturityDt>
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        <name>Energy Southeast A Cooperative District</name>
        <lei>2549001SMMZ81MXBXZ89</lei>
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        <name>Metropolitan Transportation Authority</name>
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        <name>City of Port St Lucie FL Utility System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>New York City Municipal Water Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Eastern Kentucky University</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>Indianapolis Local Public Improvement Bond Bank</name>
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        <name>State of Connecticut Special Tax Revenue</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>Gainesville &amp; Hall County Hospital Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>North Carolina State Education Assistance Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2020 A</title>
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          <isin value="US74446CAC47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <cusip>64990F3S1</cusip>
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          <isin value="US64990F3S18"/>
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        <balance>4980000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4996579.91000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Troy Capital Resource Corp.</name>
        <lei>N/A</lei>
        <title>Troy Capital Resource Corp., Series 2020 A</title>
        <cusip>897579BM9</cusip>
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          <isin value="US897579BM94"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capital Trust Agency, Inc.</name>
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          <isin value="US14052TDZ49"/>
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        <balance>855000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>733434.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
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          <annualizedRt>5.05000000</annualizedRt>
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      <invstOrSec>
        <name>Lee County Industrial Development Authority/FL</name>
        <lei>N/A</lei>
        <title>Lee County Industrial Development Authority, Series 2019 A-1</title>
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          <isin value="US52350LAR15"/>
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        <balance>12000000.00000000</balance>
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        <valUSD>11672751.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Phoenix Civic Improvement Corp.</name>
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        <title>City of Phoenix Civic Improvement Corp., Series 2019 B</title>
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          <isin value="US71883MPT52"/>
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        <balance>7500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Central Plains Energy Project</name>
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        <valUSD>5278911.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Southeast Missouri State University</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Maryland Community Development Administration</name>
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        <title>Maryland Community Development Administration, Series 2019 B</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Virginia Public Building Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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        <name>California Community Housing Agency</name>
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        <title>California Community Housing Agency, Series 2021 A-2</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Galesburg IL</name>
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        <invCountry>US</invCountry>
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        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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        <name>Westpointe Special Improvement District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-15</maturityDt>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Dallas TX Waterworks &amp; Sewer System Revenue</name>
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          <isin value="US23542JFM27"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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      <invstOrSec>
        <name>Lafayette Consolidated Government</name>
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          <maturityDt>2025-11-01</maturityDt>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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          <isin value="US66285WWG76"/>
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        <valUSD>5062623.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority</name>
        <lei>5493003476LG35QAKM08</lei>
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          <isin value="US64972JGB89"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7034899.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-01</maturityDt>
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          <annualizedRt>4.67000000</annualizedRt>
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      <invstOrSec>
        <name>City of Baltimore MD</name>
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          <isin value="US05922KZJ14"/>
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        <balance>2085000.00000000</balance>
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        <valUSD>2165427.62000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lakeside Place PFC</name>
        <lei>N/A</lei>
        <title>Lakeside Place PFC, Series 2021</title>
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          <isin value="US512179AA07"/>
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        <balance>3907772.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3111871.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.48000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lakewood Ranch Stewardship District</name>
        <lei>N/A</lei>
        <title>Lakewood Ranch Stewardship District, Series 2024</title>
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          <isin value="US51265KFS24"/>
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        <balance>485000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495840.53000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
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        <cusip>452152G70</cusip>
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          <isin value="US452152G709"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1021576.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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          <isin value="US018444BR95"/>
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        <balance>600000.00000000</balance>
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        <valUSD>639351.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
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          <isin value="US83703FLF70"/>
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        <valUSD>6308830.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
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        <cusip>452152Q53</cusip>
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          <isin value="US452152Q534"/>
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        <balance>750000.00000000</balance>
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        <valUSD>750339.53000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Orange County Health Facilities Authority</name>
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        <title>Orange County Health Facilities Authority, Series 2016 A</title>
        <cusip>68450LEC5</cusip>
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          <isin value="US68450LEC54"/>
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        <balance>1000000.00000000</balance>
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          <maturityDt>2028-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Tennergy Corp.</name>
        <lei>5493008K3JJFBSC4C235</lei>
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          <isin value="US880397CF98"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2053-10-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Medford Hospital Facilities Authority</name>
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        <title>Medford Hospital Facilities Authority, Series 2020 A</title>
        <cusip>584283GT6</cusip>
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          <isin value="US584283GT69"/>
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        <balance>800000.00000000</balance>
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        <valUSD>864049.68000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Herons Glen Recreation District</name>
        <lei>N/A</lei>
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        <balance>260000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Northwest</name>
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        <name>Kentucky Municipal Power Agency</name>
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        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
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        <name>Westside 211 Special Improvement District</name>
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        <name>Cobb County Kennestone Hospital Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Southeast Missouri State University</name>
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        <name>City of New York NY</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Cobb County Kennestone Hospital Authority</name>
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        <name>Lansing School District</name>
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        <name>Iowa Higher Education Loan Authority</name>
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        <name>Ector County Hospital District</name>
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        <name>Southeast Alabama Gas Supply District (The)</name>
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      <invstOrSec>
        <name>Virginia Public Building Authority</name>
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      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of Harris Toll Road</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Jefferson AL Sewer Revenue</name>
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        <name>City of New York NY</name>
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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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        <name>Town of Chestertown MD</name>
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          <isin value="US166630AK94"/>
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        <balance>1480000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1557295.07000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ector County Hospital District</name>
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          <isin value="US279251AJ13"/>
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        <balance>800000.00000000</balance>
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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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      <invstOrSec>
        <name>City of South Miami Health Facilities Authority, Inc.</name>
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          <isin value="US838810DX43"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lake Houston Redevelopment Authority</name>
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        <title>Lake Houston Redevelopment Authority, Series 2021</title>
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          <isin value="US51001QAN43"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>239739.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
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          <isin value="US04052FAM77"/>
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        <balance>630000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Southeast Missouri State University</name>
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          <isin value="US841438MC50"/>
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        <balance>2745000.00000000</balance>
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        <valUSD>2796313.66000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-04-01</maturityDt>
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        <name>North Carolina State Education Assistance Authority</name>
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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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        <name>Main Street Natural Gas, Inc.</name>
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          <isin value="US56035DEE85"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority, Series 2021 A</title>
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          <isin value="US45204FMX05"/>
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        <balance>1065000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-05-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Philadelphia PA Water &amp; Wastewater Revenue</name>
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          <isin value="US7178933X73"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2054-09-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Westpointe Special Improvement District</name>
        <lei>N/A</lei>
        <title>Westpointe Special Improvement District, Series 2024</title>
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          <isin value="US96124RBV06"/>
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        <balance>1095000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago O'Hare International Airport</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-01-01</maturityDt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Medford Hospital Facilities Authority</name>
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        <name>Patriots Energy Group Financing Agency</name>
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        <name>Iowa Finance Authority</name>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. III</name>
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        <name>Iowa Higher Education Loan Authority</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>Glendale Industrial Development Authority</name>
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        <name>Indiana Finance Authority</name>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>City of Lehi UT Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Middleton Community Development District A</name>
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        <name>City of Grand Forks ND</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>North Carolina State Education Assistance Authority</name>
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        <name>Aspire Public Improvement District</name>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. III</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>South Carolina Public Service Authority</name>
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        <curCd>USD</curCd>
        <valUSD>1015684.00000000</valUSD>
        <pctVal>0.047999039393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</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>
      <invstOrSec>
        <name>Municipal Electric Authority of Georgia</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
        <title>Municipal Electric Authority of Georgia, Series 2019 A</title>
        <cusip>626207Y32</cusip>
        <identifiers>
          <isin value="US626207Y325"/>
          <other otherDesc="Inhouse Asset ID" value="1011992"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>529952.45000000</valUSD>
        <pctVal>0.025044411966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-01</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>Pennsylvania State University (The)</name>
        <lei>549300QDK4O4XCJ47X56</lei>
        <title>Pennsylvania State University (The), Series A</title>
        <cusip>709235YQ2</cusip>
        <identifiers>
          <isin value="US709235YQ21"/>
          <other otherDesc="Inhouse Asset ID" value="664567"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4227094.40000000</valUSD>
        <pctVal>0.199763381746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</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>Maine Health &amp; Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Maine Health &amp; Higher Educational Facilities Authority, Series 2020 A</title>
        <cusip>56042RYE6</cusip>
        <identifiers>
          <isin value="US56042RYE60"/>
          <other otherDesc="Inhouse Asset ID" value="1094394"/>
        </identifiers>
        <balance>2690000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2729759.01000000</valUSD>
        <pctVal>0.129002534504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Iowa Higher Education Loan Authority</name>
        <lei>549300DWVTM3KRNR0M36</lei>
        <title>Iowa Higher Education Loan Authority, Series 2020</title>
        <cusip>4624607H3</cusip>
        <identifiers>
          <isin value="US4624607H33"/>
          <other otherDesc="Inhouse Asset ID" value="1118290"/>
        </identifiers>
        <balance>2595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2777358.95000000</valUSD>
        <pctVal>0.131252005201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>State of Ohio</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>State of Ohio, Series 2020</title>
        <cusip>67756CEX2</cusip>
        <identifiers>
          <isin value="US67756CEX20"/>
          <other otherDesc="Inhouse Asset ID" value="1105418"/>
        </identifiers>
        <balance>905000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>898049.51000000</valUSD>
        <pctVal>0.042439886626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</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>
    </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>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Tax Free Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
