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        <name>Village Community Development District No. 15</name>
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        <name>Eastern Kentucky University</name>
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        <name>Summerstone Community Development District</name>
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        <name>Las Vegas Valley Water District</name>
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      <invstOrSec>
        <name>County of Miami-Dade FL Aviation Revenue</name>
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        <name>Development Authority of Monroe County (The)</name>
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        <name>City of Providence RI</name>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hillsborough County Aviation Authority</name>
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        <title>Hillsborough County Aviation Authority, Series 2024 B</title>
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-10-01</maturityDt>
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        <name>North Carolina Capital Facilities Finance Agency</name>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Philadelphia Gas Works Co.</name>
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        <name>Illinois Finance Authority</name>
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        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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        <name>State of New York Mortgage Agency</name>
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        <name>Kaufman County Fresh Water Supply District No. 1-D</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
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        <cusip>544532HW7</cusip>
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          <isin value="US544532HW74"/>
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        <curCd>USD</curCd>
        <valUSD>4000000.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.54999886</annualizedRt>
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      <invstOrSec>
        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority, Series 2024-3, Class A</title>
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          <isin value="US63607WAW47"/>
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        <curCd>USD</curCd>
        <valUSD>974556.47000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.16300000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
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          <isin value="US544495DX98"/>
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        <curCd>USD</curCd>
        <valUSD>1055000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.60000178</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montgomery County Industrial Development Authority/PA</name>
        <lei>N/A</lei>
        <title>Montgomery County Industrial Development Authority, Series 2023 A</title>
        <cusip>61361TAA9</cusip>
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          <isin value="US61361TAA97"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5141142.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Columbus Metropolitan Housing Authority</name>
        <lei>N/A</lei>
        <title>Columbus Metropolitan Housing Authority, Series 2024</title>
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          <isin value="US19951AAR77"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1503756.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>Main Street Natural Gas, Inc., Series 2023 D</title>
        <cusip>56035DFT4</cusip>
        <identifiers>
          <isin value="US56035DFT46"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4277428.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Jacksonville Transportation Authority</name>
        <lei>N/A</lei>
        <title>Jacksonville Transportation Authority, Series 2020</title>
        <cusip>469494AZ1</cusip>
        <identifiers>
          <isin value="US469494AZ17"/>
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        <balance>1800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1823129.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Deschutes &amp; Jefferson Counties School District No. 2J Redmond</name>
        <lei>N/A</lei>
        <title>Deschutes &amp; Jefferson Counties School District No. 2J Redmond, Series 2021</title>
        <cusip>250343KG4</cusip>
        <identifiers>
          <isin value="US250343KG49"/>
          <other otherDesc="Inhouse Asset ID" value="1132194"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>848533.41000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority, Series 2021</title>
        <cusip>928103AP5</cusip>
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          <isin value="US928103AP58"/>
          <other otherDesc="Inhouse Asset ID" value="1158621"/>
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        <balance>235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>232216.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <cusip>6069014N3</cusip>
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          <isin value="US6069014N38"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15000096</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eastern Kentucky University</name>
        <lei>N/A</lei>
        <title>Eastern Kentucky University, Series 2021 A</title>
        <cusip>276552GU4</cusip>
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          <isin value="US276552GU48"/>
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        <balance>1255000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1285787.28000000</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>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. IV</name>
        <lei>549300PTUE847QDBBW22</lei>
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          <isin value="US88256PAG54"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5413111.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
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        <cusip>45203HU34</cusip>
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          <isin value="US45203HU349"/>
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        <balance>590000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>590650.71000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
        <title>South Carolina Public Service Authority, Series 2024 A</title>
        <cusip>8371514F3</cusip>
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          <isin value="US8371514F31"/>
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        <balance>3000000.00000000</balance>
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        <valUSD>3346894.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority, Series 2020 A</title>
        <cusip>04052FBC8</cusip>
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          <isin value="US04052FBC86"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1006061.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lakes by the Bay South Community Development District</name>
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        <title>Lakes by the Bay South Community Development District, Series 2024</title>
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          <isin value="US51206QAM96"/>
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        <balance>710000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>721267.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>
        <title>South Carolina Public Service Authority, Series 2024 A</title>
        <cusip>8371513M9</cusip>
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          <isin value="US8371513M90"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>538900.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>New York Transportation Development Corp.</name>
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        <name>Westside 211 Special Improvement District</name>
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        <name>City of New Orleans LA Sewerage Service Revenue</name>
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        <name>State of Illinois Sales Tax Revenue</name>
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        <name>Virginia Small Business Financing Authority</name>
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      <invstOrSec>
        <name>Kaufman County Fresh Water Supply District No. 1-D</name>
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        <name>New York City Municipal Water Finance Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Centennial Gardens LP</name>
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        <fairValLevel>3</fairValLevel>
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        <name>City of New York NY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pine Isle Community Development District</name>
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        <name>City of Horace ND</name>
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        <name>Minnesota Municipal Gas Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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          <isin value="US8371513N73"/>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>New York City Transitional Finance Authority</name>
        <lei>5493003476LG35QAKM08</lei>
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      <invstOrSec>
        <name>County of Cook IL Sales Tax Revenue</name>
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        <invCountry>US</invCountry>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Tennergy Corp.</name>
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        <name>Westside 211 Special Improvement District</name>
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        <name>Austin Housing Finance Corp.</name>
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        <name>Oregon Local Governments</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>District of Columbia Housing Finance Agency</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>New York State Energy Research &amp; Development 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>Illinois Finance Authority</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>Public Finance Authority</name>
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        <name>State of Illinois Sales Tax Revenue</name>
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        <name>General Authority of Southcentral Pennsylvania</name>
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        <name>Kaufman County Fresh Water Supply District No. 1-D</name>
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        <name>City of Atlanta GA Department of Aviation</name>
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      <invstOrSec>
        <name>Baytown Leased Housing Associates II LP</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Massachusetts Housing Finance Agency</name>
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      <invstOrSec>
        <name>Lee County Industrial Development Authority/FL</name>
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      <invstOrSec>
        <name>Storey Park Community Development District</name>
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          <maturityDt>2031-06-15</maturityDt>
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        <name>State of Louisiana Gasoline &amp; Fuels Tax Revenue</name>
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      <invstOrSec>
        <name>University of Hawaii</name>
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        <name>State of Oregon Housing &amp; Community Services Department</name>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Hawaii</name>
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          <isin value="US91428LNE29"/>
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        <name>State of Illinois</name>
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        <name>Shingle Creek at Bronson Community Development District</name>
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        <name>Poitras East Community Development District</name>
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        <name>City of New Orleans LA Sewerage Service Revenue</name>
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        <name>Reno County Unified School District No. 308 Hutchinson</name>
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        <name>Columbia Housing Authority</name>
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        <name>Special Care Facilities Financing Authority of the City of Pell City Alabama</name>
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        <name>Jacksonville Transportation Authority</name>
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        <name>Indiana Finance Authority</name>
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        <name>Public Finance Authority</name>
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        <name>South Creek Community Development District</name>
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        <name>Salem-Keizer School District No. 24J</name>
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        <name>County of Richland SC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>New York City Transitional Finance Authority</name>
        <lei>5493003476LG35QAKM08</lei>
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          <isin value="US64972JMR67"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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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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        <name>State of New Jersey</name>
        <lei>N/A</lei>
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          <isin value="US646039UG03"/>
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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>Youngstown State University</name>
        <lei>N/A</lei>
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        <cusip>987720EW5</cusip>
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          <isin value="US987720EW54"/>
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        <balance>580000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-01</maturityDt>
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        <name>Philadelphia Gas Works Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of New Orleans LA Sewerage Service Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina State University at Raleigh</name>
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        <name>Public Finance Authority</name>
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          <maturityDt>2026-07-01</maturityDt>
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        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
        <title>California Pollution Control Financing Authority, Series 2023</title>
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        <name>Town of Little Elm TX</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-09-01</maturityDt>
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          <annualizedRt>2.37500000</annualizedRt>
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        <name>Regional Transportation District</name>
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        <title>Regional Transportation District, Series 2020 A</title>
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          <isin value="US759151AW34"/>
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      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kentucky Public Energy Authority</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>Kentucky Public Energy Authority, Series 2022 A-2</title>
        <cusip>74440DDT8</cusip>
        <identifiers>
          <isin value="US74440DDT81"/>
          <other otherDesc="Inhouse Asset ID" value="1190373"/>
        </identifiers>
        <balance>14125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14181913.86000000</valUSD>
        <pctVal>1.624189192470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.26859944</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>University of Hawaii</name>
        <lei>N/A</lei>
        <title>University of Hawaii, Series 2020 B</title>
        <cusip>91428LND4</cusip>
        <identifiers>
          <isin value="US91428LND46"/>
          <other otherDesc="Inhouse Asset ID" value="1117047"/>
        </identifiers>
        <balance>3440000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3497006.30000000</valUSD>
        <pctVal>0.400496004596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2023 C</title>
        <cusip>13013JCM6</cusip>
        <identifiers>
          <isin value="US13013JCM62"/>
          <other otherDesc="Inhouse Asset ID" value="1238537"/>
        </identifiers>
        <balance>4245000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4572182.10000000</valUSD>
        <pctVal>0.523630930644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Series 2022 E</title>
        <cusip>09182TBL0</cusip>
        <identifiers>
          <isin value="US09182TBL08"/>
          <other otherDesc="Inhouse Asset ID" value="1204314"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4182720.00000000</valUSD>
        <pctVal>0.479027632391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>West Virginia Economic Development Authority</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>West Virginia Economic Development Authority, Series 2010 A</title>
        <cusip>95648VBH1</cusip>
        <identifiers>
          <isin value="US95648VBH15"/>
          <other otherDesc="Inhouse Asset ID" value="1161003"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>957416.70000000</valUSD>
        <pctVal>0.109648519387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority, Series 2023 A</title>
        <cusip>45506EEJ8</cusip>
        <identifiers>
          <isin value="US45506EEJ82"/>
          <other otherDesc="Inhouse Asset ID" value="1173938"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>994725.00000000</valUSD>
        <pctVal>0.113921266934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Educational Facilities Authority</name>
        <lei>549300UTOO4X537XXG70</lei>
        <title>New Jersey Educational Facilities Authority, Series 2024 A</title>
        <cusip>646067JP4</cusip>
        <identifiers>
          <isin value="US646067JP44"/>
          <other otherDesc="Inhouse Asset ID" value="1422077"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4032484.40000000</valUSD>
        <pctVal>0.461821841956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2021 B-1</title>
        <cusip>13013JAF3</cusip>
        <identifiers>
          <isin value="US13013JAF30"/>
          <other otherDesc="Inhouse Asset ID" value="1163465"/>
        </identifiers>
        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>382238.81000000</valUSD>
        <pctVal>0.043776048160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Auburn School District No. 408 of King &amp; Pierce Counties</name>
        <lei>N/A</lei>
        <title>Auburn School District No. 408 of King &amp; Pierce Counties, Series 2018</title>
        <cusip>494619EH8</cusip>
        <identifiers>
          <isin value="US494619EH88"/>
          <other otherDesc="Inhouse Asset ID" value="921938"/>
        </identifiers>
        <balance>1700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1815489.16000000</valUSD>
        <pctVal>0.207919601108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>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>
