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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Birdville Independent School District</name>
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        <name>Commonwealth Financing Authority</name>
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        <name>Tobacco Settlement Financing Corp.</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
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        <name>Michigan Finance Authority</name>
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        <name>University of Wisconsin Hospitals &amp; Clinics</name>
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        <name>Patriots Energy Group Financing Agency</name>
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          <maturityDt>2054-02-01</maturityDt>
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        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
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          <isin value="US888808HN57"/>
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        <name>Carmel Clay School Building Corp.</name>
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        <name>Chicago Midway International Airport</name>
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        <name>Knox County Health Educational &amp; Housing Facility Board</name>
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        <name>New York Power Authority</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>Aledo Independent School District</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>Industrial Development Authority of the City of Phoenix Arizona (The)</name>
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      <invstOrSec>
        <name>San Antonio Education Facilities Corp.</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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          <maturityDt>2029-08-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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        <name>New Jersey Economic Development Authority</name>
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          <maturityDt>2027-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California County Tobacco Securitization Agency</name>
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        <title>California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A</title>
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      <invstOrSec>
        <name>Golden State Tobacco Securitization Corp.</name>
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        <title>Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021 B</title>
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          <maturityDt>2046-06-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Johnson City Independent School District</name>
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          <isin value="US478340HV78"/>
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          <annualizedRt>4.12500000</annualizedRt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Montgomery County Industrial Development Authority</name>
        <lei>N/A</lei>
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          <maturityDt>2053-04-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>County of Hardin OH</name>
        <lei>N/A</lei>
        <title>County of Hardin, Economic Development Facilities Improvement, Ohio Northern University</title>
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          <maturityDt>2040-05-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-1</title>
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          <isin value="US19648FKA11"/>
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          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>New York Transportation Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&amp;D Redevelopment Project, Series 2018</title>
        <cusip>650116CQ7</cusip>
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          <isin value="US650116CQ76"/>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Cleveland TN</name>
        <lei>N/A</lei>
        <title>City of Cleveland, Series 2018B</title>
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          <isin value="US186523DG87"/>
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          <maturityDt>2039-06-01</maturityDt>
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        <name>Northern Tobacco Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Northern Tobacco Securitization Corp., Series 2021A CL1, Class 1</title>
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          <isin value="US66585VBM63"/>
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          <maturityDt>2031-06-01</maturityDt>
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        <name>Chicago Midway International Airport</name>
        <lei>N/A</lei>
        <title>Chicago Midway International Airport, Senior Lien, Series 2023A</title>
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          <isin value="US167562SH16"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2053-01-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Kermit Independent School District</name>
        <lei>N/A</lei>
        <title>Kermit Independent School District, Unlimited Tax, Series 2023</title>
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          <isin value="US492224GF14"/>
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        <name>Missouri State Environmental Improvement &amp; Energy Resources Authority</name>
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        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
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        <name>Public Finance Authority</name>
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          <isin value="US74442PQJ74"/>
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          <maturityDt>2053-11-15</maturityDt>
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        <name>Greater Clark County School Building Corp.</name>
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          <isin value="US39168AEZ21"/>
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          <maturityDt>2036-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Jefferson AL Sewer Revenue</name>
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          <maturityDt>2043-10-01</maturityDt>
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        <name>Colorado Educational &amp; Cultural Facilities Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JCB08"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Chester County Industrial Development Authority</name>
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          <isin value="US165588FH23"/>
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          <maturityDt>2046-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>State of Louisiana Gasoline &amp; Fuels Tax Revenue</name>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Triad Educational Services, Inc.</title>
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        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A</title>
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        <name>Middleton Community Development District A</name>
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        <name>Virginia Public Building Authority</name>
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        <name>University of Cincinnati</name>
        <lei>549300E0RD3ICJ858L23</lei>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>Oklahoma Development Finance Authority</name>
        <lei>549300PXGPHUWC32DJ91</lei>
        <title>Oklahoma Development Finance Authority Health System, OU Medicine Project, Series 2018 B</title>
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        <name>Newark Higher Education Finance Corp.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>County of Durham NC</name>
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          <maturityDt>2038-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lancaster County Hospital Authority/PA</name>
        <lei>N/A</lei>
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          <isin value="US514045Q304"/>
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          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Jersey Turnpike Authority</name>
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          <isin value="US646140CT89"/>
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          <maturityDt>2043-01-01</maturityDt>
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      <invstOrSec>
        <name>California Health Facilities Financing Authority</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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          <isin value="US13032UT733"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Crandall Independent School District</name>
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          <isin value="US224381VZ33"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Colorado Department of Transportation</name>
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        <title>State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement</title>
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          <isin value="US19645TBR77"/>
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        <name>California School Finance Authority</name>
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        <title>California School Finance Authority, Green Dot Public School Projects, Series 2018A</title>
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          <isin value="US13059TFC80"/>
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        <name>California Public Finance Authority</name>
        <lei>N/A</lei>
        <title>California Public Finance Authority, Henry Mayo Newhall Hospital</title>
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        <name>Stamford Housing Authority</name>
        <lei>N/A</lei>
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        <name>City of Houston TX Combined Utility System Revenue</name>
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          <isin value="US44244CS240"/>
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        <name>Cleveland Department of Public Utilities Division of Water</name>
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        <name>Texas A&amp;M University</name>
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        <name>DuBois Hospital Authority</name>
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        <name>University of Oklahoma (The)</name>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
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      <invstOrSec>
        <name>Westchester Tobacco Asset Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Series B</title>
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        <name>County of Durham NC</name>
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        <name>Great Lakes Water Authority Sewage Disposal System Revenue</name>
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        <name>Alaska Industrial Development &amp; Export Authority</name>
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        <name>Missouri Housing Development Commission</name>
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        <name>Delaware State Economic Development Authority</name>
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        <name>Commonwealth of Massachusetts Transportation Fund Revenue</name>
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        <name>New Mexico Mortgage Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ohio Water Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-12-01</maturityDt>
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        <name>Butler County Port Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>State of Illinois</name>
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          <isin value="US452153JG50"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Illinois Housing Development Authority</name>
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          <isin value="US45203MWL17"/>
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        <balance>1000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-05-01</maturityDt>
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        <name>County of Harris TX</name>
        <lei>549300G9BRP25M0W1S40</lei>
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        <cusip>414005Y85</cusip>
        <identifiers>
          <isin value="US414005Y857"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-15</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>Melissa Independent School District</name>
        <lei>N/A</lei>
        <title>Melissa Independent School District, Unlimited Tax, Series 2023</title>
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          <isin value="US585488YU72"/>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <isin value="US64971XFU72"/>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="FVU4COM"/>
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        <name>Delaware State Economic Development Authority</name>
        <lei>N/A</lei>
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        <name>Washington Health Care Facilities Authority</name>
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        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>California School Finance Authority, Green Dot Public School Projects, Series 2018A</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Crandall Independent School District</name>
        <lei>N/A</lei>
        <title>Crandall Independent School District, Unlimited Tax, Series 2023</title>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <name>New York State Dormitory Authority</name>
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        <name>Westchester County Local Development Corp.</name>
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        <name>Chicago O'Hare International Airport</name>
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        <name>Central Plains Energy Project</name>
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        <name>Tobacco Settlement Financing Corp.</name>
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        <title>Tobacco Settlement Financing Corp., Series 2018A</title>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>Northeast Ohio Medical University</name>
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        <name>Central Plains Energy Project</name>
        <lei>SVQOT7V5CPLIGNP5BE29</lei>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <cusip>120827EC0</cusip>
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        <name>Johnson City Independent School District</name>
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        <name>Verve Metropolitan District No. 1</name>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>City of Oneida NY</name>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Chicago IL Waterworks Revenue</name>
        <lei>N/A</lei>
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          <isin value="US167736U961"/>
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        <curCd>USD</curCd>
        <valUSD>678654.28000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series 2019A</title>
        <cusip>04052TAW5</cusip>
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          <isin value="US04052TAW53"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2255796.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lamar Consolidated Independent School District</name>
        <lei>N/A</lei>
        <title>Lamar Consolidated Independent School District, Unlimited Tax, Series 2023 A</title>
        <cusip>513174L91</cusip>
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          <isin value="US513174L916"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5290889.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority, Henry Ford Health System, Series 2019A</title>
        <cusip>59447TUJ0</cusip>
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          <isin value="US59447TUJ05"/>
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        <balance>4890000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4369193.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Missouri Housing Development Commission</name>
        <lei>5493007FBL7WCV3NKY25</lei>
        <title>Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program, Series B2</title>
        <cusip>60637BHH6</cusip>
        <identifiers>
          <isin value="US60637BHH69"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94350.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of Wyoming</name>
        <lei>N/A</lei>
        <title>University of Wyoming, Series 2021C</title>
        <cusip>915268G91</cusip>
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          <isin value="US915268G910"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>581202.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
        <lei>N/A</lei>
        <title>Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A</title>
        <cusip>82170KAF4</cusip>
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          <isin value="US82170KAF49"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wisconsin Housing &amp; Economic Development Authority Home Ownership Revenue</name>
        <lei>N/A</lei>
        <title>Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024 A</title>
        <cusip>97689QTU0</cusip>
        <identifiers>
          <isin value="US97689QTU03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Michigan Strategic Fund</name>
        <lei>N/A</lei>
        <title>Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project</title>
        <cusip>594698SR4</cusip>
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          <isin value="US594698SR40"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4979999.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2</title>
        <cusip>118217CZ9</cusip>
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          <isin value="US118217CZ97"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>Louisiana Public Facilities Authority, Lincoln Preparatory School Project, Series 2021A</title>
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          <isin value="US546399KX34"/>
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        <balance>1140000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia, Kipp DC Project</title>
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          <isin value="US25483VWB60"/>
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        <balance>1925000.00000000</balance>
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        <valUSD>1831773.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>California Community Choice Financing Authority</name>
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        <title>California Community Choice Financing Authority, Clean Energy Project, Series 2023 G-1</title>
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          <isin value="US13013JDG85"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
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        <cusip>452153AQ2</cusip>
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          <isin value="US452153AQ24"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 10 Year Ultra Note</title>
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          <other otherDesc="Inhouse Sedol" value="UXYU4CM"/>
          <other otherDesc="Future Ticker" value="UXYU4 Comdty"/>
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        <name>State of Wisconsin</name>
        <lei>549300VTAT608CNZ5827</lei>
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        <cusip>97705MGR0</cusip>
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          <isin value="US97705MGR07"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Permanent University Fund - Texas A&amp;M University System</name>
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        <cusip>8821172F0</cusip>
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          <isin value="US8821172F04"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>California School Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <maturityDt>2040-07-15</maturityDt>
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        <name>Massachusetts Port Authority</name>
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          <maturityDt>2049-07-01</maturityDt>
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        <name>Los Angeles Unified School District</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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          <couponKind>Variable</couponKind>
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        <name>New York Liberty Development Corp.</name>
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        <name>Downtown Development Authority of The City of Dalton</name>
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        <name>City of Houston TX Airport System Revenue</name>
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        <name>Pennsylvania Turnpike Commission Oil Franchise Tax Revenue</name>
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        <name>New York City Transitional Finance Authority</name>
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        <name>State of Illinois</name>
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        <name>Johnson City Independent School District</name>
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        <name>California Statewide Communities Development Authority</name>
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          <isin value="US13080SXW96"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-04-01</maturityDt>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
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          <isin value="US646136WH02"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hutto Independent School District</name>
        <lei>N/A</lei>
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          <isin value="US4484924V71"/>
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        <curCd>USD</curCd>
        <valUSD>2114382.00000000</valUSD>
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          <maturityDt>2053-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Denver Health &amp; Hospital Authority</name>
        <lei>549300WFV5S7GIR4OS67</lei>
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          <isin value="US24918EDA55"/>
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        <curCd>USD</curCd>
        <valUSD>1000188.30000000</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>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Pennsylvania Housing Finance Agency</name>
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          <isin value="US7087964R50"/>
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        <curCd>USD</curCd>
        <valUSD>134083.71000000</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>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Halifax County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Halifax County Industrial Development Authority, Series 2010A</title>
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          <isin value="US40579PAE16"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Quincy MA</name>
        <lei>N/A</lei>
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          <isin value="US748508U897"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lancaster County Hospital Authority/PA</name>
        <lei>N/A</lei>
        <title>Lancaster County Hospital Authority, Health Center, Masonic Villages Project</title>
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          <isin value="US514045Q221"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>New Jersey Economic Development Authority</name>
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          <isin value="US64578EME40"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-15</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York State Dormitory Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>West Virginia Hospital Finance Authority</name>
        <lei>N/A</lei>
        <title>West Virginia Hospital Finance Authority, West Virginia University Health System Obligation, Series 2023A</title>
        <cusip>956622W26</cusip>
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          <isin value="US956622W261"/>
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          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Pennsylvania Economic Development Financing Authority Parking System Revenue</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System, Series 2024 B</title>
        <cusip>70870EEX3</cusip>
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          <isin value="US70870EEX31"/>
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          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
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        <cusip>88285ADU9</cusip>
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          <maturityDt>2058-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>General Authority of Southcentral Pennsylvania</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.10000154</annualizedRt>
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        <name>Ohio Air Quality Development Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2039-11-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
        <lei>N/A</lei>
        <title>California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-06-01</maturityDt>
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      <invstOrSec>
        <name>Austin Independent School District</name>
        <lei>N/A</lei>
        <title>Austin Independent School District, Series 2024</title>
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          <isin value="US052430WS03"/>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Build NYC Resource Corp.</name>
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        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <title>Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series 2017A</title>
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        <name>Commonwealth of Massachusetts</name>
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          <isin value="US57582RME35"/>
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        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JPMorgan Institutional Tax Free Money Market Fund</name>
        <lei>N/A</lei>
        <title>JPMorgan Institutional Tax Free Money Market Fund, Class IM</title>
        <cusip>46645V725</cusip>
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          <isin value="US46645V7257"/>
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        <balance>7949246.90600000</balance>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Boise State University</name>
        <lei>N/A</lei>
        <title>Boise State University General Project, Series 2023A</title>
        <cusip>097464P96</cusip>
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          <isin value="US097464P965"/>
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        <balance>1595000.00000000</balance>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <cusip>56035DEE8</cusip>
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          <isin value="US56035DEE85"/>
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        <balance>6500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Arkansas</name>
        <lei>549300FFADBQ3NEI2D96</lei>
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        <cusip>914072D26</cusip>
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        <name>Borough of Dumont NJ</name>
        <lei>N/A</lei>
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        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>California School Finance Authority, Green Dot Public School Projects, Series 2018A</title>
        <cusip>13059TFD6</cusip>
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          <isin value="US13059TFD63"/>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <title>Buckeye Tobacco Settlement Financing Authority, Series 2020A-2</title>
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        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2015</title>
        <cusip>5463983E6</cusip>
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          <isin value="US5463983E65"/>
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          <maturityDt>2047-05-15</maturityDt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <name>Dutchess County Local Development Corp.</name>
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        <name>Vermont Student Assistance Corp.</name>
        <lei>549300VHYVRSKNFRSZ91</lei>
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        <invCountry>US</invCountry>
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        <name>Mississippi Development Bank</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>Montgomery County Industrial Development Authority/PA</name>
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        <name>Wisconsin Housing &amp; Economic Development Authority Home Ownership Revenue</name>
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        <name>City of New York NY</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>Metropolitan Nashville Airport Authority (The)</name>
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      <invstOrSec>
        <name>Crowley Independent School District</name>
        <lei>N/A</lei>
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          <maturityDt>2053-02-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>New York Power Authority</name>
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          <maturityDt>2058-11-15</maturityDt>
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        <name>Port Authority of New York &amp; New Jersey</name>
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          <maturityDt>2094-06-01</maturityDt>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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          <maturityDt>2034-02-01</maturityDt>
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        <name>Public Finance Authority</name>
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        <name>Encinitas Union School District</name>
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          <maturityDt>2039-08-01</maturityDt>
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        <name>Johnson City Independent School District</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>New York State Dormitory Authority</name>
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        <name>Vermont Student Assistance Corp.</name>
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          <maturityDt>2029-06-15</maturityDt>
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        <name>Transport Metropolitan District No. 3</name>
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        <name>Washington Metropolitan Area Transit Authority</name>
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        <name>City of Houston TX Combined Utility System Revenue</name>
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        <name>County of Jefferson AL Sewer Revenue</name>
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        <name>County of Harris TX</name>
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        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>California Educational Facilities Authority, Claremont McKenna College, Series 2015A</title>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="TUU4COM"/>
          <other otherDesc="Future Ticker" value="TUU4 Comdty"/>
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        <balance>308.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>50469.53000000</valUSD>
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        <issuerConditional desc="Future" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>CME Clearing House</counterpartyName>
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              <otherRefInst>
                <issuerName>United States of America</issuerName>
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            </descRefInstrmnt>
            <expDate>2024-09-30</expDate>
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            <unrealizedAppr>50469.53000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74442EJA91"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1227987.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Laredo Independent School District</name>
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        <curCd>USD</curCd>
        <valUSD>2488751.76000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Sales Tax Securitization Corp., Series 2018C</title>
        <cusip>79467BBT1</cusip>
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          <isin value="US79467BBT17"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3572952.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority, Trinity Health Credit Group, Series 2022B</title>
        <cusip>59447T2Y8</cusip>
        <identifiers>
          <isin value="US59447T2Y85"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2093587.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Crowley Independent School District</name>
        <lei>N/A</lei>
        <title>Crandall Independent School District, Unlimited Tax</title>
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        <identifiers>
          <isin value="US228130KJ80"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1087382.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-01</maturityDt>
          <couponKind>Fixed</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Jefferson County Port Authority</name>
        <lei>N/A</lei>
        <title>Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project</title>
        <cusip>473318AB9</cusip>
        <identifiers>
          <isin value="US473318AB94"/>
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        <balance>2655000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2683116.18000000</valUSD>
        <pctVal>0.417746225242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-01</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>
    </invstOrSecs>
    <explntrNotes>








    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-07-01</ncom:dateSigned>
      <ncom:nameOfApplicant>JPMorgan Trust II</ncom:nameOfApplicant>
      <ncom:signature>Timothy J. Clemens</ncom:signature>
      <ncom:signerName>Timothy J. Clemens</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
