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        <title>Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2021A</title>
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          <isin value="US04052FCT03"/>
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        <valUSD>2422254.28000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2023A</title>
        <cusip>04052FEM3</cusip>
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          <isin value="US04052FEM32"/>
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        <curCd>USD</curCd>
        <valUSD>2041706.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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>
        <name>Arizona Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series 2025A-2</title>
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        <identifiers>
          <isin value="US04052TDC62"/>
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        <curCd>USD</curCd>
        <valUSD>928462.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>Atlanta Urban Residential Finance Authority</name>
        <lei>N/A</lei>
        <title>Atlanta Urban Residential Finance Authority, Multi-Family Housing North Block, Series 2025</title>
        <cusip>04785VBX1</cusip>
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          <isin value="US04785VBX10"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Austin TX</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>City of Austin</title>
        <cusip>0523973U8</cusip>
        <identifiers>
          <isin value="US0523973U89"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2489499.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Austin Community College District</name>
        <lei>N/A</lei>
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        <cusip>052403KQ4</cusip>
        <identifiers>
          <isin value="US052403KQ44"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2261939.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Baldwin County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Baldwin County Industrial Development Authority, Novelis Corp., Project, Series 2025A</title>
        <cusip>05786PAA1</cusip>
        <identifiers>
          <isin value="US05786PAA12"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2555476.25000000</valUSD>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bergen County Improvement Authority (The)</name>
        <lei>549300GA3U8F8Z1HOS09</lei>
        <title>Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Series 2025A</title>
        <cusip>083773EC1</cusip>
        <identifiers>
          <isin value="US083773EC11"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2012801.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Gas Project, Series 2024D</title>
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        <identifiers>
          <isin value="US09182TEN37"/>
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        <balance>7250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7863335.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000040</annualizedRt>
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      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Gas Project, Series 2025E</title>
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          <isin value="US09182TGC53"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2160141.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Village of Bolingbrook IL</name>
        <lei>N/A</lei>
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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>2033-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Brookhaven Development Authority</name>
        <lei>N/A</lei>
        <title>Brookhaven Development Authority, Children's Healthcare of Atlan, Series 2019A</title>
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          <isin value="US113073AY60"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Buckeye AZ</name>
        <lei>N/A</lei>
        <title>City of Buckeye</title>
        <cusip>118084CV2</cusip>
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          <isin value="US118084CV26"/>
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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>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1</title>
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          <isin value="US118217CL02"/>
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          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <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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        <balance>5965000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2055-06-01</maturityDt>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
        <lei>N/A</lei>
        <title>Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2</title>
        <cusip>118217DA3</cusip>
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          <isin value="US118217DA38"/>
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          <maturityDt>2057-06-01</maturityDt>
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      <invstOrSec>
        <name>Build NYC Resource Corp.</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp., Grand Concourse Academy Charter School, Series 2022A</title>
        <cusip>12008ESZ0</cusip>
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          <isin value="US12008ESZ06"/>
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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>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Build NYC Resource Corp.</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp., Urban Resource Institute Project, Series 2025A</title>
        <cusip>12008EWQ5</cusip>
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          <isin value="US12008EWQ50"/>
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      <invstOrSec>
        <name>Chicago Board of Education</name>
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        <name>Chicago O'Hare International Airport</name>
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        <name>Chicago Transit Authority Sales Tax Receipts Fund</name>
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        <name>City of Chicago IL Waterworks Revenue</name>
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          <isin value="US167736SJ72"/>
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        <name>City of Chicago IL Waterworks Revenue</name>
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          <isin value="US167736U961"/>
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        <name>Children's Trust Fund</name>
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        <invCountry>PR</invCountry>
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        <name>Cobb-Marietta Coliseum &amp; Exhibit Hall Authority</name>
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        <name>College Park Housing Authority</name>
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        <name>Collin County Community College District</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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        <name>Commonwealth Financing Authority</name>
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        <title>Commonwealth Financing Authority, Tobacco Master Settlement Payment</title>
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        <name>State of Connecticut</name>
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        <name>Florida Local Government Finance Commission</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>Jackson State University Educational Building Corp.</name>
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        <name>Kentucky State Property &amp; Building Commission</name>
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        <name>Massachusetts Port Authority</name>
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        <name>Massachusetts School Building Authority</name>
        <lei>N/A</lei>
        <title>Massachusetts School Building Authority, Dedicated Sales Tax, Series 2025A</title>
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        <name>Medical University Hospital Authority</name>
        <lei>N/A</lei>
        <title>Medical University Hospital Authority, An Agency of The State of south Carolina FHA Insured Hospital Mortgage, Indian Land Project</title>
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        <name>Melissa Independent School District</name>
        <lei>N/A</lei>
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        <name>Michigan Strategic Fund</name>
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        <name>Michigan State University</name>
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        <name>Mida Mountain Village Public Infrastructure District</name>
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        <name>Midland Independent School District</name>
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          <isin value="US5977833A52"/>
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        <name>Mississippi Business Finance Corp.</name>
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        <name>Mississippi Development Bank</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>Missouri Housing Development Commission</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>Missouri State Environmental Improvement &amp; Energy Resources Authority</name>
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        <name>Mobile County Industrial Development Authority</name>
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        <name>Montgomery County Industrial Development Authority/PA</name>
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        <name>Mount Lebanon Hospital Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC</title>
        <cusip>64613CGF9</cusip>
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          <isin value="US64613CGF95"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
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        <cusip>64613CGJ1</cusip>
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          <isin value="US64613CGJ18"/>
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        <valUSD>938023.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Turnpike Authority</name>
        <lei>5493005YN67D71KSMI84</lei>
        <title>New Jersey Turnpike Authority, Series 2017G</title>
        <cusip>646140CT8</cusip>
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          <isin value="US646140CT89"/>
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        <curCd>USD</curCd>
        <valUSD>985173.80000000</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>2043-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021</title>
        <cusip>649519ER2</cusip>
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          <isin value="US649519ER29"/>
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        <curCd>USD</curCd>
        <valUSD>1443625.13000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of New York NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York, Fiscal Year 2020, Series 2020D-1</title>
        <cusip>64966QKD1</cusip>
        <identifiers>
          <isin value="US64966QKD15"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>484072.53000000</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>2050-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of New York NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1</title>
        <cusip>64966SLR5</cusip>
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          <isin value="US64966SLR57"/>
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        <balance>1915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2216325.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Class F</title>
        <cusip>64966TGX6</cusip>
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          <isin value="US64966TGX63"/>
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        <valUSD>1338737.92000000</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>2031-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp., Series 2025A</title>
        <cusip>64966WKK2</cusip>
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          <isin value="US64966WKK26"/>
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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>2055-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Industrial Development Agency</name>
        <lei>549300XR20ZR5DHL9534</lei>
        <title>New York City Industrial Development Agency, Yankee Stadium Project, Series 2020A</title>
        <cusip>64971PJZ9</cusip>
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          <isin value="US64971PJZ99"/>
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        <curCd>USD</curCd>
        <valUSD>2244007.08000000</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>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023, Series 2023F, Subseries F-1</title>
        <cusip>64971X7H5</cusip>
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          <isin value="US64971X7H51"/>
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        <valUSD>1150479.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019A-1</title>
        <cusip>64971XFU7</cusip>
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          <isin value="US64971XFU72"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5189239.50000000</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>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>New York City Municipal Water Finance Authority</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2</title>
        <cusip>64972FWL6</cusip>
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          <isin value="US64972FWL65"/>
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        <balance>750000.00000000</balance>
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        <valUSD>750000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.85000030</annualizedRt>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025D</title>
        <cusip>64972JNS3</cusip>
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          <isin value="US64972JNS32"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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        <name>New York City Transitional Finance Authority Building Aid Revenue</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority Building Aid, Series 2026, S-1</title>
        <cusip>64972LAM5</cusip>
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          <isin value="US64972LAM54"/>
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        <valUSD>2316682.80000000</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>2037-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York City Transitional Finance Authority Building Aid Revenue</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority Building Aid, Fiscal Year 2026, Series 2026S-1</title>
        <cusip>64972LAT0</cusip>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York State Energy Research &amp; Development Authority</name>
        <lei>N/A</lei>
        <title>New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project, Series 1997B</title>
        <cusip>649845JD7</cusip>
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          <isin value="US649845JD74"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.80000000</annualizedRt>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, School Districts Financing Program, Series 2025A</title>
        <cusip>64985SDH3</cusip>
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          <isin value="US64985SDH31"/>
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        <balance>2000000.00000000</balance>
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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>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <lei>549300QMBH1DMY67FZ74</lei>
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        <name>Ohio Water Development Authority Water Pollution Control Loan Fund</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 2018B</title>
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        <name>Oklahoma Housing Finance Agency</name>
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        <name>Oklahoma Water Resources Board</name>
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        <name>Olmsted Falls City School District</name>
        <lei>N/A</lei>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Onondaga Civic Development Corp.</name>
        <lei>N/A</lei>
        <title>Onondaga Civic Development Corp., Syracuse University Project</title>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Oregon State Facilities Authority</name>
        <lei>N/A</lei>
        <title>Oregon State Facilities Authority, Peacehealth, Series 2018A</title>
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          <isin value="US68608JXD89"/>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.79999895</annualizedRt>
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      <invstOrSec>
        <name>Palm Beach County Health Facilities Authority</name>
        <lei>N/A</lei>
        <title>Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group, Series 2025B</title>
        <cusip>69650MBA6</cusip>
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          <isin value="US69650MBA62"/>
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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>2049-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Patriots Energy Group Financing Agency</name>
        <lei>5493008X0DFBVFH4HL19</lei>
        <title>Patriots Energy Group Financing Agency, Series 2023 Subseries B-1</title>
        <cusip>70342PAR5</cusip>
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          <isin value="US70342PAR55"/>
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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>2054-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Peace River Manasota Regional Water Supply Authority</name>
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        <cusip>704612GP9</cusip>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges</title>
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        <name>Pennsylvania Economic Development Financing Authority Parking System Revenue</name>
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        <name>Pennsylvania Housing Finance Agency</name>
        <lei>549300JZVUPNWP77SP29</lei>
        <title>Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024 -147A</title>
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        <lei>549300JZVUPNWP77SP29</lei>
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        <name>Pennsylvania Higher Educational Facilities Authority</name>
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        <name>Pennsylvania Turnpike Commission Oil Franchise Tax Revenue</name>
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        <name>Public Finance Authority</name>
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          <isin value="US74529JQH13"/>
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        <name>Raindance Metropolitan District No. 1 Non-Potable Water System Revenue</name>
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        <name>State of Rhode Island</name>
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        <name>Roswell Development Authority</name>
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        <name>Round Rock Independent School District</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>San Diego County Regional Airport Authority</name>
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        <name>County of Santa Fe NM</name>
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        <name>Savannah Georgia Convention Center Authority</name>
        <lei>N/A</lei>
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        <name>Savannah Georgia Convention Center Authority</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Savannah Georgia Convention Center Authority</name>
        <lei>N/A</lei>
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          <isin value="US804828AM33"/>
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        <valUSD>283173.08000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Savannah Georgia Convention Center Authority</name>
        <lei>N/A</lei>
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          <isin value="US804828AN16"/>
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        <curCd>USD</curCd>
        <valUSD>263966.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Selma Industrial Development Board</name>
        <lei>N/A</lei>
        <title>Selma Industrial Development Board, International Paper Co. Projects, Series 2019A</title>
        <cusip>81647PAG8</cusip>
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          <isin value="US81647PAG81"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000733.10000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Seminole County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Seminole County Industrial Development Authority, Legacy Pointe at UCF Project, Series 2019A</title>
        <cusip>81669TAD0</cusip>
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          <isin value="US81669TAD00"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1415646.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-11-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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, Baptism Memorial Health Obligated Group, Series 2024B</title>
        <cusip>821691AC6</cusip>
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          <isin value="US821691AC66"/>
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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>2049-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US82170KAG22"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
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          <isin value="US837031H634"/>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
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        <cusip>84136GAK1</cusip>
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          <isin value="US84136GAK13"/>
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        <balance>5530000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado</name>
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        <cusip>844090AD2</cusip>
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          <isin value="US844090AD23"/>
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        <balance>2250000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>St Vrain Lakes Metropolitan District No. 4</name>
        <lei>N/A</lei>
        <title>St Vrain Lakes Metropolitan District No. 4, Series 2024A</title>
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          <isin value="US85237KAA97"/>
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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>2054-09-20</maturityDt>
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          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center</title>
        <cusip>87638QTK5</cusip>
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          <isin value="US87638QTK57"/>
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          <maturityDt>2054-12-01</maturityDt>
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      <invstOrSec>
        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Series 2025C</title>
        <cusip>87638TJU8</cusip>
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          <isin value="US87638TJU88"/>
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          <maturityDt>2064-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp., Ascension Senior Credit, Series 2025C1</title>
        <cusip>87638TJW4</cusip>
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          <maturityDt>2051-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Tennergy Corp./TN</name>
        <lei>5493008K3JJFBSC4C235</lei>
        <title>Tennergy Corp., Gas Supply, Series 2021A</title>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Tennessee Housing Development Agency</name>
        <lei>25490004PSQYQLFJGI76</lei>
        <title>Tennessee Housing Development Agency, Series 2025-1A</title>
        <cusip>88046KQU3</cusip>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. V</name>
        <lei>254900XZ4J30QIJO9G03</lei>
        <title>Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply, Series 2024</title>
        <cusip>88256RAK2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
        <lei>N/A</lei>
        <title>Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project</title>
        <cusip>882667AN8</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-06-30</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>Central Texas Turnpike System</name>
        <lei>N/A</lei>
        <title>Central Texas Turnpike System, First Tier, Series 2024B</title>
        <cusip>88283KBQ0</cusip>
        <identifiers>
          <isin value="US88283KBQ04"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1076587.20000000</valUSD>
        <pctVal>0.128080886916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Central Texas Turnpike System</name>
        <lei>N/A</lei>
        <title>Central Texas Turnpike System, Second Tier, Series 2024C</title>
        <cusip>88283KCF3</cusip>
        <identifiers>
          <isin value="US88283KCF30"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1645818.00000000</valUSD>
        <pctVal>0.195801909165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
        <title>Texas Water Development Board, State Water Implementation Fund, Series 2024A</title>
        <cusip>88285AFZ6</cusip>
        <identifiers>
          <isin value="US88285AFZ66"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>970098.80000000</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>2051-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Iowa Tobacco Settlement Authority</name>
        <lei>N/A</lei>
        <title>Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021A-2, Class 1</title>
        <cusip>888805CF3</cusip>
        <identifiers>
          <isin value="US888805CF30"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>852266.80000000</valUSD>
        <pctVal>0.101393633170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Iowa Tobacco Settlement Authority</name>
        <lei>N/A</lei>
        <title>Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2</title>
        <cusip>888805CJ5</cusip>
        <identifiers>
          <isin value="US888805CJ51"/>
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        <balance>11805000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1764593.69000000</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>2065-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series 2018A</title>
        <cusip>888808HM7</cusip>
        <identifiers>
          <isin value="US888808HM74"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2055139.60000000</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>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series 2018A</title>
        <cusip>888808HN5</cusip>
        <identifiers>
          <isin value="US888808HN57"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>994808.40000000</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>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series 2018A</title>
        <cusip>888808HQ8</cusip>
        <identifiers>
          <isin value="US888808HQ88"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2484312.75000000</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>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series 2018B</title>
        <cusip>888808HT2</cusip>
        <identifiers>
          <isin value="US888808HT28"/>
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        <balance>3770000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3659798.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-06-01</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>Tobacco Settlement Financing Corp.</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp., Series B</title>
        <cusip>888809BG4</cusip>
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          <isin value="US888809BG44"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>996779.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series 2021A-1</title>
        <cusip>89602HAA5</cusip>
        <identifiers>
          <isin value="US89602HAA59"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>934340.90000000</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>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2025A-1</title>
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          <isin value="US89602RMX07"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1739263.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A</title>
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          <isin value="US896032BB41"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2119130.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Triborough Bridge &amp; Tunnel Authority Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2023A</title>
        <cusip>896035CD2</cusip>
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          <isin value="US896035CD29"/>
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        <curCd>USD</curCd>
        <valUSD>942638.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>University of North Carolina at Chapel Hill</name>
        <lei>N/A</lei>
        <title>University of North Carolina, Hospital at Chapel Hill, Series A</title>
        <cusip>91471FAW5</cusip>
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          <isin value="US91471FAW59"/>
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        <balance>9000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9000000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.85000030</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Permanent University Fund - University of Texas System</name>
        <lei>N/A</lei>
        <title>Permanent University Fund - University of Texas System, Series 2025A</title>
        <cusip>915130BZ0</cusip>
        <identifiers>
          <isin value="US915130BZ00"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1781292.90000000</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>University of Wisconsin Hospitals &amp; Clinics</name>
        <lei>549300O76DW14JGO7224</lei>
        <title>University of Wisconsin Hospitals and Clinics, Series 2018C</title>
        <cusip>915260CN1</cusip>
        <identifiers>
          <isin value="US915260CN13"/>
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        <balance>13600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13600000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.79999895</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>University of Wyoming</name>
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      <invstOrSec>
        <name>Utah Housing Corp.</name>
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      <invstOrSec>
        <name>Vancouver Housing Authority</name>
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          <isin value="US921626PU57"/>
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          <maturityDt>2038-02-01</maturityDt>
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      <invstOrSec>
        <name>Vermont Student Assistance Corp.</name>
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          <isin value="US92428CLM46"/>
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          <maturityDt>2030-06-15</maturityDt>
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        <name>Verve Metropolitan District No. 1</name>
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          <maturityDt>2052-12-01</maturityDt>
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        <name>Virginia Port Authority</name>
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          <maturityDt>2045-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Virginia Public Building Authority</name>
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        <name>County of Wake NC</name>
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        <name>Washington Metropolitan Area Transit Authority</name>
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        <name>Washington Metropolitan Area Transit Authority Dedicated Revenue</name>
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        <name>State of Washington</name>
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        <name>Washington Health Care Facilities Authority</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
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          <couponKind>Variable</couponKind>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Wisconsin Housing &amp; Economic Development Authority Home Ownership Revenue</name>
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        <cusip>97689QHL3</cusip>
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          <isin value="US97689QHL32"/>
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        <valUSD>120235.44000000</valUSD>
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          <maturityDt>2048-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
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          <isin value="US97689QTU03"/>
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          <maturityDt>2054-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <lei>N/A</lei>
        <title>Wisconsin Department of Transportation, Series 2025 1</title>
        <cusip>9771235J3</cusip>
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          <isin value="US9771235J35"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1754691.15000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project, Series 2024</title>
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          <isin value="US97712JHF30"/>
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        <balance>1500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
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          <isin value="US97712JMS95"/>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Sedol" value="P45E348"/>
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          <other otherDesc="Inhouse Sedol" value="P45E9D4"/>
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          <other otherDesc="Inhouse Sedol" value="TYH6COM"/>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="UXYH6CM"/>
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        <valUSD>-22265.24000000</valUSD>
        <pctVal>-0.00264888128</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury 10 Year Ultra Note</issueTitle>
                <identifiers>
                  <ticker value="UXYH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>-5577000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-22265.24000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury Ultra Bond</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="WNH6COS"/>
          <other otherDesc="Future Ticker" value="WNH6 Comdty"/>
        </identifiers>
        <balance>-24.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-21636.23000000</valUSD>
        <pctVal>-0.00257404837</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States of America</issuerName>
                <issueTitle>U.S. Treasury Ultra Bond</issueTitle>
                <identifiers>
                  <ticker value="WNH6 Comdty"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-20</expDate>
            <notionalAmt>-2902500.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-21636.23000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>








    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-12-30</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>
