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        <name>Detroit Downtown Development Authority</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>Public Finance Authority</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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      <invstOrSec>
        <name>City of Chicago IL Lakeshore East Special Assessment Area</name>
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        <name>Cumberland County Municipal Authority</name>
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        <name>City of Tomball TX</name>
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        <name>Uptown Development Authority</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>City of Las Vegas NV Special Improvement District No. 812</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Uptown Development Authority</name>
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        <name>Tolomato Community Development District</name>
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        <name>Public Finance Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>Cherry Hill Community Development Authority</name>
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        <name>Philadelphia Authority for Industrial Development</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Detroit MI</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Liberty Development Corp.</name>
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        <name>City of Chicago IL</name>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Ohio Higher Educational Facility Commission</name>
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        <name>City of Detroit MI</name>
        <lei>549300BQRJP7MKKHOY28</lei>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Michigan Finance Authority</name>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <name>SkyRidge Pegasus Infrastructure Financing District</name>
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        <name>CCP Metropolitan District No. 3</name>
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        <name>St Johns County Industrial Development Authority</name>
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        <name>Chicago O'Hare International Airport</name>
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        <name>Public Finance Authority</name>
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        <name>Seminole County Industrial Development Authority</name>
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        <name>Village Community Development District No. 13</name>
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        <name>Massachusetts Water Resources Authority</name>
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        <name>Lower Magnolia Green Community Development Authority</name>
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        <name>Kentucky Economic Development Finance Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Village Community Development District No. 15</name>
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        <name>Hastings Campus Housing Finance Authority</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</name>
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        <name>GIR East Community Development District</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <invCountry>PR</invCountry>
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        <name>Capital Projects Finance Authority/FL</name>
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        <name>Ohio Higher Educational Facility Commission</name>
        <lei>5493007MQT6NGNN6BR81</lei>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
        <lei>N/A</lei>
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          <isin value="US041807JW93"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-06-15</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Town of Bridgeville DE</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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      <invstOrSec>
        <name>Industrial Development Authority of the County of Pima (The)</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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          <isin value="US97712JJX28"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-10-01</maturityDt>
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      <invstOrSec>
        <name>County of Palm Beach FL</name>
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          <isin value="US696547GJ16"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-06-01</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>City of Pilot Point TX</name>
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          <isin value="US721614AW50"/>
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        <curCd>USD</curCd>
        <valUSD>100401.21000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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          <isin value="US19648FAY07"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2005418.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lakewood Ranch Stewardship District</name>
        <lei>N/A</lei>
        <title>Lakewood Ranch Stewardship District, Series 2016</title>
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          <isin value="US51265KAV08"/>
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        <balance>730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>733911.85000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2024</title>
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          <isin value="US130497AX89"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>630045.84000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.20000000</annualizedRt>
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      <invstOrSec>
        <name>Lancaster County Hospital Authority/PA</name>
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        <title>Lancaster County Hospital Authority, Series 2019 A</title>
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          <isin value="US51404PAK57"/>
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        <balance>4705000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4034262.73000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
        <title>CSCDA Community Improvement Authority, Series 2021 A-2</title>
        <cusip>126292BG5</cusip>
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          <isin value="US126292BG50"/>
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        <balance>3200000.00000000</balance>
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        <valUSD>2257255.36000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>Suffolk Regional Off-Track Betting Co.</name>
        <lei>N/A</lei>
        <title>Suffolk Regional Off-Track Betting Co., Series 2024</title>
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          <isin value="US86480TAC80"/>
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        <balance>2730000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>STC Metropolitan District No. 2</name>
        <lei>N/A</lei>
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          <isin value="US85780TBD46"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
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          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>City of Chicago IL Lakeshore East Special Assessment Area</name>
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        <title>City of Chicago, Series 2022</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.29000000</annualizedRt>
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      <invstOrSec>
        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority, Series 2024-2, Class A</title>
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          <isin value="US63607WAU80"/>
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        <balance>3780658.27000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-20</maturityDt>
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          <annualizedRt>3.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Utah Infrastructure Agency</name>
        <lei>549300WD2FDRNXU16V82</lei>
        <title>Utah Infrastructure Agency, Series 2019</title>
        <cusip>917467BM3</cusip>
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          <isin value="US917467BM38"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1317120.00000000</valUSD>
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        <name>Public Finance Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Illinois Finance Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-02-15</maturityDt>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Maryland Economic Development Corp.</name>
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        <name>New Jersey Economic Development Authority</name>
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        <name>City of Houston TX Airport System Revenue</name>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <name>Maricopa County Industrial Development Authority</name>
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        <name>Public Finance Authority</name>
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        <name>City of Chicago IL</name>
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      <invstOrSec>
        <name>Port of Portland OR Airport Revenue</name>
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        <name>N/A</name>
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        <name>Matagorda County Navigation District No. 1</name>
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        <name>Town of Millsboro DE</name>
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        <name>County of Berkeley SC</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Oneida Indian Nation of New York</name>
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        <name>Development Authority of Cobb County (The)</name>
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        <name>County of Denton TX</name>
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        <name>County of Prince George's MD</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Authority</name>
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        <name>Dallas Area Municipal Authority</name>
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        <name>New York Liberty Development Corp.</name>
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          <isin value="US649519EY79"/>
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        <name>Tobacco Settlement Financing Corp.</name>
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        <name>Cleveland-Cuyahoga County Port Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Michigan Finance Authority</name>
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        <name>Massachusetts Development Finance Agency</name>
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      <invstOrSec>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>County of Monongalia WV</name>
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        <name>Governors Park South Community Development District</name>
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      <invstOrSec>
        <name>Arizona Industrial Development Authority</name>
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          <isin value="US04052BEX82"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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        <name>Colorado Health Facilities Authority</name>
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          <isin value="US19648FSV75"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JPU33"/>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Chicago IL</name>
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          <isin value="US167486E215"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Utah Infrastructure Agency</name>
        <lei>549300WD2FDRNXU16V82</lei>
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        <balance>355000.00000000</balance>
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        <valUSD>379199.04000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-15</maturityDt>
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        <name>Rampart Range Metropolitan District No. 5</name>
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          <isin value="US75157WAC64"/>
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          <maturityDt>2051-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <title>Harris County Cultural Education Facilities Finance Corp., Series 2016</title>
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          <maturityDt>2037-01-01</maturityDt>
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        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
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        <issuerCat>UST</issuerCat>
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          <maturityDt>2025-10-02</maturityDt>
          <couponKind>None</couponKind>
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        <name>New Jersey Economic Development Authority</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>New Jersey Economic Development Authority, Series 2000 B</title>
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          <isin value="US64578CBW01"/>
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        <issuerCat>MUN</issuerCat>
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          <maturityDt>2030-11-15</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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        <name>Lakewood Ranch Stewardship District</name>
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        <title>Lakewood Ranch Stewardship District, Series 2024</title>
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          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>Trails at Crowfoot Metropolitan District No. 3</name>
        <lei>N/A</lei>
        <title>Trails at Crowfoot Metropolitan District No. 3, Series 2024 B</title>
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        <name>Ohio Higher Educational Facility Commission</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>Lakewood Ranch Stewardship District</name>
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        <name>California Public Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Hammock Oaks Community Development District</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>Camden County Improvement Authority (The)</name>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>New York State Thruway Authority</name>
        <lei>N/A</lei>
        <title>New York State Thruway Authority</title>
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          <isin value="US650028ZP10"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sunset Parks Metropolitan District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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      <invstOrSec>
        <name>California Housing Finance Agency</name>
        <lei>549300BOPCVLBA552Z14</lei>
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          <isin value="US13034DAG97"/>
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        <balance>2750000.00000000</balance>
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        <valUSD>2784855.43000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>5.20000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Transportation Commission State Highway 249 System</name>
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          <isin value="US88283NAJ19"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Utah Infrastructure Agency</name>
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          <isin value="US917467DB54"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Finance Authority</name>
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          <isin value="US74442EEF34"/>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Lake FL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-08-15</maturityDt>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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        <title>California County Tobacco Securitization Agency, Series 2020 B-2</title>
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          <isin value="US13016NFC39"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
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          <isin value="US939783TJ59"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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        <name>Orange County Health Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-01</maturityDt>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Lakewood Ranch Stewardship District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Sparks NV Special Improvement District No. 1</name>
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        <name>City of Crandall TX</name>
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        <invCountry>US</invCountry>
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        <name>CSCDA Community Improvement Authority</name>
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      <invstOrSec>
        <name>Sky Dance Metropolitan District No. 2</name>
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      <invstOrSec>
        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Black Desert Public Infrastructure District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prairie Center Metropolitan District No. 3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Uptown Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GIR East Community Development District</name>
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        <name>Putnam Funds Trust</name>
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        <name>City of Tampa FL</name>
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        <name>Woodland Preserve Community Development District</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isin value="US74529JQF56"/>
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        <name>Collegiate Charter School of Lowell</name>
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      <invstOrSec>
        <name>St Louis County Industrial Development Authority</name>
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      <invstOrSec>
        <name>Village Community Development District No. 15</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>California County Tobacco Securitization Agency</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Stamford Housing Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>CMFA Special Finance Agency I</name>
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          <maturityDt>2056-04-01</maturityDt>
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        <name>City of Chicago IL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kalispel Tribe of Indians</name>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Sunnyvale CA</name>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Public Finance Authority</name>
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        <name>Minnesota Higher Education Facilities Authority</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Salt Verde Financial Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>District of Columbia</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Governors Park South Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-01</maturityDt>
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      <invstOrSec>
        <name>Wilkes-Barre Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Wyandotte County-Kansas City Unified Government</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-01</maturityDt>
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      <invstOrSec>
        <name>Texas Community Housing &amp; Economic Development Corp.</name>
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          <isin value="US88231CAA71"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Illinois Finance Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-15</maturityDt>
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        <name>Lehigh County Industrial Development Authority</name>
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          <isin value="US52481MAC47"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Mida Mountain Village Public Infrastructure District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Delaware State Economic Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sierra Vista Industrial Development Authority</name>
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          <isin value="US82652UAY82"/>
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        <name>DeKalb County Development Authority</name>
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        <name>Fox Branch Ranch Community Development District</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>MIDA Mountain Village Public Infrastructure District</name>
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          <maturityDt>2054-06-15</maturityDt>
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      <invstOrSec>
        <name>Uptown Development Authority</name>
        <lei>N/A</lei>
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        <name>California Public Finance Authority</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <name>Development Authority of Cobb County (The)</name>
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        <name>Warm Springs Reservation Confederated Tribe</name>
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        <name>City of Las Vegas NV Special Improvement District Nos 808 &amp; 810</name>
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        <name>Windler Public Improvement Authority</name>
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        <name>Raindance Metropolitan District No. 1 Non-Potable Water System Revenue</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>North Carolina Medical Care Commission</name>
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      <invstOrSec>
        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>California Infrastructure &amp; Economic Development Bank, Series 2021 B</title>
        <cusip>13034AR28</cusip>
        <identifiers>
          <isin value="US13034AR289"/>
          <other otherDesc="Inhouse Asset ID" value="1296643"/>
        </identifiers>
        <balance>7255000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>513007.58000000</valUSD>
        <pctVal>0.077798246375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-01-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>City of Detroit MI</name>
        <lei>549300BQRJP7MKKHOY28</lei>
        <title>City of Detroit, Series 2018</title>
        <cusip>2510933R9</cusip>
        <identifiers>
          <isin value="US2510933R96"/>
          <other otherDesc="Inhouse Asset ID" value="1294856"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>355595.56000000</valUSD>
        <pctVal>0.053926515056</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canyons Metropolitan District No. 5</name>
        <lei>N/A</lei>
        <title>Canyons Metropolitan District No. 5, Series 2024 B</title>
        <cusip>139071AZ7</cusip>
        <identifiers>
          <isin value="US139071AZ74"/>
          <other otherDesc="Inhouse Asset ID" value="1402477"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>692138.72000000</valUSD>
        <pctVal>0.104963709629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>George L Smith II Congress Center Authority</name>
        <lei>N/A</lei>
        <title>George L Smith II Congress Center Authority, Series 2021 B</title>
        <cusip>37255MAF2</cusip>
        <identifiers>
          <isin value="US37255MAF23"/>
          <other otherDesc="Inhouse Asset ID" value="1140186"/>
        </identifiers>
        <balance>3970000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3634941.13000000</valUSD>
        <pctVal>0.551243405787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>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>Farms New Kent Community Development Authority</name>
        <lei>N/A</lei>
        <title>Farms New Kent Community Development Authority, Series 2021 A</title>
        <cusip>311551AD7</cusip>
        <identifiers>
          <isin value="US311551AD74"/>
          <other otherDesc="Inhouse Asset ID" value="1152606"/>
        </identifiers>
        <balance>785000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>724192.72000000</valUSD>
        <pctVal>0.109824739147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</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>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</name>
        <lei>N/A</lei>
        <title>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Board, Series 2019</title>
        <cusip>592029AB8</cusip>
        <identifiers>
          <isin value="US592029AB83"/>
          <other otherDesc="Inhouse Asset ID" value="1293650"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>611734.20000000</valUSD>
        <pctVal>0.092770262786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Tax Free Income Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
