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        <name>Capital Projects Finance Authority/FL</name>
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        <name>Monroe County Industrial Development Corp.</name>
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        <name>Public Finance Authority</name>
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        <name>Detroit Downtown Development Authority</name>
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        <name>Riverwalk Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alaska Industrial Development &amp; Export Authority</name>
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        <name>Indiana Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Red Oak Independent School District</name>
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        <name>County of Hillsborough FL Utility Revenue</name>
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        <name>Firethorn Community Development District</name>
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        <name>Village Community Development District No. 15</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>St. Johns County Industrial Development Authority</name>
        <lei>N/A</lei>
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        <cusip>79041LAL2</cusip>
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          <isin value="US79041LAL27"/>
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        <valUSD>200649.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Rochester MN</name>
        <lei>549300006EX3INSHXA95</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-15</maturityDt>
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          <annualizedRt>2.35000140</annualizedRt>
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      <invstOrSec>
        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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          <isin value="US19648FWT73"/>
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        <balance>9335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9838762.34000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reno-Tahoe Airport Authority</name>
        <lei>N/A</lei>
        <title>Reno-Tahoe Airport Authority, Series 2024 A</title>
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          <isin value="US759874CE89"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1104338.60000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mississippi Business Finance Corp.</name>
        <lei>549300DYV074JUDKBQ77</lei>
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          <isin value="US60528AAT16"/>
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        <balance>980000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>980000.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
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          <annualizedRt>3.40000055</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Minneapolis MN</name>
        <lei>54930069TEI1INHRHS55</lei>
        <title>City of Minneapolis, Series 2018 A</title>
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          <isin value="US60374VEQ23"/>
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        <balance>4835000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5053972.32000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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        <balance>625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>682857.44000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Melissa Independent School District</name>
        <lei>N/A</lei>
        <title>Melissa Independent School District, Series 2024</title>
        <cusip>585488ZN2</cusip>
        <identifiers>
          <isin value="US585488ZN21"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>534620.35000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yarborough Lane Community Development District</name>
        <lei>N/A</lei>
        <title>Yarborough Lane Community Development District, Series 2024</title>
        <cusip>984853AB7</cusip>
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          <isin value="US984853AB75"/>
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        <balance>780000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>786975.93000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.35000000</annualizedRt>
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      <invstOrSec>
        <name>Clifton Higher Education Finance Corp.</name>
        <lei>N/A</lei>
        <title>Clifton Higher Education Finance Corp., Series 2025 A</title>
        <cusip>187145VP9</cusip>
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          <isin value="US187145VP98"/>
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        <balance>4225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4484259.52000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Melissa Independent School District</name>
        <lei>N/A</lei>
        <title>Melissa Independent School District, Series 2024</title>
        <cusip>585488ZL6</cusip>
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          <isin value="US585488ZL64"/>
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        <balance>750000.00000000</balance>
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        <valUSD>819421.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Miami-Dade County Housing Finance Authority</name>
        <lei>N/A</lei>
        <title>Miami-Dade County Housing Finance Authority, Series 2024</title>
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          <isin value="US593344BU77"/>
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        <balance>1750000.00000000</balance>
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        <valUSD>1750549.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.40000000</annualizedRt>
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        <name>State of California</name>
        <lei>9845007J7054602FF597</lei>
        <title>State of California</title>
        <cusip>13063ELM6</cusip>
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        <valUSD>3747014.60000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2049-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Maricopa County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Maricopa County Industrial Development Authority, Series 2019 A</title>
        <cusip>56682HCQ0</cusip>
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        <balance>2360000.00000000</balance>
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        <valUSD>2235868.96000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Boyd TX</name>
        <lei>N/A</lei>
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        <cusip>103341AF0</cusip>
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        <balance>242000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248322.06000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>Main Street Natural Gas, Inc., Series 2023 E-1</title>
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          <isin value="US56035DGB29"/>
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        <valUSD>5358402.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Omaha Public Power District</name>
        <lei>54930000VJEJ9CGIYG32</lei>
        <title>Omaha Public Power District, Series 2024 C</title>
        <cusip>682001NF5</cusip>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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              <counterpartyName>CME Clearing House</counterpartyName>
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        <name>Lehigh County Industrial Development Authority</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cedar Crossings Community Development District</name>
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          <isin value="US15018WAA53"/>
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        <balance>240000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-01</maturityDt>
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      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Michigan Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <name>Park Creek Metropolitan District</name>
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          <maturityDt>2043-12-01</maturityDt>
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        <name>Alaska Industrial Development &amp; Export Authority</name>
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        <name>South Carolina Transportation Infrastructure Bank</name>
        <lei>549300YI1NMCP4VLJN43</lei>
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        <name>Vauxmont Metropolitan District</name>
        <lei>549300M7XL6MB0OW8D56</lei>
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        <name>Madeira Community Development District</name>
        <lei>N/A</lei>
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          <isin value="US556344AA79"/>
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        <balance>1560000.00000000</balance>
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        <name>Build NYC Resource Corp.</name>
        <lei>549300GROJFKMNLWEK84</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
        <lei>5493002G2FEH20Q4GQ04</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Utah Infrastructure Agency</name>
        <lei>549300WD2FDRNXU16V82</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>New York State Dormitory Authority</name>
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        <invCountry>US</invCountry>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-02-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>County of Palm Beach FL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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          <isin value="US60636AWD17"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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          <isin value="US97712D8N95"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Albany Capital Resource Corp.</name>
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          <isin value="US012432CF53"/>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Venice FL</name>
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        <valUSD>551536.04000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-01-01</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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        <name>City of Farmington NM</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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        <name>Town of Providence Village TX</name>
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        <balance>413000.00000000</balance>
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        <valUSD>417113.77000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-06-01</maturityDt>
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        <name>Tennergy Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Palm Gate Community Development District</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>Bella Tara Community Development District</name>
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        <name>Port of Greater Cincinnati Development Authority</name>
        <lei>549300IK2RCZBY62ST97</lei>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-01</maturityDt>
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      <invstOrSec>
        <name>San Antonio Housing Trust Public Facility Corp.</name>
        <lei>N/A</lei>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Village Community Development District No. 15</name>
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        <name>Michigan Finance Authority</name>
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        <name>Broward County Housing Finance Authority</name>
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        <name>Kentwood Economic Development Corp.</name>
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        <name>State of Illinois</name>
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        <name>City of Chicago IL</name>
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        <name>South Carolina Public Service Authority</name>
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        <name>Six Mile Creek Community Development District</name>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <name>City of Goose Creek SC</name>
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        <name>California School Finance Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Pennsylvania Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Higher Educational Facilities Authority, Series 2017</title>
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        <invCountry>US</invCountry>
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        <debtSec>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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        <name>Kentucky Public Energy Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>Las Vegas Convention &amp; Visitors Authority</name>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <name>County of Miami-Dade FL Aviation Revenue</name>
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        <fairValLevel>2</fairValLevel>
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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>Kalamazoo Public Schools</name>
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        <name>Public Finance Authority</name>
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        <name>Atlanta Development Authority (The)</name>
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        <name>County of Genesee MI Water Supply System Revenue</name>
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        <name>New Hampshire Health and Education Facilities Authority Act</name>
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        <name>Montgomery County Housing Opportunities Commission</name>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <name>South Carolina Public Service Authority</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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        <name>California Statewide Communities Development Authority</name>
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        <name>City of Farmington NM</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>Kentucky Public Energy Authority</name>
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        <name>West Virginia Hospital Finance Authority</name>
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        <name>Michigan Finance 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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        <name>New Hampshire Business Finance Authority</name>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>Indiana Finance Authority</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>St. Clair County Community Unit School District No. 187 Cahokia</name>
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        <name>Columbus Metropolitan Housing Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Public Finance Authority</name>
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        <name>State of Illinois</name>
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        <name>Public Finance Authority</name>
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        <name>UAB Medicine Finance Authority</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <name>Indiana Finance Authority</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Las Vegas Convention &amp; Visitors Authority</name>
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        <name>Municipal Electric Authority of Georgia</name>
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        <name>Varrea South Community Development District</name>
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        <name>Kansas City Industrial Development Authority</name>
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        <name>Capital Trust Authority</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>City of Venice FL</name>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Texas Transportation Finance Corp.</name>
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        <name>Ohio Higher Educational Facility Commission</name>
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        <name>Village Community Development District No. 15</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Village of Romeoville IL</name>
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        <name>Capital Projects Finance Authority</name>
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        <name>St. Clair County Community Unit School District No. 187 Cahokia</name>
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        <name>County of Humboldt NV</name>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>City of Salt Lake City UT Airport Revenue</name>
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        <name>Texas State Affordable Housing Corp.</name>
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        <name>City of Chicago IL</name>
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        <name>California Housing Finance Agency</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>New York Transportation Development Corp.</name>
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      <invstOrSec>
        <name>Westpointe Special Improvement District</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Lake Houston Redevelopment Authority</name>
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      <invstOrSec>
        <name>FHLMC Multifamily VRD Certificates</name>
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      <invstOrSec>
        <name>Royse City Independent School District/TX</name>
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          <isin value="US780869XV03"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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          <isin value="US54628C2X90"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
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          <isin value="US56035DHK19"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Industrial Development Authority of the County of Pima (The)</name>
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          <isin value="US72178AAF93"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>County of Frederick MD</name>
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        <name>County of Palm Beach FL</name>
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        <name>Atlanta Urban Residential Finance Authority</name>
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        <title>Atlanta Urban Residential Finance Authority, Series 2025 A</title>
        <cusip>04785VCH5</cusip>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp., Series 2024</title>
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          <isin value="US041807JR09"/>
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        <name>King County Housing Authority</name>
        <lei>549300TZU8KSWALVD392</lei>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-06-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Lakewood Ranch Stewardship District</name>
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          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>Clifton Higher Education Finance Corp.</name>
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        <title>Clifton Higher Education Finance Corp., Series 2024 A</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-08-15</maturityDt>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>Ohio Air Quality Development Authority</name>
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        <name>Chester County Industrial Development Authority</name>
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        <name>Baldwin County Industrial Development Authority</name>
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        <name>Poplar Bluff Regional Transportation Development District Sales Tax Revenue</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Pinellas County Industrial Development Authority</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>Harris County Industrial Development Corp.</name>
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        <name>Town of Trophy Club TX Public Improvement District No. 1</name>
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        <name>Illinois Finance Authority</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Indiana Finance Authority</name>
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        <name>Minnesota Housing Finance Agency</name>
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      <invstOrSec>
        <name>County of Miami-Dade FL Aviation Revenue</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
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        <name>New York City Housing Development Corp.</name>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Humboldt NV</name>
        <lei>N/A</lei>
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        <cusip>445199AQ5</cusip>
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          <isin value="US445199AQ57"/>
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          <annualizedRt>3.55000000</annualizedRt>
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      <invstOrSec>
        <name>County of Genesee MI Water Supply System Revenue</name>
        <lei>N/A</lei>
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        <cusip>371646AP5</cusip>
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          <isin value="US371646AP55"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Creekview Community Development District</name>
        <lei>N/A</lei>
        <title>Creekview Community Development District, Series 2024</title>
        <cusip>225514AF5</cusip>
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          <isin value="US225514AF54"/>
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        <balance>1320000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Suffolk Regional Off-Track Betting Corp.</name>
        <lei>N/A</lei>
        <title>Suffolk Regional Off-Track Betting Corp., Series 2024</title>
        <cusip>86480TAB0</cusip>
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          <isin value="US86480TAB08"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
        <title>South Carolina Jobs-Economic Development Authority, Series 2024</title>
        <cusip>83704HAA5</cusip>
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          <isin value="US83704HAA59"/>
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        <balance>250000.00000000</balance>
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        <valUSD>257191.58000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Lakewood Ranch Stewardship District</name>
        <lei>N/A</lei>
        <title>Lakewood Ranch Stewardship District, Series 2023</title>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
        <lei>N/A</lei>
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          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <cusip>13081KAX8</cusip>
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          <isin value="US13081KAX81"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Ohio Higher Educational Facility Commission</name>
        <lei>5493007MQT6NGNN6BR81</lei>
        <title>Ohio Higher Educational Facility Commission, Series 2020</title>
        <cusip>67756DXC5</cusip>
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          <isin value="US67756DXC54"/>
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        <name>Crawford County Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US22500PAN33"/>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <name>Port of Greater Cincinnati Development Authority</name>
        <lei>549300IK2RCZBY62ST97</lei>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Build NYC Resource Corp.</name>
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        <name>Las Vegas Convention &amp; Visitors Authority</name>
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        <name>Knox County Health Educational &amp; Housing Facility Board</name>
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        <name>Utah Charter School Finance Authority</name>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>City of Farmington NM</name>
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        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
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        <name>Oneida Indian Nation of New York</name>
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        <name>Illinois Finance Authority</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Port of Oakland</name>
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        <name>Lakeside at Satilla Community Development District</name>
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        <name>Austin-Bergstrom Landhost Enterprises, Inc.</name>
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        <name>Kentucky Public Energy Authority</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Louisville/Jefferson County Metropolitan Government</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>Passaic County Improvement Authority (The)</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>Salt Verde Financial Corp.</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Village of Romeoville IL</name>
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        <name>Public Finance Authority</name>
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        <name>St. Clair County Community Unit School District No. 187 Cahokia</name>
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        <name>Matching Fund Special Purpose Securitization Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Melissa Independent School District</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kalamazoo Public Schools</name>
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        <name>Skagit County Public Hospital District No. 1</name>
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        <name>Michigan Finance Authority</name>
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        <name>Las Vegas Convention &amp; Visitors Authority</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>Port of Greater Cincinnati Development Authority</name>
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        <name>Columbus Metropolitan Housing Authority</name>
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        <name>Chester County Industrial Development Authority</name>
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        <name>New York State Dormitory Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Carolina Public Service Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-12-01</maturityDt>
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        <name>Capital Projects Finance Authority/FL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-01</maturityDt>
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        <name>Clifton Higher Education Finance Corp.</name>
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          <isin value="US187145SQ19"/>
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        <name>Palm Beach County Health Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-15</maturityDt>
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        <name>California Community Choice Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Melissa Independent School District</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>City of Ham Lake MN</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>New York Transportation Development Corp.</name>
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          <isin value="US650116FR23"/>
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        <name>FHLMC Multifamily ML Certificates</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Houston Housing Finance Corp.</name>
        <lei>N/A</lei>
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        <cusip>442396EL7</cusip>
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          <isin value="US442396EL72"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Harmony on Lake Eloise Community Development District</name>
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        <name>Illinois State Toll Highway Authority</name>
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        <name>St. Johns County Industrial Development Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>Connecticut Housing Finance Authority</name>
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        <name>New York City Transitional Finance Authority</name>
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        <name>University of Illinois</name>
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        <name>Downtown Revitalization Public Infrastructure District</name>
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        <name>Atlanta Development Authority (The)</name>
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        <name>Omaha Public Power District</name>
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        <name>Illinois Housing Development Authority</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <name>Public Finance Authority</name>
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        <name>Hillsborough County Housing Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC Multifamily ML Certificates</name>
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        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>New York City Housing Development Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-11-01</maturityDt>
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          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>Poplar Bluff Regional Transportation Development District Sales Tax Revenue</name>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Village Community Development District No. 15</name>
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        <title>Village Community Development District No. 15, Series 2024</title>
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          <isin value="US92708KAG22"/>
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        <balance>495000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>506954.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Series 2020</title>
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          <isin value="US70870FAU03"/>
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        <balance>540000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Build NYC Resource Corp.</name>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>King County Housing Authority</name>
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        <name>Indianapolis Local Public Improvement Bond Bank</name>
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        <balance>1175000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2044-02-01</maturityDt>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>Waterset South Community Development District</name>
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        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
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        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
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        <name>California Municipal Finance Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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          <isin value="US414009FB14"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Series 2020</title>
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          <isin value="US70870FAT30"/>
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        <name>Port of Portland OR Airport Revenue</name>
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      <invstOrSec>
        <name>Lake Houston Redevelopment Authority</name>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
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          <isin value="US650116GS96"/>
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        <name>Regional Transportation District</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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      <invstOrSec>
        <name>Plaza at Noah's Ark Community Improvement District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Utah Infrastructure Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-15</maturityDt>
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        <name>City of New York NY</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-01</maturityDt>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13049YCR09"/>
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        <fairValLevel>2</fairValLevel>
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        <name>New York City Housing Development Corp.</name>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <name>Ohio Air Quality Development Authority</name>
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        <name>City of Galveston TX Wharves &amp; Terminal Revenue</name>
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        <name>Ohio Higher Educational Facility Commission</name>
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        <name>River Hall Community Development District</name>
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        <name>Chicago Board of Education</name>
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        <name>Wisconsin Housing &amp; Economic Development Authority Home Ownership Revenue</name>
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        <name>Ibis Landing Community Development District</name>
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        <name>Utah Infrastructure Agency</name>
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        <invCountry>PR</invCountry>
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        <name>Metropolitan Nashville Airport Authority (The)</name>
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        <name>Fort Bend Grand Parkway Toll Road Authority</name>
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        <name>FHLMC Multifamily ML Certificates</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Grand Rapids Economic Development Corp.</name>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <name>Tennessee Energy Acquisition Corp.</name>
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        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
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        <name>Chicago O'Hare International Airport</name>
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        <name>Minnesota Health &amp; Education Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Iowa Finance Authority</name>
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        <name>Vermont Educational &amp; Health Buildings Financing Agency</name>
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        <name>Chicago Midway International Airport</name>
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        <name>Downtown Revitalization Public Infrastructure District</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Chicago Board of Education</name>
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        <name>Metropolitan Washington Airports Authority Aviation Revenue</name>
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        <name>Texas Community Housing &amp; Economic Development Corp.</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>New Caney Independent School District</name>
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        <name>Lakes of Sarasota Community Development District</name>
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        <name>City of New York NY</name>
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        <name>County of Allen</name>
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        <name>Dallas Fort Worth International Airport</name>
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        <name>South Carolina Public Service Authority</name>
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        <name>Allegheny County Airport Authority</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>JEA Water &amp; Sewer System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Carolina Public Service Authority</name>
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          <isin value="US8371516N47"/>
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        <name>Downtown Revitalization Public Infrastructure District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Galveston TX Wharves &amp; Terminal Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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          <isin value="US79766DVT35"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Kansas City Industrial Development Authority</name>
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          <isin value="US48504NBV01"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clifton Higher Education Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Board of Education</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Allegheny County Airport Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Clark NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>Utah Infrastructure Agency</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>City of New York NY</name>
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        <name>Capital Projects Finance Authority</name>
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        <name>Broward County Housing Finance Authority</name>
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        <name>City of Alvarado TX</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>City of Chicago IL</name>
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        <name>North Texas Tollway Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Public Finance Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
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        <name>California Health Facilities Financing Authority</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>Las Vegas Convention &amp; Visitors Authority</name>
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        <name>City of Dripping Springs TX</name>
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        <name>County of Genesee MI Water Supply System Revenue</name>
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        <name>Isle Wight County Industrial Development Authority</name>
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        <name>Utah Infrastructure Agency</name>
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        <name>Public Finance Authority</name>
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        <name>California Housing Finance Agency</name>
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        <name>Chicago Park District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Utah Infrastructure Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Glendale Industrial Development Authority</name>
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        <name>King County Housing Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Municipal Electric Authority of Georgia</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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      <invstOrSec>
        <name>Austin-Bergstrom Landhost Enterprises, Inc.</name>
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        <name>Empire State Development Corp.</name>
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        <name>Lake Houston Redevelopment Authority</name>
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        <name>Ranches at Lake Mcleod Community Development District</name>
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        <name>Beaumont Housing Authority</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>N/A</name>
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        <invCountry>PR</invCountry>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>Metropolitan Washington Airports Authority Dulles Toll Road Revenue</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Florida Housing Finance Corp.</name>
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        <name>University of Connecticut</name>
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        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
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        <name>New York City Housing Development Corp.</name>
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        <name>Utah Infrastructure Agency</name>
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        <name>County of Broward FL Airport System Revenue</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Port of Seattle WA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Metropolitan Nashville Airport Authority (The)</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>New Hampshire Business Finance Authority</name>
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          <isin value="US63607YAK64"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-08-15</maturityDt>
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      <invstOrSec>
        <name>Dutchess County Local Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
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        <name>Hutto Independent School District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Texas</name>
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          <isin value="US882724EP86"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mansfield Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Jersey Economic Development Authority</name>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Omaha Public Power District</name>
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        <valUSD>5158658.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
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        <name>City of Anna TX</name>
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        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <invCountry>US</invCountry>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Main Street Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Main Street Energy, Inc., Series 2025 D</title>
        <cusip>560354AE2</cusip>
        <identifiers>
          <isin value="US560354AE25"/>
          <other otherDesc="Inhouse Asset ID" value="1554609"/>
        </identifiers>
        <balance>25000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27000080.00000000</valUSD>
        <pctVal>1.178776281611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>Southeast Energy Authority A Cooperative District, Series 2025 C</title>
        <cusip>84136HCF8</cusip>
        <identifiers>
          <isin value="US84136HCF82"/>
          <other otherDesc="Inhouse Asset ID" value="1462356"/>
        </identifiers>
        <balance>19065000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20394045.93000000</valUSD>
        <pctVal>0.890368385144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>Southeast Energy Authority A Cooperative District, Series 2024 C</title>
        <cusip>84136HAC7</cusip>
        <identifiers>
          <isin value="US84136HAC79"/>
          <other otherDesc="Inhouse Asset ID" value="1405765"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>789749.18000000</valUSD>
        <pctVal>0.034479068277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</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>2026-03-02</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>
</edgarSubmission>
