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      <invstOrSec>
        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <title>California Community Choice Financing Authority</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of Florida Department of Transportation Turnpike System Revenue</name>
        <lei>N/A</lei>
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          <isin value="US343137UQ63"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>STATE PUBLIC SCH BLDG AUTH PA</name>
        <lei>5493006JN0UR7OGWTO86</lei>
        <title>State Public School Building Authority</title>
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          <isin value="US85732GUF52"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEXAS ST PRIV ACTIVITY BOND SU</name>
        <lei>N/A</lei>
        <title>Texas Private Activity Bond Surface Transportation Corp</title>
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          <isin value="US882667CM80"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>322545.03000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAN MATEO CNTY CA JT PWRS FING</name>
        <lei>N/A</lei>
        <title>San Mateo Joint Powers Financing Authority</title>
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          <isin value="US79904NGP96"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52840.76000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
        <lei>254900I3VDCQ58UGBR15</lei>
        <title>Metropolitan Pier &amp; Exposition Authority</title>
        <cusip>592250DL5</cusip>
        <identifiers>
          <isin value="US592250DL54"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>521883.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MUNI ELEC AUTH OF GEORGIA</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
        <title>Municipal Electric Authority of Georgia</title>
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          <isin value="US6262075E02"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>106007.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH DAKOTA ST HLTH &amp; EDUCTNL</name>
        <lei>549300ZW6LKR8UI2C378</lei>
        <title>South Dakota Health &amp; Educational Facilities Authority</title>
        <cusip>83755VE26</cusip>
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          <isin value="US83755VE262"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25841.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INDIANA ST FIN AUTH HOSP REVEN</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority</title>
        <cusip>45471ATD4</cusip>
        <identifiers>
          <isin value="US45471ATD45"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95444.15000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OHIO ST HGR EDUCTNL FAC COMMIS</name>
        <lei>5493007MQT6NGNN6BR81</lei>
        <title>Ohio Higher Educational Facility Commission</title>
        <cusip>67756DQU3</cusip>
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          <isin value="US67756DQU36"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>528320.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
        <lei>N/A</lei>
        <title>Pennsylvania Turnpike Commission Oil Franchise Tax Revenue</title>
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          <isin value="US709221VK83"/>
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        <balance>100000.00000000</balance>
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        <valUSD>104877.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHICAGO IL WTRWKS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Chicago IL Waterworks Revenue</title>
        <cusip>167736P43</cusip>
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          <isin value="US167736P433"/>
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        <balance>60000.00000000</balance>
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        <valUSD>63113.23000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>UTAH ST CHRT SCH FIN AUTH CHRT</name>
        <lei>N/A</lei>
        <title>Utah Charter School Finance Authority</title>
        <cusip>91754TSA2</cusip>
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          <isin value="US91754TSA24"/>
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        <balance>5000.00000000</balance>
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        <valUSD>5076.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-15</maturityDt>
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        <name>INDIANA FIN AUTH IN WSTWTR UTI</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority</title>
        <cusip>45505MFE1</cusip>
        <identifiers>
          <isin value="US45505MFE12"/>
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        <balance>325000.00000000</balance>
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        <valUSD>330414.70000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>LAFAYETTE PARISH LA SCH BRD SA</name>
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        <title>Lafayette Parish School Board Sale Tax Revenue</title>
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          <isin value="US506624UR49"/>
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        <balance>250000.00000000</balance>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission</title>
        <cusip>709225GJ9</cusip>
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          <isin value="US709225GJ99"/>
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        <balance>250000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-12-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>64990CC90</cusip>
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          <isin value="US64990CC908"/>
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        <balance>50000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>COLORADO ST EDUCTNL &amp; CULTURAL</name>
        <lei>549300BJRX2FHSSZP042</lei>
        <title>Colorado Educational &amp; Cultural Facilities Authority</title>
        <cusip>19645R6C0</cusip>
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        <name>VIRGINIA ST SMALL BUSINESS FIN</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>ILLINOIS ST FIN AUTH REVENUE</name>
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      <invstOrSec>
        <name>CHANDLER AZ INDL DEV AUTH INDL</name>
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          <isin value="US158862CE05"/>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
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        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526YCY95"/>
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        <curCd>USD</curCd>
        <valUSD>89700.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>HOOVER AL INDL DEV BRD ENVNMNT</name>
        <lei>N/A</lei>
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          <isin value="US439241AA80"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW JERSEY ST TRANSPRTN TRUST</name>
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        <title>New Jersey Transportation Trust Fund Authority</title>
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          <isin value="US6461365H06"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>506456.35000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PALM BEACH CNTY FL HLTH FACS A</name>
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        <title>Palm Beach County Health Facilities Authority</title>
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          <isin value="US69651ABU79"/>
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        <curCd>USD</curCd>
        <valUSD>216990.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>SAN FRANCISCO CALIF CITY &amp;CNTY</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>San Francisco City &amp; County Airport Comm-San Francisco International Airport</title>
        <cusip>79766DNK1</cusip>
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          <isin value="US79766DNK18"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105504.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>WARRENSVILLE HEIGHTS OH CITY S</name>
        <lei>N/A</lei>
        <title>Warrensville Heights City School District</title>
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          <isin value="US936121KF83"/>
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        <curCd>USD</curCd>
        <valUSD>175153.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp</title>
        <cusip>041806MU1</cusip>
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          <isin value="US041806MU18"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20726.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission</title>
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          <isin value="US709224ZD44"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25904.36000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>W HARRIS CNTY TX REGL WTR AUTH</name>
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        <title>West Harris County Regional Water Authority</title>
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          <isin value="US95308RRG64"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>HAYS TX CONSOL INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Hays Consolidated Independent School District</title>
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          <isin value="US4211107D38"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2047-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isin value="US74514L3M75"/>
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        <name>M-S-R CA ENERGY AUTH GAS REVEN</name>
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        <lei>549300X44HXPLJU48U63</lei>
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        <name>HOUSTON TX ARPT SYS REVENUE</name>
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        <name>MET TRANSPRTN AUTH NY DEDICATE</name>
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          <isin value="US59260XCX49"/>
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        <name>BROWARD CNTY FL PORT FACS REVE</name>
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        <name>MELISSA TX INDEP SCH DIST</name>
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        <name>TOBACCO SECURITIZATION AUTH ST</name>
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        <name>PORT AUTH OF NEW YORK &amp; NEW JE</name>
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        <name>CHICAGO IL O'HARE INTERNATIONA</name>
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        <name>PALM BEACH CNTY FL HLTH FACS A</name>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <name>RIVER ISLANDS CA PUBLIC FING A</name>
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          <maturityDt>2052-09-01</maturityDt>
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          <isin value="US4423487V45"/>
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          <maturityDt>2028-07-15</maturityDt>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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          <isin value="US650116HV17"/>
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          <maturityDt>2054-12-31</maturityDt>
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        <name>ILLINOIS ST</name>
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          <isin value="US452152H202"/>
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          <maturityDt>2029-02-01</maturityDt>
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        <name>OHIO ST AIR QUALITY DEV AUTH</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>Ohio Air Quality Development Authority</title>
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          <isin value="US677525WF08"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-11-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>TEXAS ST PRIV ACTIVITY BOND SU</name>
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        <title>Texas Private Activity Bond Surface Transportation Corp</title>
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          <isin value="US882667BL17"/>
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        <balance>75000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-31</maturityDt>
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        <name>HONOLULU CITY &amp; CNTY HI WSTWTR</name>
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        <valUSD>114974.23000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <title>New York Transportation Development Corp</title>
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        <name>LOUISIANA ST PUBLIC FACS AUTH</name>
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        <name>VIA MET TRANSIT ADVANCED TRANS</name>
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        <name>New York City Municipal Water Finance Authority</name>
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        <name>CALIFORNIA ST MUNI FIN AUTH SP</name>
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        <name>SAINT JOHN THE BAPTIST PARISH</name>
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        <invCountry>US</invCountry>
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        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
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        <name>ENERGY S E AL A COOPERATIVE DI</name>
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        <name>PUBLIC FIN AUTH WI STUDENT HSG</name>
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        <name>ARLINGTON TX SPL TAX REVENUE</name>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <name>MICHIGAN ST FIN AUTH REVENUE</name>
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        <name>BUCKEYE OH TOBACCO SETTLEMENT</name>
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        <name>GTR ORLANDO FL AVIATION AUTH A</name>
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      <invstOrSec>
        <name>BEXAR CNTY TX HOSP DIST</name>
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        <name>MET WASHINGTON DC ARPTS AUTH A</name>
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        <name>PHOENIX AZ INDL DEV AUTH EDU R</name>
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        <name>GEORGIA ST HGR EDU FACS AUTH R</name>
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        <name>BLACK BELT ENERGY GAS DIST AL</name>
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        <name>BLACK BELT ENERGY GAS DIST AL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CO HIGH PERFORMANCE TRANSPRTN</name>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <name>NEW JERSEY ST ECON DEV AUTH SP</name>
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        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526YDG7</cusip>
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          <isin value="US74526YDG70"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA CMNTY CHOICE FING A</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority</title>
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          <isin value="US13013JEP75"/>
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        <curCd>USD</curCd>
        <valUSD>1908498.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MICHIGAN ST FIN AUTH REVENUE</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>59447TUJ0</cusip>
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          <isin value="US59447TUJ05"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94400.72000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ELGIN TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Elgin Independent School District</title>
        <cusip>286533UL6</cusip>
        <identifiers>
          <isin value="US286533UL69"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>753266.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526YCZ6</cusip>
        <identifiers>
          <isin value="US74526YCZ60"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission</title>
        <cusip>709225AW6</cusip>
        <identifiers>
          <isin value="US709225AW64"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>538268.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH ST PERSO</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>64990KDC4</cusip>
        <identifiers>
          <isin value="US64990KDC45"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104082.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ILLINOIS ST FIN AUTH REVENUE</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
        <cusip>45204FAW5</cusip>
        <identifiers>
          <isin value="US45204FAW59"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109951.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAIN STREET NATURAL GAS INC GA</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>Main Street Natural Gas Inc</title>
        <cusip>56035DFK3</cusip>
        <identifiers>
          <isin value="US56035DFK37"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>268041.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>WISCONSIN ST HLTH &amp; EDUCTNL FA</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health &amp; Educational Facilities Authority</title>
        <cusip>97712DPV2</cusip>
        <identifiers>
          <isin value="US97712DPV28"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>496683.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAIN STREET NATURAL GAS INC GA</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>Main Street Natural Gas Inc</title>
        <cusip>56035DBV3</cusip>
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          <isin value="US56035DBV38"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207749.04000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ANCHORAGE AK PORT REVENUE</name>
        <lei>N/A</lei>
        <title>Municipality of Anchorage AK</title>
        <cusip>033252AA5</cusip>
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          <isin value="US033252AA53"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>154358.28000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
        <lei>N/A</lei>
        <title>New York Transportation Development Corp</title>
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          <isin value="US650116HA79"/>
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        <valUSD>261603.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOBILE CNTY AL INDL DEV AUTH S</name>
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        <title>Mobile County Industrial Development Authority</title>
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          <isin value="US60733UAA97"/>
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        <valUSD>458545.23000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>ARKANSAS DEV FIN AUTH ENVIRONM</name>
        <lei>N/A</lei>
        <title>Arkansas Development Finance Authority</title>
        <cusip>04110FAB1</cusip>
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          <isin value="US04110FAB13"/>
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        <balance>200000.00000000</balance>
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        <valUSD>212604.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>65000BPS1</cusip>
        <identifiers>
          <isin value="US65000BPS15"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>250588.88000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>CALIFORNIA ST MUNI FIN AUTH RE</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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          <isin value="US13048VBU17"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103680.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York NY</title>
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        <balance>250000.00000000</balance>
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        <valUSD>269435.90000000</valUSD>
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        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NORTH CAROLINA ST TURNPIKE AUT</name>
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          <maturityDt>2042-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>SALT VERDE AZ FINANCIAL CORP S</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST ECON DEV FING</name>
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        <title>Pennsylvania Economic Development Financing Authority</title>
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          <isin value="US70868YAW93"/>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2053-06-30</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WHITESBORO TX INDEP SCH DIST</name>
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          <isin value="US965611KA35"/>
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        <curCd>USD</curCd>
        <valUSD>495473.00000000</valUSD>
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          <maturityDt>2054-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>AUSTIN TX ARPT SYS REVENUE</name>
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          <isin value="US052398GY47"/>
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        <curCd>USD</curCd>
        <valUSD>258730.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ALLEGHENY CNTY PA HOSP DEV AUT</name>
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        <title>Allegheny County Hospital Development Authority</title>
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          <isin value="US01728A5C64"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150705.59000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FLORIDA ST DEV FIN CORP</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp</title>
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          <isin value="US340618DV61"/>
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        <balance>900000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW YORK ST DORM AUTH SALES TA</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
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          <isin value="US64990AMP74"/>
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        <balance>100000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>INDIANAPOLIS IN LOCAL PUBLIC I</name>
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        <title>Indianapolis Local Public Improvement Bond Bank</title>
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        <balance>300000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>GRAND PARKWAY TRANSPRTN CORP T</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ILLINOIS ST FIN AUTH HEALTH SV</name>
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        <title>Illinois Finance Authority</title>
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        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
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        <name>DIST OF COLUMBIA REVENUE</name>
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        <name>SAINT JOHN THE BAPTIST PARISH</name>
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        <name>PUBLIC FIN AUTH WI HLTHCARE SY</name>
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          <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>2025-01-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Legg Mason Partners Institutional Trust</ncom:nameOfApplicant>
      <ncom:signature>Christopher Berarducci</ncom:signature>
      <ncom:signerName>Christopher Berarducci</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
