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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CASTLEBERRY TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Castleberry Independent School District</title>
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          <isin value="US148537QK23"/>
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        <curCd>USD</curCd>
        <valUSD>222886.35000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-02-15</maturityDt>
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      <invstOrSec>
        <name>COLORADO ST EDUCTNL &amp; CULTURAL</name>
        <lei>549300BJRX2FHSSZP042</lei>
        <title>Colorado Educational &amp; Cultural Facilities Authority</title>
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          <isin value="US19645R6C06"/>
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        <curCd>USD</curCd>
        <valUSD>50379.88000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SPARKS NV TOURISM IMPT DIST #1</name>
        <lei>N/A</lei>
        <title>City of Sparks NV</title>
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          <isin value="US846562AD84"/>
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        <curCd>USD</curCd>
        <valUSD>145749.84000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CENTRL TX REGL MOBILITY AUTH R</name>
        <lei>N/A</lei>
        <title>Central Texas Regional Mobility Authority</title>
        <cusip>155498LX4</cusip>
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          <isin value="US155498LX41"/>
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        <balance>1245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1084894.87000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLORADO ST HLTH FACS AUTH REV</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority</title>
        <cusip>19648FWU4</cusip>
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          <isin value="US19648FWU47"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>151135.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHICAGO IL WSTWTR TRANSMISSION</name>
        <lei>N/A</lei>
        <title>City of Chicago IL Wastewater Transmission Revenue</title>
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          <isin value="US167727YK64"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35037.77000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NATIONAL FIN AUTH NH REVENUE</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority</title>
        <cusip>63607YCQ1</cusip>
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          <isin value="US63607YCQ17"/>
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        <curCd>USD</curCd>
        <valUSD>1078738.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS ST PORT AUTH</name>
        <lei>254900JRR8IDSSKWCL90</lei>
        <title>Massachusetts Port Authority</title>
        <cusip>575896TJ4</cusip>
        <identifiers>
          <isin value="US575896TJ48"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165147.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <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>
        <cusip>650116CL8</cusip>
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          <isin value="US650116CL89"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45446.65000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
        <lei>254900I3VDCQ58UGBR15</lei>
        <title>Metropolitan Pier &amp; Exposition Authority</title>
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          <isin value="US592250EX83"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>421689.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-12-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MELISSA TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Melissa Independent School District</title>
        <cusip>585488ZQ5</cusip>
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          <isin value="US585488ZQ51"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216631.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>RHODE ISLAND ST HLTH &amp; EDUCTNL</name>
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        <title>Rhode Island Health and Educational Building Corp</title>
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        <balance>250000.00000000</balance>
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        <valUSD>220644.38000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-15</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
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        <name>PUERTO RICO SALES TAX FING COR</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</title>
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          <isin value="US74529JQG30"/>
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        <balance>630000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WEST VIRGINIA ST ECON DEV AUTH</name>
        <lei>549300WW88TKKF5H1220</lei>
        <title>West Virginia Economic Development Authority</title>
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          <isin value="US95648VBU26"/>
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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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          <isCashCollateral>N</isCashCollateral>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
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          <isin value="US04052BBN38"/>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2047-07-01</maturityDt>
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        <name>PORT OF SEATTLE WA REVENUE</name>
        <lei>549300T9UCDUJ3GZL429</lei>
        <title>Port of Seattle WA</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-08-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW JERSEY ST TRANSPRTN TRUST</name>
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        <title>New Jersey Transportation Trust Fund Authority</title>
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      <invstOrSec>
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      <invstOrSec>
        <name>CENTRL PLAINS ENERGY PROJ NE G</name>
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          <isin value="US154871CJ40"/>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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          <isin value="US650116CJ34"/>
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          <maturityDt>2030-01-01</maturityDt>
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      <invstOrSec>
        <name>TARRANT CNTY TX CULTURAL EDU F</name>
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          <isin value="US87638RKB23"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-15</maturityDt>
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        <name>DIST OF COLUMBIA REVENUE</name>
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          <isin value="US25483VTS33"/>
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        <curCd>USD</curCd>
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          <maturityDt>2042-07-01</maturityDt>
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      <invstOrSec>
        <name>HONOLULU CITY &amp; CNTY HI WSTWTR</name>
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        <title>City &amp; County Honolulu HI Wastewater System Revenue</title>
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          <isin value="US4387014P67"/>
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          <maturityDt>2038-07-01</maturityDt>
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        <name>ILLINOIS ST</name>
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          <isin value="US4521522N01"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US708686ES52"/>
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          <couponKind>Variable</couponKind>
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        <name>NEW YORK ST DORM AUTH SALES TA</name>
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        <name>KENTUCKY ST ECON DEV FIN AUTH</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
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        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
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        <name>ORANGE CNTY FL HLTH FACS AUTH</name>
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        <name>SALEM OR HOSP FAC AUTH REVENUE</name>
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        <name>GREAT LAKES MI WTR AUTH WTR SP</name>
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      <invstOrSec>
        <name>SAINT JOHN THE BAPTIST PARISH</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>HARRIS CNTY TX CULTURAL EDU FA</name>
        <lei>N/A</lei>
        <title>Harris County Cultural Education Facilities Finance Corp</title>
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          <isin value="US414009QZ62"/>
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      <invstOrSec>
        <name>GRAND FORKS ND HLTH CARE SYS R</name>
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          <couponKind>Fixed</couponKind>
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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="US6461367L99"/>
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        <valUSD>422122.20000000</valUSD>
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          <maturityDt>2050-06-15</maturityDt>
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        <name>BLACK BELT ENERGY GAS DIST AL</name>
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          <isin value="US09182TBT34"/>
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        <debtSec>
          <maturityDt>2053-11-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>ALAMEDA CA CORRIDOR TRANSPRTN</name>
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          <isin value="US010869GY52"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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        <title>Metropolitan Transportation Authority</title>
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          <isin value="US59261AG682"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MET WASHINGTON DC ARPTS AUTH A</name>
        <lei>N/A</lei>
        <title>Metropolitan Washington Airports Authority Aviation Revenue</title>
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          <isin value="US592647MN87"/>
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        <balance>500000.00000000</balance>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <title>California Community Choice Financing Authority</title>
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          <isin value="US13013JEB89"/>
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        <curCd>USD</curCd>
        <valUSD>364721.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
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      <invstOrSec>
        <name>ONEIDA CO NY LOCAL DEV CORP RE</name>
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        <title>Oneida County Local Development Corp</title>
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          <isin value="US682440BM30"/>
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          <maturityDt>2049-12-01</maturityDt>
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        <name>AUSTIN TX ARPT SYS REVENUE</name>
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          <isin value="US052398GY47"/>
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      <invstOrSec>
        <name>ANCHORAGE AK PORT REVENUE</name>
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          <isin value="US033252AA53"/>
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        <name>HONOLULU CITY &amp; CNTY HI WSTWTR</name>
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        <name>PHILADELPHIA PA AUTH FOR INDLD</name>
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        <title>Philadelphia Authority for Industrial Development</title>
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        <name>MOBILE CNTY AL INDL DEV AUTH S</name>
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        <name>ILLINOIS ST FIN AUTH ACADEMIC</name>
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        <title>Illinois Finance Authority</title>
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        <name>PUBLIC FIN AUTH WI STUDENT HSG</name>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
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        <title>New York City Housing Development Corp</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LONGVIEW TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Longview Independent School District</title>
        <cusip>543264ZJ7</cusip>
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          <isin value="US543264ZJ75"/>
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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>2049-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO IL TRANSIT AUTH SALES</name>
        <lei>N/A</lei>
        <title>Chicago Transit Authority Sales Tax Receipts Fund</title>
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        <identifiers>
          <isin value="US16772PCB04"/>
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        <curCd>USD</curCd>
        <valUSD>48979.89000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</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>ARLINGTON TX SPL TAX REVENUE</name>
        <lei>N/A</lei>
        <title>City of Arlington TX Special Tax Revenue</title>
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          <isin value="US04184RDD98"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96658.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FING COR</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</title>
        <cusip>74529JQC2</cusip>
        <identifiers>
          <isin value="US74529JQC26"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55223.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
        <lei>254900I3VDCQ58UGBR15</lei>
        <title>Metropolitan Pier &amp; Exposition Authority</title>
        <cusip>592248BC1</cusip>
        <identifiers>
          <isin value="US592248BC11"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>354416.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FORT PIERCE FL UTILITIES AUTH</name>
        <lei>N/A</lei>
        <title>Fort Pierce Utilities Authority</title>
        <cusip>348430PV5</cusip>
        <identifiers>
          <isin value="US348430PV58"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85881.22000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Salt Lake City UT Airport Revenue</title>
        <cusip>795576MB0</cusip>
        <identifiers>
          <isin value="US795576MB02"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1009055.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HILLSBOROUGH CNTY FLA INDL DEV</name>
        <lei>N/A</lei>
        <title>Hillsborough County Industrial Development Authority</title>
        <cusip>43233KAA2</cusip>
        <identifiers>
          <isin value="US43233KAA25"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000.00000000</valUSD>
        <pctVal>0.108095055378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.15000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>M-S-R CA ENERGY AUTH GAS REVEN</name>
        <lei>549300UEMSS1JTK5YB98</lei>
        <title>M-S-R Energy Authority</title>
        <cusip>55374SAA8</cusip>
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          <isin value="US55374SAA87"/>
          <other otherDesc="SEDOL" value="B5PXGW2"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42011.99000000</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>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COLORADO ST HLTH FACS AUTH REV</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority</title>
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          <isin value="US19648FHS65"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44989.95000000</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>2048-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>COLORADO SPRINGS CO UTILITIES</name>
        <lei>N/A</lei>
        <title>City of Colorado Springs CO Utilities System Revenue</title>
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          <isin value="US1966322P76"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>VAN ALSTYNE TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Van Alstyne Independent School District</title>
        <cusip>920496XA9</cusip>
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          <isin value="US920496XA92"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOLALLA RIVER OR SCH DIST #35</name>
        <lei>N/A</lei>
        <title>Clackamas County School District No 35 Molalla River</title>
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          <isin value="US608479BN04"/>
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        <name>SAINT JOHN THE BAPTIST PARISH</name>
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          <isin value="US79020FBB13"/>
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        <balance>600000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp</title>
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          <isin value="US87638RKC06"/>
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        <name>OMAHA NE PUBLIC PWR DIST ELEC</name>
        <lei>54930000VJEJ9CGIYG32</lei>
        <title>Omaha Public Power District</title>
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          <isin value="US682001HC94"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>VIRGINIA ST SMALL BUSINESS FIN</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority</title>
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          <isin value="US928104PN29"/>
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        <balance>350000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
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        <name>AMERICAN MUNI PWR-OHIO INC OH</name>
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      <invstOrSec>
        <name>PENNSYLVANIA ST ECON DEV FING</name>
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          <isin value="US70869PPB75"/>
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      <invstOrSec>
        <name>ALAMEDA CA CORRIDOR TRANSPRTN</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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          <isin value="US650116DV52"/>
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        <curCd>USD</curCd>
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          <maturityDt>2040-12-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>ELGIN TX INDEP SCH DIST</name>
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        <title>Elgin Independent School District</title>
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          <isin value="US286533UL69"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2049-08-01</maturityDt>
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        <name>ILLINOIS ST</name>
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          <isin value="US452153KF58"/>
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        <name>HOUSTON TX ARPT SYS REVENUE</name>
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        <title>City of Houston TX Airport System Revenue</title>
        <cusip>442349GA8</cusip>
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          <isin value="US442349GA89"/>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <title>New York Transportation Development Corp</title>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>PUBLIC FIN AUTH WI REVENUE</name>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <name>VIRGINIA ST SMALL BUSINESS FIN</name>
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        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
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        <name>CHICAGO IL BRD OF EDU</name>
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        <name>GTR ORLANDO FL AVIATION AUTH A</name>
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      <invstOrSec>
        <name>HOUSTON TX ARPT SYS REVENUE</name>
        <lei>N/A</lei>
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          <isin value="US4423487V45"/>
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        <valUSD>100445.89000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INDIANA FIN AUTH IN WSTWTR UTI</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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          <isin value="US45505MFE12"/>
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        <curCd>USD</curCd>
        <valUSD>326856.24000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SAN FRANCISCO CALIF CITY &amp;CNTY</name>
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          <isin value="US79766DNK18"/>
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        <valUSD>103377.56000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>WISCONSIN ST HLTH &amp; EDUCTNL FA</name>
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          <isin value="US97712DPV28"/>
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        <curCd>USD</curCd>
        <valUSD>441569.50000000</valUSD>
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        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INDIANA FIN AUTH MIDWESTERN DI</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority</title>
        <cusip>45470CAG4</cusip>
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          <isin value="US45470CAG42"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101258.55000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>VOLUSIA CNTY FL EDUCTNL FAC AU</name>
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        <title>Volusia County Educational Facility Authority</title>
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          <isin value="US928836MP74"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WASHINGTON ST HLTH CARE FACS A</name>
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        <title>Washington Health Care Facilities Authority</title>
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          <isin value="US93978HWK75"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>197050.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MET TRANSPRTN AUTH NY DEDICATE</name>
        <lei>N/A</lei>
        <title>Metropolitan Transportation Authority Dedicated Tax Fund</title>
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          <isin value="US59260XCX49"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>869971.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <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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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>175062.21000000</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>2044-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>BROWARD CNTY FL ARPT SYS REVEN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GRAND PARKWAY TRANSPRTN CORP T</name>
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        <name>INDIANAPOLIS IN LOCAL PUBLIC I</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>SALT LAKE CITY UT ARPT REVENUE</name>
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        <name>TOBACCO SETTLEMENT FING CORP N</name>
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        <invCountry>US</invCountry>
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        <name>TEXAS ST PRIV ACTIVITY BOND SU</name>
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          <maturityDt>2047-12-31</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-31</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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          <maturityDt>2047-07-01</maturityDt>
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          <maturityDt>2042-07-01</maturityDt>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW JERSEY ST TRANSPRTN TRUST</name>
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        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
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        <name>ILLINOIS ST FIN AUTH HEALTH SV</name>
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        <name>SOUTH CAROLINA ST JOBS-ECON DE</name>
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        <name>SANGER CA UNIF SCH DIST COPS</name>
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        <name>FLORIDA ST DEV FIN CORP</name>
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        <name>INDIANAPOLIS IN LOCAL PUBLIC I</name>
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        <name>PUERTO RICO CMWLTH AQUEDUCT &amp;</name>
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        <name>RIVER ISLANDS CA PUBLIC FING A</name>
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        <name>OHIO ST AIR QUALITY DEV AUTH</name>
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        <name>Empire State Development Corp</name>
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        <title>Empire State Development Corp (TOBs)</title>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <name>TOBACCO SECURITIZATION AUTH ST</name>
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          <maturityDt>2026-12-15</maturityDt>
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        <name>ILLINOIS ST</name>
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          <maturityDt>2027-11-01</maturityDt>
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        <name>ALAMEDA CA CORRIDOR TRANSPRTN</name>
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        <title>Alameda Corridor Transportation Authority</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-03-01</maturityDt>
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        <name>New York City Municipal Water Finance Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-06-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>CHICAGO IL BRD OF EDU</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <name>S E ALABAMA ST GAS SPLY DIST G</name>
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        <name>ILLINOIS ST SPORTS FACS AUTH</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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          <maturityDt>2054-12-31</maturityDt>
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        <name>CALIFORNIA ST MUNI FIN AUTH SP</name>
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        <name>MISSION TX ECON DEV CORP SOL W</name>
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        <name>CO HIGH PERFORMANCE TRANSPRTN</name>
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        <name>CHANDLER AZ INDL DEV AUTH INDL</name>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <title>New York Transportation Development Corp</title>
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      <invstOrSec>
        <name>MIAMI-DADE CNTY FL SEAPORT REV</name>
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      <invstOrSec>
        <name>ARLINGTON CNTY VA INDL DEV AUT</name>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
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          <isin value="US74526YCY95"/>
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          <maturityDt>2029-07-01</maturityDt>
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      <invstOrSec>
        <name>HEMPSTEAD TOWN NY LOCAL DEV CO</name>
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        <curCd>USD</curCd>
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          <maturityDt>2042-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>RIVER ISLANDS CA PUBLIC FING A</name>
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        <curCd>USD</curCd>
        <valUSD>255273.78000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>BUCKEYE OH TOBACCO SETTLEMENT</name>
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        <title>Buckeye Tobacco Settlement Financing Authority</title>
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          <isin value="US118217CZ97"/>
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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>2055-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>HAYS TX CONSOL INDEP SCH DIST</name>
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        <title>Hays Consolidated Independent School District</title>
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          <isin value="US4211107D38"/>
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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>2047-02-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <title>Commonwealth of Puerto Rico</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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        <name>PUBLIC FIN AUTH WI HLTHCARE SY</name>
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        <title>Public Finance Authority</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK NY</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ILLINOIS ST</name>
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          <maturityDt>2027-02-01</maturityDt>
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        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
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        <name>VIA MET TRANSIT ADVANCED TRANS</name>
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        <name>TULSA OK MUNI ARPT TRUST TRUST</name>
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        <name>TENNESSEE ST ENERGY ACQUISITIO</name>
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        <name>UNIV OF CONNECTICUT CT REVENUE</name>
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        <title>University of Connecticut</title>
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          <isin value="US13048VBU17"/>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHICAGO IL O'HARE INTERNATIONA</name>
        <lei>N/A</lei>
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        <valUSD>249597.03000000</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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      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-12-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <curCd>USD</curCd>
        <valUSD>5005.91000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ARLINGTON CNTY VA INDL DEV AUT</name>
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        <title>Arlington County Industrial Development Authority</title>
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          <isin value="US041438GY26"/>
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        <curCd>USD</curCd>
        <valUSD>209613.26000000</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <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="US64613CCU09"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-06-15</maturityDt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WEST VIRGINIA ST ECON DEV AUTH</name>
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        <title>West Virginia Economic Development Authority</title>
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          <isin value="US95648VBV09"/>
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        <curCd>USD</curCd>
        <valUSD>149230.22000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-04-15</maturityDt>
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          <annualizedRt>4.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ORANGE CNTY FL HLTH FACS AUTH</name>
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        <title>Orange County Health Facilities Authority</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-10-01</maturityDt>
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        <name>WISCONSIN ST HLTH &amp; EDUCTNL FA</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-12-01</maturityDt>
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        <name>OHIO ST AIR QUALITY DEV AUTH</name>
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        <title>Ohio Air Quality Development Authority</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>NEW YORK ST DORM AUTH ST PERSO</name>
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        <name>OHIO ST AIR QUALITY DEV AUTH</name>
        <lei>549300DZUU80AYOR6M80</lei>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JEFFERSON CNTY AL SWR REVENUE</name>
        <lei>N/A</lei>
        <title>County of Jefferson AL Sewer Revenue</title>
        <cusip>472682ZR7</cusip>
        <identifiers>
          <isin value="US472682ZR71"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1010442.80000000</valUSD>
        <pctVal>1.092238704232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VINEYARD REDEV AGY UT TAX INCR</name>
        <lei>N/A</lei>
        <title>Vineyard Redevelopment Agency</title>
        <cusip>92743FCE3</cusip>
        <identifiers>
          <isin value="US92743FCE34"/>
        </identifiers>
        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>239753.03000000</valUSD>
        <pctVal>0.259161170551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>CONNECTICUT ST</name>
        <lei>N/A</lei>
        <title>State of Connecticut</title>
        <cusip>20772KGF0</cusip>
        <identifiers>
          <isin value="US20772KGF03"/>
        </identifiers>
        <balance>125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>124469.70000000</valUSD>
        <pctVal>0.134545591144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
        <lei>N/A</lei>
        <title>Louisville/Jefferson County Metropolitan Government</title>
        <cusip>54659LCA0</cusip>
        <identifiers>
          <isin value="US54659LCA08"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>454970.50000000</valUSD>
        <pctVal>0.491800613932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>SALT VERDE AZ FINANCIAL CORP S</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>Salt Verde Financial Corp</title>
        <cusip>79575EAR9</cusip>
        <identifiers>
          <isin value="US79575EAR99"/>
        </identifiers>
        <balance>495000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>520902.26000000</valUSD>
        <pctVal>0.563069586417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</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>PUERTO RICO SALES TAX FING COR</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</title>
        <cusip>74529JPV1</cusip>
        <identifiers>
          <isin value="US74529JPV16"/>
          <other otherDesc="SEDOL" value="BJHMTZ9"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9540.24000000</valUSD>
        <pctVal>0.010312527711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</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>BLACK BELT ENERGY GAS DIST AL</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District</title>
        <cusip>09182TCR6</cusip>
        <identifiers>
          <isin value="US09182TCR68"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>209426.08000000</valUSD>
        <pctVal>0.226379237153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-29</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>
