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          <isCashCollateral>N</isCashCollateral>
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        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Hampshire Health and Education Facilities Authority Act</name>
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        <name>Lakewood Ranch Stewardship District</name>
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          <maturityDt>2054-05-01</maturityDt>
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          <annualizedRt>6.30000000</annualizedRt>
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        <name>Uptown Development Authority</name>
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        <balance>750000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
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          <isin value="US34061QBU04"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New Hampshire Business Finance Authority</name>
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          <isin value="US63607EAD67"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-08-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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          <isin value="US64542YBG08"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <name>Chicago Board of Education</name>
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          <isin value="US167505ZF68"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>402183.64000000</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>2047-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Kentucky Economic Development Finance Authority</name>
        <lei>N/A</lei>
        <title>Kentucky Economic Development Finance Authority, Series 2016 A</title>
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          <isin value="US49126PFH82"/>
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        <balance>500000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FHLMC, Multi-family ML Pass-Through Certificates</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>County of Lincoln SD</name>
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        <name>Philadelphia Authority for Industrial Development</name>
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          <maturityDt>2047-12-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
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        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2024-1, Class B-1</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-01</maturityDt>
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        <name>Lancaster County Hospital Authority/PA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Love Field Airport Modernization Corp.</name>
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        <title>Love Field Airport Modernization Corp., Series 2015</title>
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          <isin value="US54714CAT45"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DeKalb County Housing Authority</name>
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        <balance>5000000.00000000</balance>
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        <valUSD>5042023.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-03-01</maturityDt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-02-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Public Finance Authority</name>
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          <isin value="US88277PBB04"/>
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        <name>Public Finance Authority</name>
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        <name>Indiana Finance Authority</name>
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        <name>Arlington Higher Education Finance Corp.</name>
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      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
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      <invstOrSec>
        <name>Allegheny County Airport Authority</name>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <name>Public Finance Authority</name>
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        <name>New Hampshire Health and Education Facilities Authority Act</name>
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        <name>Public Finance Authority</name>
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        <name>Hammond Multi-School Building Corp.</name>
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        <name>Illinois Finance Authority</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>Industrial Development Authority of the County of Pima (The)</name>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>Metropolitan Transportation Authority</name>
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        <name>Texas Transportation Finance Corp</name>
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          <maturityDt>2055-10-01</maturityDt>
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        <name>City of Ramsey MN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States of America</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-06</maturityDt>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Public Finance Authority</name>
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        <name>Industrial Development Authority of the County of Pima (The)</name>
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        <name>Public Finance Authority</name>
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        <name>Suffolk Regional Off-Track Betting Co.</name>
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        <name>Baldwin County Industrial Development Authority</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
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        <name>Maryland Economic Development Corp.</name>
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      <invstOrSec>
        <name>City of Detroit MI</name>
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      <invstOrSec>
        <name>Palm Beach County Health Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-15</maturityDt>
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        <name>Gainesville &amp; Hall County Hospital Authority</name>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
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        <name>Michigan Finance Authority</name>
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          <isin value="US594479HP57"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Las Vegas NV Special Improvement District No. 818</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-01</maturityDt>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
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          <isin value="US34061UJT60"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Pontiac School District</name>
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        <name>Public Finance Authority</name>
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        <name>Chicago Board of Education</name>
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        <name>Utah Infrastructure Agency</name>
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        <name>Austin-Bergstrom Landhost Enterprises, Inc.</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Great Lakes Water Authority Sewage Disposal System Revenue</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Public Finance Authority</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Passaic County Improvement Authority (The)</name>
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        <name>Tobacco Settlement Financing Corp.</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Halifax Hospital Medical Center</name>
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        <name>Clackamas County Hospital Facility Authority</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>City of Gaithersburg MD</name>
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        <name>King County Public Hospital District No. 1</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Texas Public Finance Authority</name>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Capital Trust Authority</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>New York Counties Tobacco Trust VI</name>
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      <invstOrSec>
        <name>Del Webb Oak Creek Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of Okaloosa</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Las Vegas NV Special Improvement District No. 816</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
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          <isin value="US249182QN99"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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          <isin value="US97712D8S82"/>
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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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      <invstOrSec>
        <name>Louisville Regional Airport Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Cleveland-Cuyahoga County Port Authority</name>
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          <isin value="US18610PAW86"/>
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        <curCd>USD</curCd>
        <valUSD>500779.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-01</maturityDt>
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        <name>New York City Housing Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Seagoville TX</name>
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        <name>Public Finance Authority</name>
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          <isin value="US74441XJK63"/>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2041-02-20</maturityDt>
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        <name>Central Texas Turnpike System</name>
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        <name>Lancaster County Hospital Authority/PA</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <invCountry>US</invCountry>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>Dallas Fort Worth International Airport</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CSCDA Community Improvement Authority</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>Putnam Funds Trust</name>
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        <name>Harbor Point Infrastructure Improvement District</name>
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        <name>Atlanta Development Authority (The)</name>
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        <name>Empire State Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Utah Infrastructure Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Regional Transportation District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-15</maturityDt>
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        <name>Massachusetts Development Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
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        <name>Denver Health &amp; Hospital Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-05-01</maturityDt>
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        <name>Florida Higher Educational Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>Capital Trust Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>East Nassau Stewardship District</name>
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        <name>Municipal Electric Authority of Georgia</name>
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        <name>Houston Higher Education Finance Corp.</name>
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        <name>Lakeside at Satilla Community Development District</name>
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        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority, Series 2019 A</title>
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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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Metropolitan Pier &amp; Exposition Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
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          <isin value="US650116AR77"/>
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        <curCd>USD</curCd>
        <valUSD>498605.15000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
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          <isin value="US74439YDH18"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Iowa Finance Authority</name>
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          <isin value="US46247SBM52"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>1676526.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Community Housing &amp; Economic Development Corp.</name>
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          <isin value="US88231CAA71"/>
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        <balance>625000.00000000</balance>
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        <valUSD>586013.56000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>District of Columbia</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-06-01</maturityDt>
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        <name>MIDA Mountain Village Public Infrastructure District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Colorado Health Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-01-01</maturityDt>
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        <name>Allegheny County Airport Authority</name>
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        <balance>3480000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Finance Authority</name>
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          <isin value="US74445QDW78"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Utah Infrastructure Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>New York Transportation Development Corp.</name>
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          <isin value="US650116JP21"/>
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        <name>Grays Harbor County Public Hospital District No. 1</name>
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          <isin value="US389526AH78"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
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      <invstOrSec>
        <name>County of Maui HI</name>
        <lei>N/A</lei>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Alaska Industrial Development &amp; Export Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Village Community Development District No. 15</name>
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        <name>Great Lakes Water Authority Sewage Disposal System Revenue</name>
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        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Beaumont Housing Authority</name>
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          <isin value="US07451AAA43"/>
          <other otherDesc="Inhouse Asset ID" value="1481802"/>
        </identifiers>
        <balance>625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>621822.38000000</valUSD>
        <pctVal>0.199143393444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lancaster County Hospital Authority/PA</name>
        <lei>N/A</lei>
        <title>Lancaster County Hospital Authority, Series 2019 A</title>
        <cusip>51404PAJ8</cusip>
        <identifiers>
          <isin value="US51404PAJ84"/>
          <other otherDesc="Inhouse Asset ID" value="1293567"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>912402.60000000</valUSD>
        <pctVal>0.292203940861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</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>Clifton Higher Education Finance Corp.</name>
        <lei>N/A</lei>
        <title>Clifton Higher Education Finance Corp., Series 2025 A</title>
        <cusip>187145VQ7</cusip>
        <identifiers>
          <isin value="US187145VQ71"/>
          <other otherDesc="Inhouse Asset ID" value="1485202"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1055589.90000000</valUSD>
        <pctVal>0.338060773515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-15</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>Town of Providence Village TX</name>
        <lei>N/A</lei>
        <title>Town of Providence Village, Series 2025</title>
        <cusip>743816AG5</cusip>
        <identifiers>
          <isin value="US743816AG50"/>
          <other otherDesc="Inhouse Asset ID" value="1446616"/>
        </identifiers>
        <balance>385000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>384417.84000000</valUSD>
        <pctVal>0.123112765993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-09-01</maturityDt>
          <couponKind>Fixed</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>
      <invstOrSec>
        <name>Uptown Development Authority</name>
        <lei>N/A</lei>
        <title>Uptown Development Authority, Series 2021</title>
        <cusip>916856HS9</cusip>
        <identifiers>
          <isin value="US916856HS94"/>
          <other otherDesc="Inhouse Asset ID" value="1293963"/>
        </identifiers>
        <balance>725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>588373.68000000</valUSD>
        <pctVal>0.188431190348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>Port of Seattle WA</name>
        <lei>549300T9UCDUJ3GZL429</lei>
        <title>Port of Seattle, Series 2022 B</title>
        <cusip>735389V62</cusip>
        <identifiers>
          <isin value="US735389V622"/>
          <other otherDesc="Inhouse Asset ID" value="1295332"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1064798.30000000</valUSD>
        <pctVal>0.341009834345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</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>New York City Housing Development Corp.</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp., Series 2020 I-1</title>
        <cusip>64972ETS8</cusip>
        <identifiers>
          <isin value="US64972ETS80"/>
          <other otherDesc="Inhouse Asset ID" value="1128787"/>
        </identifiers>
        <balance>2025000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1478118.17000000</valUSD>
        <pctVal>0.473378697444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</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>2025-12-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam Municipal Opportunities Trust</ncom:nameOfApplicant>
      <ncom:signature>Chris Beararducci</ncom:signature>
      <ncom:signerName>Chris Beararducci</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
