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        <name>Riverwalk Community Development District</name>
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        <name>Lakewood Ranch Stewardship District</name>
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        <name>Uptown Development Authority</name>
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        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <name>Chicago Board of Education</name>
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        <name>Kentucky Economic Development Finance Authority</name>
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        <name>FHLMC Structured 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>City of Mesquite TX</name>
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        <name>County of Lincoln SD</name>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Public Finance Authority</name>
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          <isin value="US74448FAA93"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-04-28</maturityDt>
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          <annualizedRt>6.81000000</annualizedRt>
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      <invstOrSec>
        <name>County of Washoe NV</name>
        <lei>N/A</lei>
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          <isin value="US940865BG28"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1542603.15000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lancaster County Hospital Authority/PA</name>
        <lei>N/A</lei>
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          <isin value="US514045V759"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>415708.05000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Love Field Airport Modernization Corp.</name>
        <lei>N/A</lei>
        <title>Love Field Airport Modernization Corp., Series 2015</title>
        <cusip>54714CAT4</cusip>
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          <isin value="US54714CAT45"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1001032.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DeKalb County Housing Authority</name>
        <lei>N/A</lei>
        <title>DeKalb County Housing Authority, Series 2024</title>
        <cusip>240471PF3</cusip>
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          <isin value="US240471PF32"/>
          <other otherDesc="Inhouse Asset ID" value="1337293"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5080239.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health &amp; Educational Facilities Authority, Series 2024 A</title>
        <cusip>97712JKM4</cusip>
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          <isin value="US97712JKM44"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1674610.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <title>Health &amp; Educational Facilities Authority of the State of Missouri, Series 2023 A</title>
        <cusip>60636AWD1</cusip>
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          <isin value="US60636AWD17"/>
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        <balance>1150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>875906.47000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission, Series 2020 A</title>
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          <isin value="US65820YRR98"/>
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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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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health &amp; Educational Facilities Authority, Series 2022 A</title>
        <cusip>97712D8N9</cusip>
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          <isin value="US97712D8N95"/>
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        <balance>3000000.00000000</balance>
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        <valUSD>3082669.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clifton Higher Education Finance Corp.</name>
        <lei>N/A</lei>
        <title>Clifton Higher Education Finance Corp., Series 2023</title>
        <cusip>187145SA6</cusip>
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          <isin value="US187145SA66"/>
          <other otherDesc="Inhouse Asset ID" value="1297053"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>1909109.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>Massachusetts Development Finance Agency, Series 2015 D</title>
        <cusip>57583U6R4</cusip>
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          <isin value="US57583U6R41"/>
          <other otherDesc="Inhouse Asset ID" value="600854"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>396224.48000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Public Finance Authority</name>
        <lei>N/A</lei>
        <title>Texas Public Finance Authority, Series 2023</title>
        <cusip>88277PBB0</cusip>
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          <isin value="US88277PBB04"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>439565.04000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2022 A</title>
        <cusip>74447DAD9</cusip>
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          <isin value="US74447DAD93"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>681297.68000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority, Series 2025 B</title>
        <cusip>45506ENJ8</cusip>
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          <isin value="US45506ENJ81"/>
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        <balance>455000.00000000</balance>
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        <valUSD>459021.47000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Goose Creek SC</name>
        <lei>N/A</lei>
        <title>City of Goose Creek, Series 2025</title>
        <cusip>38259TAC8</cusip>
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          <isin value="US38259TAC80"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200718.76000000</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>2055-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp., Series 2024</title>
        <cusip>041807JU3</cusip>
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          <isin value="US041807JU38"/>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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        <name>Summit County Development Finance 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>North Carolina Medical Care Commission</name>
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        <name>Metropolitan Washington Airports Authority</name>
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        <name>Washington Metropolitan Area Transit Authority Dedicated Revenue</name>
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        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
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        <name>Public Finance Authority</name>
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        <name>Kansas City Industrial Development Authority</name>
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        <name>District of Columbia</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-29</maturityDt>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-11-15</maturityDt>
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        <name>Louisiana Public Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Port Corners Community Development District</name>
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        <name>State of Michigan Trunk Line Revenue</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-11-15</maturityDt>
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      <invstOrSec>
        <name>Texas Transportation Finance Corp.</name>
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          <isin value="US88283PAP27"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Ramsey MN</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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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>County of Palm Beach FL</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <invCountry>US</invCountry>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
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        <name>Suffolk Regional Off-Track Betting Co.</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Paulding County Hospital Authority/GA</name>
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        <name>New York Liberty Development Corp.</name>
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        <name>Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado</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>Clackamas County Hospital Facility Authority</name>
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        <name>Virginia Small Business Financing Authority</name>
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      <invstOrSec>
        <name>Pinellas County Industrial Development Authority</name>
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      <invstOrSec>
        <name>New York Counties Tobacco Trust VI</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-06-01</maturityDt>
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        <name>Del Webb Oak Creek Community Development District</name>
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          <isin value="US245509AF18"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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      <invstOrSec>
        <name>County of Okaloosa FL</name>
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          <isin value="US678226AC56"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-15</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>City of Anna TX</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>City of Las Vegas NV Special Improvement District No. 816</name>
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          <isin value="US51779AAN90"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
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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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      <invstOrSec>
        <name>Vivid Shores Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <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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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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          <isin value="US97712D8S82"/>
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      <invstOrSec>
        <name>Louisville Regional Airport Authority</name>
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        <name>Cleveland-Cuyahoga County Port Authority</name>
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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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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Seagoville TX</name>
        <lei>N/A</lei>
        <title>City of Seagoville, Series 2025</title>
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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>2054-09-15</maturityDt>
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      <invstOrSec>
        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2057-03-01</maturityDt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-20</maturityDt>
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      <invstOrSec>
        <name>Central Texas Turnpike System</name>
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          <isin value="US88283KBJ60"/>
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        <balance>2825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2476396.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lancaster County Hospital Authority/PA</name>
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          <isin value="US514045X813"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2188079.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-01</maturityDt>
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          <annualizedRt>5.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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          <isin value="US60636AWA77"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lancaster County Hospital Authority/PA</name>
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          <isin value="US514045V593"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>480937.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Municipal Electric Authority of Georgia</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
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          <isin value="US62620HJY99"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1039145.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montgomery County Industrial Development Authority/PA</name>
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          <isin value="US613609K961"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>443903.00000000</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>2036-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74443UAZ66"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>253660.63000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-15</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>County of Washoe NV</name>
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          <isin value="US940865BH01"/>
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        <balance>4850000.00000000</balance>
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        <valUSD>4987750.19000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Texas Transportation Finance Corp.</name>
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          <isin value="US88283PAP27"/>
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        <balance>8000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8667130.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Pennsylvania Economic Development Financing Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Economic Development Financing Authority, Series 2022</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Dallas Fort Worth International Airport</name>
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          <isin value="US23503CGJ09"/>
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        <balance>1250000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>City of Crandall TX</name>
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        <valUSD>386578.14000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2055-09-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
        <lei>N/A</lei>
        <title>CSCDA Community Improvement Authority, Series 2021 A-2</title>
        <cusip>126292AR2</cusip>
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          <isin value="US126292AR25"/>
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        <balance>2735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1888056.65000000</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>2056-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Hampshire Business Finance Authority</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority, Series 2020 A</title>
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          <isin value="US63607YAN04"/>
          <other otherDesc="Inhouse Asset ID" value="1124745"/>
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        <balance>2540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2110216.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Black Desert Public Infrastructure District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Hampshire Business Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Putnam Short Term Investment Fund</name>
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          <isin value="US74676P6640"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Kentucky Public Energy Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harbor Point Infrastructure Improvement District</name>
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        <name>Atlanta Development Authority (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Empire State Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-09-01</maturityDt>
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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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        <balance>850000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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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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        <name>Florida Higher Educational Facilities Financing Authority</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <invCountry>US</invCountry>
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        <name>Capital Trust Authority</name>
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          <isin value="US14054WBX20"/>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.37500000</annualizedRt>
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        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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      <invstOrSec>
        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
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          <isin value="US546399SY35"/>
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        <valUSD>354900.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>East Nassau Stewardship District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Municipal Electric Authority of Georgia</name>
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        <curCd>USD</curCd>
        <valUSD>1722353.98000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Houston Higher Education Finance Corp.</name>
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          <isin value="US44237QAH83"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-10-01</maturityDt>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>Chicago O'Hare International Airport</title>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lakeside at Satilla Community Development District</name>
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        <title>Lakeside at Satilla Community Development District, Series 2025</title>
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          <isin value="US51210AAC09"/>
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        <curCd>USD</curCd>
        <valUSD>100501.52000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority, Series 2019 A</title>
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          <isin value="US59447TXH12"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <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>Metropolitan Pier &amp; Exposition Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Terra Lago Community Development District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-05-15</maturityDt>
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      <invstOrSec>
        <name>Texas Community Housing &amp; Economic Development Corp.</name>
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          <isin value="US88231CAA71"/>
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        <name>District of Columbia</name>
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      <invstOrSec>
        <name>MIDA Mountain Village Public Infrastructure District</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2050-08-01</maturityDt>
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        <name>Colorado Health Facilities Authority</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority, Series 2016</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Miami FL</name>
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        <name>Downtown Revitalization Public Infrastructure District</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>District of Columbia</name>
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        <name>Waterset South Community Development District</name>
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        <name>North Carolina Medical Care Commission</name>
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        <name>Florida Higher Educational Facilities Financing Authority</name>
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        <name>City of Chicago IL</name>
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        <name>Grand Parkway Transportation Corp.</name>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
        <lei>254900I3VDCQ58UGBR15</lei>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Alaska Industrial Development &amp; Export Authority</name>
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        <name>Village Community Development District No. 15</name>
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        <name>City of Long Beach CA Airport System Revenue</name>
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        <name>Public Finance Authority</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>Lakewood Ranch Stewardship District</name>
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        <name>Maricopa County Industrial Development Authority</name>
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        <name>Great Lakes Water Authority</name>
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        <name>Illinois Finance Authority</name>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2025</title>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-12-31</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>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>California School Finance Authority, Series 2021 A</title>
        <cusip>13058TPF1</cusip>
        <identifiers>
          <isin value="US13058TPF11"/>
          <other otherDesc="Inhouse Asset ID" value="1295424"/>
        </identifiers>
        <balance>1455000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1083315.16000000</valUSD>
        <pctVal>0.348232980560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-06-01</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>Harris County Cultural Education Facilities Finance Corp.</name>
        <lei>N/A</lei>
        <title>Harris County Cultural Education Facilities Finance Corp., Series 2013 A</title>
        <cusip>414009FA3</cusip>
        <identifiers>
          <isin value="US414009FA31"/>
          <other otherDesc="Inhouse Asset ID" value="1295317"/>
        </identifiers>
        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>780994.08000000</valUSD>
        <pctVal>0.251051500357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</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>Woodcreek Community Development District</name>
        <lei>N/A</lei>
        <title>Woodcreek Community Development District, Series 2025</title>
        <cusip>97925TAG9</cusip>
        <identifiers>
          <isin value="US97925TAG94"/>
          <other otherDesc="Inhouse Asset ID" value="1447770"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>193866.44000000</valUSD>
        <pctVal>0.062318603786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>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>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facs Bd</name>
        <lei>N/A</lei>
        <title>Metropolitan Government Nashville &amp; Davidson County Health &amp; Educational Facilities Board, Series 2020 A</title>
        <cusip>592041YV3</cusip>
        <identifiers>
          <isin value="US592041YV36"/>
          <other otherDesc="Inhouse Asset ID" value="1121126"/>
        </identifiers>
        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1782824.85000000</valUSD>
        <pctVal>0.573091224286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-01</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>Sugarloaf Community Development District</name>
        <lei>N/A</lei>
        <title>Sugarloaf Community Development District, Series 2026</title>
        <cusip>865037AC9</cusip>
        <identifiers>
          <isin value="US865037AC90"/>
          <other otherDesc="Inhouse Asset ID" value="1566223"/>
        </identifiers>
        <balance>190000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>188683.87000000</valUSD>
        <pctVal>0.060652660333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>Chicago O'Hare International Airport, Series 2018 A</title>
        <cusip>167593K92</cusip>
        <identifiers>
          <isin value="US167593K926"/>
          <other otherDesc="Inhouse Asset ID" value="1293314"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>311683.20000000</valUSD>
        <pctVal>0.100190945104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>Massachusetts Development Finance Agency, Series 2015</title>
        <cusip>57584XCF6</cusip>
        <identifiers>
          <isin value="US57584XCF69"/>
          <other otherDesc="Inhouse Asset ID" value="1293639"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000375.90000000</valUSD>
        <pctVal>0.321572054191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</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>Beaumont Housing Authority</name>
        <lei>N/A</lei>
        <title>Beaumont Housing Authority, Series 2025 A</title>
        <cusip>07451AAA4</cusip>
        <identifiers>
          <isin value="US07451AAA43"/>
          <other otherDesc="Inhouse Asset ID" value="1481802"/>
        </identifiers>
        <balance>625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>618637.69000000</valUSD>
        <pctVal>0.198861840607</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>930513.80000000</valUSD>
        <pctVal>0.299114796867</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>1041632.50000000</valUSD>
        <pctVal>0.334834038622</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>378363.29000000</valUSD>
        <pctVal>0.121625341429</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>599280.58000000</valUSD>
        <pctVal>0.192639473969</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>1071193.10000000</valUSD>
        <pctVal>0.344336329576</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>1460515.25000000</valUSD>
        <pctVal>0.469484409930</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>2026-03-02</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>
  <documents>XXXX</documents>
</edgarSubmission>
