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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Austin Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pennsylvania Turnpike Commission Oil Franchise Tax</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Comal Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Howard</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of California</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Charlotte-Mecklenburg Hospital Authority (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>West Virginia Commissioner of Highways</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Illinois State Toll Highway Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Water Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lower Colorado River Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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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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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New Hampshire Municipal Bond Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>El Paso Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Water Development Authority Water Pollution Control Loan Fund</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Tomball Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Spring Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Building Aid</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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        <name>State of Georgia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Virginia Public School Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Commonwealth of Pennsylvania</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Philadelphia Gas Works Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Virginia Commonwealth University Health System Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lone Star College System</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Alabama</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Austin Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Indiana University</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Maine Municipal Bond Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Indianapolis Local Public Improvement Bond Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New York State Environmental Facilities Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New Mexico Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>State of New York</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Grapevine-Colleyville Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arizona Board of Regents</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Missouri State Environmental Improvement &amp; Energy Resources Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>King County School District No. 415 Kent</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas State University System</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Austin Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Wisconsin</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nebraska Public Power District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Washington Metropolitan Area Transit Authority</name>
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        <name>Los Angeles County Metropolitan Transportation Authority Sales Tax</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Pennsylvania State University (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of Mississippi</name>
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          <isin value="US605581MV69"/>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Norfolk</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prosper Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Florida Department of Transportation Turnpike System</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pierce County School District No. 401 Peninsula</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mecklenburg County Public Facilities Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Municipal Power Agency No. 1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Diego Public Facilities Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Minneapolis</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Leander Independent School District</name>
        <lei>N/A</lei>
        <title>Leander Independent School District, Series 2025A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Colorado Springs</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Kentucky State Property &amp; Building Commission</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Sales Tax Securitization Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Department of Transportation State Highway Fund</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Metropolitan Atlanta Rapid Transit Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Iowa</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Memphis</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Florida Department of Transportation</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Salt River Project Agricultural Improvement &amp; Power District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alabama Federal Aid Highway Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Colorado Springs Utilities System</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York City Transitional Finance Authority Future Tax Secured</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Water Development Board</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>Virginia Resources Authority</name>
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          <isin value="US92818NJH26"/>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Florida Department of Transportation</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Building Aid</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York State Thruway Authority</name>
        <lei>N/A</lei>
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          <isin value="US650028ZU05"/>
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        <curCd>USD</curCd>
        <valUSD>412755.48000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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        <name>Pennsylvania Housing Finance Agency</name>
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          <isin value="US70879QFY44"/>
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        <balance>345000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>338460.04000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.05000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Gilbert Water Resource Municipal Property Corp.</name>
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          <isin value="US37530ABQ04"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Texas State University System</name>
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          <isin value="US88278PZV92"/>
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        <balance>485000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Texas Department of Transportation State Highway Fund</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>Cypress-Fairbanks Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Connecticut</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Minnesota Municipal Gas Agency</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Coast Community College District</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>North Texas Municipal Water District Upper East Fork Wastewater Interceptor System</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Massachusetts</name>
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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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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>Virginia Public School Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Kansas Department of Transportation</name>
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        <name>Board of Regents of the University of Texas System</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Washington &amp; Multnomah Counties School District No. 48J Beaverton</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Water Development Board</name>
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        <fairValLevel>2</fairValLevel>
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        <name>King County School District No. 414 Lake Washington</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Hawaii</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hudson Yards Infrastructure Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Southern California Public Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Metropolitan Council</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Illinois Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Virginia College Building Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New Jersey Turnpike Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas A&amp;M University</name>
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        <fairValLevel>2</fairValLevel>
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        <name>District of Columbia</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cypress-Fairbanks Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New York State Environmental Facilities Corp.</name>
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        <name>Energy Northwest</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Rhode Island Commerce Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pennsylvania Housing Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Indianapolis Department of Public Utilities Gas Utility</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Jersey Economic Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of California</name>
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        <fairValLevel>2</fairValLevel>
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        <name>East Bay Municipal Utility District Water System</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Alaska Housing Finance Corp.</name>
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        <name>University of Washington</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Water Development Authority Water Pollution Control Loan Fund</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Snohomish County School District No. 6 Mukilteo</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Water Development Authority</name>
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        <name>El Camino Community College District Fountation (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>West Virginia Commissioner of Highways</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Water Development Board</name>
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        <name>Energy Northwest</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gwinnett County Water &amp; Sewerage Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Jersey Infrastructure Bank</name>
        <lei>5493006ZE03IRA2BET07</lei>
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          <isin value="US6457916J89"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US574193QB75"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Wastewater System</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Klein Independent School District</name>
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        <name>County of Wake</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Omaha Public Power District Nebraska City Station Unit 2</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Clark County School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>University of California</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Washington</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City &amp; County of Honolulu</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dallas Area Rapid Transit</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Long Island Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Houston Combined Utility System</name>
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        <name>Regents of the University of California Medical Center Pooled</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Austin Water &amp; Wastewater System</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>University of California</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Houston Combined Utility System</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>West Virginia Lottery Excess Lottery</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Massachusetts Bay Transportation Authority Sales Tax</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Baltimore</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>San Mateo County Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Utah (The)</name>
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        <name>New York State Environmental Facilities Corp.</name>
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        <name>Massachusetts Clean Water Trust (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Transit Authority Capital Grant Receipts</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New York State Dormitory Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Katy Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>District of Columbia</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Los Angeles Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Water Development Board</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mountain View Los Altos Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Charlotte</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Indiana University</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Sales Tax Securitization Corp.</name>
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      <invstOrSec>
        <name>City &amp; County Honolulu Wastewater System</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Maryland</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Mississippi</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of California</name>
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        <valUSD>637608.71000000</valUSD>
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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>Austin Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Greenville County School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
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          <isin value="US64990AMC61"/>
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        <balance>515000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>531084.79000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System</name>
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        <title>Los Angeles Department of Water &amp; Power Water System, Series 2020B</title>
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          <isin value="US544525ZM32"/>
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        <balance>300000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Building Aid</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority Building Aid, Series 2019S-3A</title>
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        <identifiers>
          <isin value="US64972HX497"/>
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        <balance>520000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Bexar</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Louisiana</name>
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          <isin value="US546417AL04"/>
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        <balance>220000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Houston Combined Utility System</name>
        <lei>N/A</lei>
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          <isin value="US4424366C00"/>
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        <balance>215000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>Pittsburgh Water &amp; Sewer Authority</name>
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        <balance>155000.00000000</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>Indianapolis Local Public Improvement Bond Bank</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>North Texas Tollway Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Massachusetts Clean Water Trust (The)</name>
        <lei>549300SYPEROLSQU0261</lei>
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          <isin value="US57604PB783"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Oklahoma Industries Authority</name>
        <lei>N/A</lei>
        <title>Oklahoma Industries Authority, Series 2024</title>
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          <isin value="US67910FAC86"/>
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        <balance>1040000.00000000</balance>
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        <valUSD>1071664.46000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Board of Regents of the University of Texas System</name>
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        <name>Harris County Flood Control District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Alabama (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Portland Community College District</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lower Alabama Gas District (The)</name>
        <lei>549300YTI1NTDG2OVU42</lei>
        <title>Lower Alabama Gas District (The), Series 2016A</title>
        <cusip>547804AA2</cusip>
        <identifiers>
          <isin value="US547804AA22"/>
          <other otherDesc="Inhouse Asset ID" value="547804AA2"/>
        </identifiers>
        <balance>670000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>689397.30000000</valUSD>
        <pctVal>0.112283572558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</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>Burbank Unified School District</name>
        <lei>54930068ZHOQ5PICU256</lei>
        <title>Burbank Unified School District, Series 2002C</title>
        <cusip>12082SAZ7</cusip>
        <identifiers>
          <isin value="US12082SAZ74"/>
          <other otherDesc="Inhouse Asset ID" value="12082SAZ7"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>144922.44000000</valUSD>
        <pctVal>0.023603819317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power Water System</name>
        <lei>N/A</lei>
        <title>Los Angeles Department of Water &amp; Power Water System, Series 2023A</title>
        <cusip>544525Q92</cusip>
        <identifiers>
          <isin value="US544525Q929"/>
          <other otherDesc="Inhouse Asset ID" value="544525Q92"/>
        </identifiers>
        <balance>305000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>316528.48000000</valUSD>
        <pctVal>0.051553652082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</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>City of Austin</name>
        <lei>N/A</lei>
        <title>City of Austin Water &amp; Wastewater System, Series 2017</title>
        <cusip>052477N44</cusip>
        <identifiers>
          <isin value="US052477N445"/>
          <other otherDesc="Inhouse Asset ID" value="052477N44"/>
        </identifiers>
        <balance>125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>131032.58000000</valUSD>
        <pctVal>0.021341548921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</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>State of Oregon</name>
        <lei>549300R5SUGZRD8KP359</lei>
        <title>State of Oregon, Series F</title>
        <cusip>68609BSL2</cusip>
        <identifiers>
          <isin value="US68609BSL26"/>
          <other otherDesc="Inhouse Asset ID" value="68609BSL2"/>
        </identifiers>
        <balance>205000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>206351.16000000</valUSD>
        <pctVal>0.033608842747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</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>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority, Series 2017MI</title>
        <cusip>59447TPK3</cusip>
        <identifiers>
          <isin value="US59447TPK33"/>
          <other otherDesc="Inhouse Asset ID" value="59447TPK3"/>
        </identifiers>
        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>284410.53000000</valUSD>
        <pctVal>0.046322534744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Missouri Joint Municipal Electric Utility Commission</name>
        <lei>N/A</lei>
        <title>Missouri Joint Municipal Electric Utility Commission, Series 2025</title>
        <cusip>606092PZ1</cusip>
        <identifiers>
          <isin value="US606092PZ13"/>
          <other otherDesc="Inhouse Asset ID" value="606092PZ1"/>
        </identifiers>
        <balance>405000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>423091.92000000</valUSD>
        <pctVal>0.068909861263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
        <title>California State Public Works Board, Series 2018C</title>
        <cusip>13068L2P9</cusip>
        <identifiers>
          <isin value="US13068L2P90"/>
          <other otherDesc="Inhouse Asset ID" value="13068L2P9"/>
        </identifiers>
        <balance>295000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>309716.10000000</valUSD>
        <pctVal>0.050444105578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      
      
      
      
      
      <explntrNote note="Monthly returns presented in B.5.a have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort</ncom:signature>
      <ncom:signerName>Chuck Pulsfort</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
