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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 Atlanta GA Airport Passenger Facility Charge</name>
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        <name>Atlantic County Improvement Authority/The</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Belt Energy Gas 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>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City &amp; County of Broomfield CO Sales &amp; Use Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Broward FL Port Facilities Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Build NYC Resource Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Development Authority of Burke County/The</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CDW LLC/CDW FINANCE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Community Choice Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Community Choice Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Health Facilities Financing 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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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048VBT44"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Pollution Control Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US130536LT02"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>State of California</name>
        <lei>9845007J7054602FF597</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of California</name>
        <lei>9845007J7054602FF597</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California State Public Works Board</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CALIFORNIA ST STWD CMNTYS DEVAUTH POLL CONTROL REVENUE</title>
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          <isin value="US13078HBA95"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capital Projects Finance Authority/FL</name>
        <lei>N/A</lei>
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          <isin value="US140427BG91"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Central Brown County Water Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Central Plains Energy Project</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Central Plains Energy Project</name>
        <lei>SVQOT7V5CPLIGNP5BE29</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Central Texas Regional Mobility Authority</name>
        <lei>N/A</lei>
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          <isin value="US155498KD95"/>
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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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      <invstOrSec>
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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>Chattanooga Health Educational &amp; Housing Facility Board</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Board of Education</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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      <invstOrSec>
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      <invstOrSec>
        <name>Public Building Commission of Chicago</name>
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        <name>Chicago Transit Authority Capital Grant Receipts Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Chicago IL Wastewater Transmission Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Transit Authority Sales Tax Receipts Fund</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Chicago IL Waterworks Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Development Authority of Cobb County/The</name>
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        <name>Colorado Educational &amp; Cultural Facilities 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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      <invstOrSec>
        <name>Colorado Health Facilities 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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      <invstOrSec>
        <name>State of Colorado</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Colorado State Education Loan Program</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Columbus Regional Airport Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
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        <title>Fannie Mae Connecticut Avenue Securities</title>
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          <isin value="US20755BAB62"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Connecticut Special Tax Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Fannie Mae - CAS</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>Cumberland County Industrial Facilities &amp; Pollution Control Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Cuyahoga OH</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DBC 2025-DBC Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dallas Fort Worth International Airport</name>
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        <fairValLevel>2</fairValLevel>
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        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <cusip>25483VZM9</cusip>
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          <isin value="US25483VZM98"/>
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        <curCd>USD</curCd>
        <valUSD>1311900.67000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
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          <isin value="US25483VZQ03"/>
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        <balance>1380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1434645.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Energy Southeast A Cooperative District</name>
        <lei>2549001SMMZ81MXBXZ89</lei>
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        <cusip>292723DQ3</cusip>
        <identifiers>
          <isin value="US292723DQ30"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1001320.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>3.93800000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Energy Southeast A Cooperative District</name>
        <lei>2549001SMMZ81MXBXZ89</lei>
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        <cusip>292723DT7</cusip>
        <identifiers>
          <isin value="US292723DT78"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1567680.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Essex County Improvement Authority</name>
        <lei>N/A</lei>
        <title>ESSEX CNTY NJ IMPT AUTH</title>
        <cusip>296807MN7</cusip>
        <identifiers>
          <isin value="US296807MN73"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2517790.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fayette County Development Authority</name>
        <lei>N/A</lei>
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        <cusip>31222PAJ0</cusip>
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          <isin value="US31222PAJ03"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1184996.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Florida Development Finance Corp</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE</title>
        <cusip>34061XAG7</cusip>
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          <isin value="US34061XAG79"/>
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        <balance>3950000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3943540.57000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.37500000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Florida Development Finance Corp</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE</title>
        <cusip>34061XAJ1</cusip>
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          <isin value="US34061XAJ19"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1499329.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.45000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Florida Development Finance Corp</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE</title>
        <cusip>34061XAL6</cusip>
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          <isin value="US34061XAL64"/>
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        <curCd>USD</curCd>
        <valUSD>991919.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.35000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Insurance Assistance Interlocal Agency Inc</name>
        <lei>N/A</lei>
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          <isin value="US34074EAD13"/>
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        <curCd>USD</curCd>
        <valUSD>4000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Insurance Assistance Interlocal Agency Inc</name>
        <lei>N/A</lei>
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          <isin value="US34074EAE95"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Florida Housing Finance Corp</name>
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          <isin value="US34074HJC79"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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        <name>Florida Local Government Finance Commission</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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      <invstOrSec>
        <name>Mid-Bay Bridge Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Florida Municipal Power Agency</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Fort Worth TX</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493000IRILHAKSCHN59</lei>
        <title>Freddie Mac STACR REMIC Trust 2023-DNA1</title>
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          <isin value="US35564KP373"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Great Lakes Water Authority Water Supply System Revenue</name>
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        <name>Greater Orlando Aviation Authority</name>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Territory of Guam</name>
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          <isin value="US40065HDJ68"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Territory of Guam</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <isin value="US40065HDT41"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Territory of Guam</name>
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          <isin value="US40065NCP06"/>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Territory of Guam</name>
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          <isin value="US40065NCU90"/>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Guilford NC</name>
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          <isin value="US401784H220"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>City of Gulfport MS</name>
        <lei>N/A</lei>
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          <isin value="US402682CQ92"/>
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        <curCd>USD</curCd>
        <valUSD>2450603.68000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Harris County-Houston Sports Authority</name>
        <lei>N/A</lei>
        <title>HARRIS CNTY-HOUSTON TX SPORTSAUTH REVENUE</title>
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          <isin value="US413890JF28"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp</name>
        <lei>N/A</lei>
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          <isin value="US414009SP62"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Harris County Cultural Education Facilities Finance Corp</name>
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          <isin value="US414009UA65"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Harris County Housing Finance Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harris County Industrial Development Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Metropolitan Transit Authority of Harris County Sales &amp; Use Tax Revenue</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>State of Hawaii</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of Hawaii Airports System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of Hawaii Department of Budget &amp; Finance</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>Intermountain Power Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Iowa Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>JEA Electric System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jefferson County Port Authority/OH</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Jersey City Redevelopment Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kentucky Municipal Power Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kentucky State Property &amp; Building Commission</name>
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          <isin value="US49151FNL03"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kentucky Turnpike Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>King County School District No 414 Lake Washington</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>La Paz County Industrial Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US50376FAC14"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Lancaster Port Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of Lee FL Airport Revenue</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Lee County Industrial Development Authority/FL</name>
        <lei>N/A</lei>
        <title>LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE</title>
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          <isin value="US52349EET38"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Legacy Denton Public Facility Corp</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>Lendbuzz Securitization Trust</name>
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        <title>Lendbuzz Securitization Trust 2025-1</title>
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          <isin value="US525938AC09"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Lendbuzz Securitization Trust</name>
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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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        <fairValLevel>2</fairValLevel>
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        <name>School Board of Miami-Dade County/The</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Miami-Dade FL Aviation Revenue</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>School Board of Miami-Dade County/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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        <name>Montana Facility 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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        <name>New York Transportation Development Corp</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Newark NJ</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Newark Board of Education</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newport Mesa Unified School District</name>
        <lei>N/A</lei>
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        <valUSD>1707953.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>North Carolina Municipal Power Agency No 1</name>
        <lei>549300N3Q65G1ODRFX75</lei>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Department of Transportation</name>
        <lei>N/A</lei>
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        <valUSD>1405649.11000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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        <cusip>65820YUF1</cusip>
        <identifiers>
          <isin value="US65820YUF14"/>
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        <balance>560000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>3.40000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Medical Care Commission</name>
        <lei>549300FH6KOXGCHQYG81</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>North Sumter County Utility Dependent District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northern Illinois University</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nuveen California AMT-Free Quality Municipal Income 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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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Palm Beach County Health Facilities 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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        <name>Palmetto Ridge Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Patriots Energy Group Financing Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PEFA Inc</name>
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          <isin value="US70556CAL81"/>
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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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        <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>Pennsylvania Higher Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Philadelphia PA Airport Revenue</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>Pinery Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Port Arthur Housing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Port of Beaumont Industrial Development 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 Port St Lucie FL Utility System Revenue</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 of Rochester NY</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SSM HEALTH CARE</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>County of Sacramento CA Airport System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Parish of St James LA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Parish of St John the Baptist LA</name>
        <lei>N/A</lei>
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          <isin value="US79020FBB13"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <name>County of St Louis MO</name>
        <lei>5493003TZLKXNN2MGO51</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp</name>
        <lei>N/A</lei>
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          <isin value="US79467BBZ76"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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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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      <invstOrSec>
        <name>City of San Antonio TX Airport System</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>San Diego County Regional Airport Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <fairValLevel>2</fairValLevel>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suffolk Regional Off-Track Betting Corp</name>
        <lei>N/A</lei>
        <title>SUFFOLK REGL OFF-TRACK BETTING CORP NY REV</title>
        <cusip>86480TAA2</cusip>
        <identifiers>
          <isin value="US86480TAA25"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1529442.00000000</valUSD>
        <pctVal>0.111192696236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tahoe-Douglas Visitors Authority</name>
        <lei>N/A</lei>
        <title>TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE</title>
        <cusip>873816AJ1</cusip>
        <identifiers>
          <isin value="US873816AJ11"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1041521.20000000</valUSD>
        <pctVal>0.075720132189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tarrant County Cultural Education Facilities Finance Corp</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE</title>
        <cusip>87638TJT1</cusip>
        <identifiers>
          <isin value="US87638TJT16"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2114472.00000000</valUSD>
        <pctVal>0.153725242798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tarrant Regional Water District Water Supply System Revenue</name>
        <lei>N/A</lei>
        <title>TARRANT TX REGL WTR DIST WTR REVENUE</title>
        <cusip>876443WD0</cusip>
        <identifiers>
          <isin value="US876443WD07"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1518082.35000000</valUSD>
        <pctVal>0.110366832874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tennergy Corp/TN</name>
        <lei>5493008K3JJFBSC4C235</lei>
        <title>TENNERGY CORP TN GAS REVENUE</title>
        <cusip>880397CF9</cusip>
        <identifiers>
          <isin value="US880397CF98"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1571964.90000000</valUSD>
        <pctVal>0.114284173979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tennessee Energy Acquisition Corp</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE</title>
        <cusip>880443JF4</cusip>
        <identifiers>
          <isin value="US880443JF46"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2046215.40000000</valUSD>
        <pctVal>0.148762886991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tennessee Energy Acquisition Corp</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE</title>
        <cusip>880443JM9</cusip>
        <identifiers>
          <isin value="US880443JM96"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2081760.80000000</valUSD>
        <pctVal>0.151347090161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tennessee Energy Acquisition Corp</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE</title>
        <cusip>880443JQ0</cusip>
        <identifiers>
          <isin value="US880443JQ01"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2620498.00000000</valUSD>
        <pctVal>0.190514081673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Texas Municipal Gas Acquisition and Supply Corp II</name>
        <lei>8E22IH4TQD26WYDGHB25</lei>
        <title>TEXAS ST MUNI GAS ACQUISITION &amp; SPLY CORP II GAS SPLY REVENU</title>
        <cusip>88255QAC3</cusip>
        <identifiers>
          <isin value="US88255QAC33"/>
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        <balance>815000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>816745.73000000</valUSD>
        <pctVal>0.059378622960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Texas Municipal Gas Acquisition and Supply Corp II</name>
        <lei>8E22IH4TQD26WYDGHB25</lei>
        <title>TEXAS ST MUNI GAS ACQUISITION &amp; SPLY CORP II GAS SPLY REVENU</title>
        <cusip>88255QBH1</cusip>
        <identifiers>
          <isin value="US88255QBH11"/>
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        <balance>1005000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006708.80000000</valUSD>
        <pctVal>0.073189219203</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.28100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp VI</name>
        <lei>254900OCOQCKZZ4U6C83</lei>
        <title>TEXAS ST MUNI GAS ACQUISITION &amp; SPLY CORP VI GAS SPLY REV</title>
        <cusip>88256FAK8</cusip>
        <identifiers>
          <isin value="US88256FAK84"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1038862.70000000</valUSD>
        <pctVal>0.075526855305</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp III</name>
        <lei>0UDITKOYW0YKG3BBP242</lei>
        <title>TEXAS ST MUNI GAS ACQUISITION&amp; SPLY CORP III GAS SPLY REVEN</title>
        <cusip>88256HBH0</cusip>
        <identifiers>
          <isin value="US88256HBH03"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2097991.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp IV</name>
        <lei>549300PTUE847QDBBW22</lei>
        <title>TEXAS ST MUNI GAS ACQUISITION&amp; SPLY CORP IV</title>
        <cusip>88256PAG5</cusip>
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          <isin value="US88256PAG54"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4179660.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp IV</name>
        <lei>549300PTUE847QDBBW22</lei>
        <title>TEXAS ST MUNI GAS ACQUISITION&amp; SPLY CORP IV</title>
        <cusip>88256PAT7</cusip>
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          <isin value="US88256PAT75"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1599064.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp V</name>
        <lei>254900XZ4J30QIJO9G03</lei>
        <title>TEXAS ST MUNI GAS ACQUISITION &amp; SPLY CORP V GAS SPLY REVENUE</title>
        <cusip>88256RAV8</cusip>
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          <isin value="US88256RAV87"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1037043.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Texas Private Activity Bond Surface Transportation Corp</name>
        <lei>N/A</lei>
        <title>TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE</title>
        <cusip>882667AP3</cusip>
        <identifiers>
          <isin value="US882667AP30"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1051665.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Texas State University System</name>
        <lei>N/A</lei>
        <title>TEXAS ST UNIV SYS FING REVENUE</title>
        <cusip>88278PM35</cusip>
        <identifiers>
          <isin value="US88278PM356"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1028018.20000000</valUSD>
        <pctVal>0.074738444111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Texas Water Development Board</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Tobacco Settlement Financing Corp</name>
        <lei>N/A</lei>
        <title>TOBACCO SETTLEMENT FING CORP NJ</title>
        <cusip>888808HE5</cusip>
        <identifiers>
          <isin value="US888808HE58"/>
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        <curCd>USD</curCd>
        <valUSD>3479580.79000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Tobacco Settlement Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US88880LAW37"/>
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        <curCd>USD</curCd>
        <valUSD>2538425.63000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <cusip>89602N7M0</cusip>
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          <isin value="US89602N7M08"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <cusip>89602RFC4</cusip>
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          <isin value="US89602RFC43"/>
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        <curCd>USD</curCd>
        <valUSD>4685000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>2.90000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <curCd>USD</curCd>
        <valUSD>400000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <cusip>89602RKC8</cusip>
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          <isin value="US89602RKC87"/>
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        <valUSD>225000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Tricolor Auto Securitization Trust</name>
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        <title>Tricolor Auto Securitization Trust</title>
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          <isin value="US89617QAA85"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12000000</annualizedRt>
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      <invstOrSec>
        <name>Troy Capital Resource Corp</name>
        <lei>N/A</lei>
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        <cusip>897579BM9</cusip>
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          <isin value="US897579BM94"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Tulsa Municipal Airport Trust Trustees/OK</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>6.25000000</annualizedRt>
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        <name>2026 Loan Holding-1</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of Houston</name>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Kansas Hospital Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>University of Minnesota</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Utah Infrastructure Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Utah Infrastructure Agency</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Utah Infrastructure Agency</name>
        <lei>549300WD2FDRNXU16V82</lei>
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        <cusip>917467CQ3</cusip>
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        <curCd>USD</curCd>
        <valUSD>440784.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Utah Board of Higher Education</name>
        <lei>549300SAYC054T80UK17</lei>
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          <isin value="US91754RBW60"/>
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        <curCd>USD</curCd>
        <valUSD>1154397.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Utah Transit Authority</name>
        <lei>N/A</lei>
        <title>UTAH ST TRANSIT AUTH SALES TAX REVENUE</title>
        <cusip>917565FR9</cusip>
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          <isin value="US917565FR97"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1074933.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Valparaiso IN</name>
        <lei>N/A</lei>
        <title>VALPARAISO IN EXEMPT FACS REVENUE</title>
        <cusip>92028RAD7</cusip>
        <identifiers>
          <isin value="US92028RAD70"/>
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        <balance>740000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>757528.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Venice FL</name>
        <lei>N/A</lei>
        <title>VENICE FL</title>
        <cusip>922687AH1</cusip>
        <identifiers>
          <isin value="US922687AH14"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>900088.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Veros Auto Receivables Trust</name>
        <lei>N/A</lei>
        <title>Veros Auto Receivables Trust 2026-2</title>
        <cusip>92512TAA2</cusip>
        <identifiers>
          <isin value="US92512TAA25"/>
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        <balance>1346292.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1345951.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.65000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Village Community Development District No 15</name>
        <lei>N/A</lei>
        <title>VILLAGE CDD NO 15 SPL ASSMNT REVENUE</title>
        <cusip>92708KAF4</cusip>
        <identifiers>
          <isin value="US92708KAF49"/>
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        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>526722.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Virginia College Building Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE</title>
        <cusip>9277817N8</cusip>
        <identifiers>
          <isin value="US9277817N82"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>725113.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST SMALL BUSINESS FING AUTH RSDL FAC CARE REVENUE</title>
        <cusip>928103BU3</cusip>
        <identifiers>
          <isin value="US928103BU35"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000035.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
        <lei>N/A</lei>
        <title>VIRGINIA ST SMALL BUSINESS FING AUTH REVENUE</title>
        <cusip>928104PB8</cusip>
        <identifiers>
          <isin value="US928104PB80"/>
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        <balance>1170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1237914.87000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>County of Ward ND</name>
        <lei>N/A</lei>
        <title>WARD CNTY ND HLTH CARE FACS REVENUE</title>
        <cusip>934023EP3</cusip>
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          <isin value="US934023EP34"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1313764.66000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>WASHINGTON ST</title>
        <cusip>93974DX29</cusip>
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          <isin value="US93974DX299"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Washington Township Health Care District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Waukegan IL</name>
        <lei>N/A</lei>
        <title>WAUKEGAN IL</title>
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        <name>Wolf Creek Infrastructure Financing District No 1</name>
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        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS30FB1   IRS USD R F  2.53125 IS30FB1 CCPINFLATIONZERO / Short: SS30FB1   IRS USD P V 12MUSCPI IS30FC2 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS30FB1"/>
        </identifiers>
        <balance>1920000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-17489.07000000</valUSD>
        <pctVal>-0.00127148126</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.53100000"/>
            <otherPmntDesc fixedOrFloating="Other">Inflation based on U.S. CPI Urban Consumers NSA</otherPmntDesc>
            <terminationDt>2030-10-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1920000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-17489.07000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS31F03   IRS USD R V 12MUSCPI IS31F14 CCPINFLATIONZERO / Short: BS31F03   IRS USD P F  2.48500 IS31F03 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS31F03"/>
        </identifiers>
        <balance>3450000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>40357.86000000</valUSD>
        <pctVal>0.002934076132</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Inflation based on U.S. CPI Urban Consumers NSA</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.48500000"/>
            <terminationDt>2029-10-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>3450000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>40357.86000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: SS31TF6   IRS USD R F  4.08200 IS31TF6 CCPOIS / Short: SS31TF6   IRS USD P V 00MSOFR IS31TG7 CCPOIS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS31TF6"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-5637.69000000</valUSD>
        <pctVal>-0.00040986840</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <fixedRecDesc amount="90994.58000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="4.08200000"/>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="Secured Overnight Financing Rate" floatingRtSpread="0.00000000" pmntAmt="-82940.20000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Month" resetDtUnit="12"/>
              </rtResetTenors>
            </floatingPmntDesc>
            <terminationDt>2030-10-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>2500000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-5637.69000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intercontinental Exchange, Inc.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Long: BS3BO28   CDS USD R V 03MEVENT IS3BO39 CCPCDX / Short: BS3BO28   CDS USD P F  5.00000 IS3BO28 CCPCDX</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS3BO28"/>
        </identifiers>
        <balance>3655400.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>-325669.14000000</valUSD>
        <pctVal>-0.02367662831</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Intercontinental Exchange, Inc.</counterpartyName>
              <counterpartyLei>5493000F4ZO33MV32P92</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CDX.NA.HY.S46</indexName>
                <indexIdentifier>2I65BRAE1</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">buy protection</otherRecDesc>
            <fixedPmntDesc amount="-36046.31000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="5.00000000"/>
            <terminationDt>2031-06-20</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>-130979.42000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>3655400.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-194689.72000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LCH Ltd.</name>
        <lei>F226TOH6YD6XJB17KS62</lei>
        <title>Long: BS3DP98   IRS USD R V 12MUSCPI IS3DPA9 CCPINFLATIONZERO / Short: BS3DP98   IRS USD P F  2.61500 IS3DP98 CCPINFLATIONZERO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="IS3DP98"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>OU</units>
        <descOthUnits>Notional Amount</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>17272.43000000</valUSD>
        <pctVal>0.001255731215</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>LCH Ltd.</counterpartyName>
              <counterpartyLei>F226TOH6YD6XJB17KS62</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="N/A" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Inflation based on U.S. CPI Urban Consumers NSA</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="2.61500000"/>
            <terminationDt>2030-10-15</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>7000000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>17272.43000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
      <explntrNote note="For the applicable funds using IBOR rates, IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate" noteItem="C.11.f.i.2"/>
      <explntrNote note="If the RIC is part of the securities lending authorization agreement and has engaged in securities lending, the cash collateral will be adjusted on the next business day to maintain the required collateral amount." noteItem="C.12.a"/>
      <explntrNote note="If the fund holds Capital Contingent Convertible Notes, conversion to an issuing bank's common stock occurs should its capital fall beneath a specified threshold. The conversion of debt to equity will rebalance the issuer's debt to equity ratio, but as this amount is not known until the contingent event's occurrence, question c.9.f.iv will be represented as 1." noteItem="C.9.f.iv"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-29</ncom:dateSigned>
      <ncom:nameOfApplicant>AB Active ETFs, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Stephen Woetzel</ncom:signature>
      <ncom:signerName>Stephen Woetzel</ncom:signerName>
      <ncom:title>Controller</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
