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      </invstOrSec>
      <invstOrSec>
        <name>HOUSTON TX UTILITY SYS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Houston TX Combined Utility System Revenue</title>
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          <isin value="US44244CRZ22"/>
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        <curCd>USD</curCd>
        <valUSD>2000000.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
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          <annualizedRt>3.450000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ILLINOIS ST HSG DEV AUTH REVEN</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>Illinois Housing Development Authority</title>
        <cusip>45203MJZ5</cusip>
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          <isin value="US45203MJZ59"/>
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        <balance>2700000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2808405.270000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.850000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ILLINOIS FIN AUTH SURFACE FREI</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
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          <isin value="US45203PAB04"/>
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        <balance>2500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2498210.750000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ILLINOIS FIN AUTH SURFACE FREI</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
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          <isin value="US45203PAC86"/>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2066282.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.800000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ILLINOIS ST FIN AUTH REVENUE</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority</title>
        <cusip>45204E2L1</cusip>
        <identifiers>
          <isin value="US45204E2L19"/>
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        <balance>2415000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2418980.890000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.789000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LANCASTER PA MUNI AUTH HLTHCAR</name>
        <lei>N/A</lei>
        <title>Lancaster Municipal Authority</title>
        <cusip>514350AL1</cusip>
        <identifiers>
          <isin value="US514350AL19"/>
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        <balance>2200000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2227389.340000000000</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>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>LEHIGH CNTY PA GEN PURPOSE HOS</name>
        <lei>N/A</lei>
        <title>County of Lehigh PA</title>
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        <identifiers>
          <isin value="US52480GDC50"/>
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        <balance>4070000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4017713.120000000000</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>2038-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.420000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
        <lei>N/A</lei>
        <title>Louisville/Jefferson County Metropolitan Government</title>
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        <identifiers>
          <isin value="US54659LAL80"/>
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        <balance>6000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6000000.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.200000000000</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>MARYLAND ST ECON DEV CORP STUD</name>
        <lei>549300JJ16DDBSZWSN94</lei>
        <title>Maryland Economic Development Corp</title>
        <cusip>57420VRK1</cusip>
        <identifiers>
          <isin value="US57420VRK16"/>
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        <balance>1275000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1222453.040000000000</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>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>MARYLAND ST HLTH &amp; HGR EDUCTNL</name>
        <lei>N/A</lei>
        <title>Maryland Health &amp; Higher Educational Facilities Authority</title>
        <cusip>574217V28</cusip>
        <identifiers>
          <isin value="US574217V280"/>
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        <balance>1800000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1800000.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.050000000000</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>MARYLAND ST HLTH &amp; HGR EDUCTNL</name>
        <lei>N/A</lei>
        <title>Maryland Health &amp; Higher Educational Facilities Authority</title>
        <cusip>574218NV1</cusip>
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          <isin value="US574218NV18"/>
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        <balance>10000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9996613.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
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        <title>Massachusetts Development Finance Agency</title>
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          <isin value="US57584YPF06"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000364.300000000000</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>2049-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.920000000000</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>MEMPHIS TN HLTH EDUCTNL &amp; HSG</name>
        <lei>N/A</lei>
        <title>Health Educational and Housing Facility Board of the City of Memphis/the</title>
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          <isin value="US586169GB48"/>
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        <balance>6000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6059125.800000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MET TRANSPRTN AUTH NY REVENUE</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority</title>
        <cusip>59261AJQ1</cusip>
        <identifiers>
          <isin value="US59261AJQ13"/>
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        <balance>1885000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1917657.630000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>MIAMI BEACH FL HLTH FACS AUTH</name>
        <lei>549300MFT7I1HF5VL403</lei>
        <title>Miami Beach Health Facilities Authority</title>
        <cusip>593211EW1</cusip>
        <identifiers>
          <isin value="US593211EW15"/>
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        <balance>4455000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4458537.720000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MISSOURI ST HLTH &amp; EDUCTNL FAC</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>Health &amp; Educational Facilities Authority of the State of Missouri</title>
        <cusip>6069014N3</cusip>
        <identifiers>
          <isin value="US6069014N38"/>
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        <balance>3100000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3100000.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.150000000000</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>MONTANA ST BRD OF HSG SF MTGE</name>
        <lei>N/A</lei>
        <title>Montana Board of Housing</title>
        <cusip>61212WST3</cusip>
        <identifiers>
          <isin value="US61212WST35"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1045935.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.900000000000</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>NEW GLARUS WI SCH DIST</name>
        <lei>N/A</lei>
        <title>New Glarus School District</title>
        <cusip>644503FL3</cusip>
        <identifiers>
          <isin value="US644503FL31"/>
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        <balance>1510000.000000000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW HAMPSHIRE ST HSG FIN AUTH</name>
        <lei>N/A</lei>
        <title>New Hampshire Housing Finance Authority</title>
        <cusip>64469MNF4</cusip>
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          <isin value="US64469MNF40"/>
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        <balance>1800000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1809004.860000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.650000000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLEGHENY CNTY PA HOSP DEV AUT</name>
        <lei>54930046B973R604OG22</lei>
        <title>Allegheny County Hospital Development Authority</title>
        <cusip>01728A5U6</cusip>
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          <isin value="US01728A5U62"/>
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        <balance>1750000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1740642.230000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>ALVIN TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Alvin Independent School District/TX</title>
        <cusip>022447V37</cusip>
        <identifiers>
          <isin value="US022447V372"/>
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        <balance>2850000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2609801.150000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN MUNI PWR OH INC SOLAR</name>
        <lei>EARKGGZJJEMVD66XQ486</lei>
        <title>American Municipal Power Inc</title>
        <cusip>02765MAS1</cusip>
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          <isin value="US02765MAS17"/>
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        <balance>1000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1055910.400000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BQU1</cusip>
        <identifiers>
          <isin value="US04052BQU16"/>
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        <balance>1920000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1768853.950000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>
      <invstOrSec>
        <name>ARLINGTON TX HGR EDU FIN CORP</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp</title>
        <cusip>041807KV9</cusip>
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          <isin value="US041807KV91"/>
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        <balance>225000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247932.700000000000</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>2039-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>ARLINGTON TX HGR EDU FIN CORP</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp</title>
        <cusip>041807KW7</cusip>
        <identifiers>
          <isin value="US041807KW74"/>
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        <balance>400000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>383252.520000000000</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>2044-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>ARLINGTON TX HGR EDU FIN CORP</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp</title>
        <cusip>041807KX5</cusip>
        <identifiers>
          <isin value="US041807KX57"/>
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        <balance>270000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>244554.090000000000</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>2049-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>ARLINGTON TX HGR EDU FIN CORP</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp</title>
        <cusip>041807KY3</cusip>
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          <isin value="US041807KY31"/>
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        <balance>460000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>419302.880000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATLANTA GA ARPT REVENUE</name>
        <lei>N/A</lei>
        <title>City of Atlanta GA Department of Aviation</title>
        <cusip>04780M2X6</cusip>
        <identifiers>
          <isin value="US04780M2X65"/>
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        <balance>3750000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4101253.880000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AUSTIN TX SPL ASSMNT REVENUE</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>City of Austin TX</title>
        <cusip>052466AE9</cusip>
        <identifiers>
          <isin value="US052466AE93"/>
          <ticker value="AUS"/>
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        <balance>500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>503172.250000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.875000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CHARLOTTE-MECKLENBURG NC HOSPA</name>
        <lei>549300XOH4JU704GMZ32</lei>
        <title>Charlotte-Mecklenburg Hospital Authority/The</title>
        <cusip>160853UN5</cusip>
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          <isin value="US160853UN58"/>
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        <curCd>USD</curCd>
        <valUSD>1215000.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.250000000000</annualizedRt>
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        <name>CHICAGO IL PARK DIST</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>Chicago Park District</title>
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          <isin value="US167615B694"/>
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        <balance>2930000.000000000000</balance>
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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>
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          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHICAGO IL PARK DIST</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>Chicago Park District</title>
        <cusip>167615G31</cusip>
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          <isin value="US167615G313"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>CHICAGO IL PARK DIST</name>
        <lei>549300DNSTZGBZLIU409</lei>
        <title>Chicago Park District</title>
        <cusip>167615U84</cusip>
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          <isin value="US167615U843"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>INDIANAPOLIS IN LOCAL PUBLIC I</name>
        <lei>549300LX8ESJHDSESB87</lei>
        <title>Indianapolis Local Public Improvement Bond Bank</title>
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          <isin value="US45528VCY39"/>
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        <curCd>USD</curCd>
        <valUSD>5214697.170000000000</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>2049-02-01</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>IOWA ST FIN AUTH SOL WST FACS</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority</title>
        <cusip>46246YAB8</cusip>
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          <isin value="US46246YAB83"/>
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        <balance>1655000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1653325.140000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
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      <invstOrSec>
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      <invstOrSec>
        <name>PIMA CNTY AZ UNIF SCH DIST #20</name>
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        <name>PORT OF PORTLAND OR ARPT REVEN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC FIN AUTH WI STUDENT HSG</name>
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        <name>PUBLIC FIN AUTH WI TAX EXEMPT</name>
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        <name>ADAMS &amp; ARAPAHOE CNTYS CO JT S</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ALASKA ST HSG FIN CORP MTGE RE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BUFFALO NY SWR AUTH SWR ENVRNM</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <name>CALIFORNIA CMNTY CHOICE FING A</name>
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        <name>CALIFORNIA ST EARTHQUAKE AUTH</name>
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          <isin value="US13048VMY10"/>
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          <isin value="US13048VNA25"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-01</maturityDt>
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        <name>CALIFORNIA SCH FIN AUTH SCH FA</name>
        <lei>N/A</lei>
        <title>California School Finance Authority</title>
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          <isin value="US13059TEV70"/>
          <ticker value="CASSCD"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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        <name>CALUMET CNTY WI</name>
        <lei>N/A</lei>
        <title>County of Calumet WI</title>
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          <isin value="US131420GA31"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.750000000000</annualizedRt>
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        <lei>N/A</lei>
        <title>County of Calumet WI</title>
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          <isin value="US131420GB14"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.875000000000</annualizedRt>
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        <name>CALUMET CNTY WI</name>
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          <isin value="US131420GC96"/>
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        <curCd>USD</curCd>
        <valUSD>1842815.300000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.875000000000</annualizedRt>
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        <name>CARTERSVILLE GA</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
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        <name>CLIFTON TX HGR EDU FIN CORP ED</name>
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          <isin value="US187145VE42"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-15</maturityDt>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <title>Colorado Health Facilities Authority</title>
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          <isin value="US19648FRV84"/>
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        <balance>3500000.000000000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>COLORADO ST HLTH FACS AUTH REV</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-05-15</maturityDt>
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        <name>CMNTY DEV ADMIN MD MF DEV REVE</name>
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        <name>NEW JERSEY ST HSG &amp; MTGE FIN A</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
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        <name>NEW YORK ENERGY FIN DEV CORP</name>
        <lei>254900PRGXZMJ912RI65</lei>
        <title>New York Energy Finance Development Corp</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-07-01</maturityDt>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp</title>
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          <isin value="US649519EZ45"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-09-15</maturityDt>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp</title>
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          <isin value="US64972ELA54"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
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          <annualizedRt>2.600000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
        <title>New York City Municipal Water Finance Authority</title>
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        <name>UNIV HOSPS &amp; CLINICS AUTH WI</name>
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        <valUSD>6000000.000000000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.250000000000</annualizedRt>
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        <name>UTAH ST HSG CORP MF REVENUE</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-01</maturityDt>
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        <curCd>USD</curCd>
        <valUSD>1426177.890000000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTAH ST HSG CORP</name>
        <lei>549300YXWQEI0S47WI02</lei>
        <title>Utah Housing Corp</title>
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          <isin value="US91743PED33"/>
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        <curCd>USD</curCd>
        <valUSD>3945226.530000000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-06-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTAH ST HSG CORP</name>
        <lei>549300YXWQEI0S47WI02</lei>
        <title>Utah Housing Corp</title>
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          <isin value="US91743PEK75"/>
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        <balance>1966036.660000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1995202.030000000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-10-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>VIRGINIA ST SMALL BUSINESS FIN</name>
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        <curCd>USD</curCd>
        <valUSD>2283371.100000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>WAYNE CNTY MI ARPT AUTH REVENU</name>
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        <valUSD>818931.450000000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WESTOSHA CENTRL WI HIGH SCH DI</name>
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        <title>Westosha Central High School District</title>
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        <curCd>USD</curCd>
        <valUSD>773838.800000000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WESTOSHA CENTRL WI HIGH SCH DI</name>
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        <title>Westosha Central High School District</title>
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          <isin value="US961205EK32"/>
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        <balance>1500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1138867.350000000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.000000000000</annualizedRt>
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        <name>WISCONSIN ST HSG &amp; ECON DEV AU</name>
        <lei>549300AT0SEG8YQT2K79</lei>
        <title>Wisconsin Housing &amp; Economic Development Authority</title>
        <cusip>97689REZ3</cusip>
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          <isin value="US97689REZ38"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <name>YORK CNTY SC SCH DIST #4 FORT</name>
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        <title>Fort Mill School District No 4</title>
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          <isin value="US986525A373"/>
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        <balance>4585000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3703864.330000000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>YORK CNTY SC SCH DIST #4 FORT</name>
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        <valUSD>3669817.500000000000</valUSD>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-02-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Brown Advisory Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Jason T. Meix</ncom:signature>
      <ncom:signerName>Jason T. Meix</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
