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      <invstOrSec>
        <name>State of Florida</name>
        <lei>5493004G5XFOOUT0LQ57</lei>
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          <isin value="US34153QXF89"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
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      <invstOrSec>
        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>State of Washington, Series 2026B</title>
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          <isin value="US93974FCN15"/>
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        <curCd>USD</curCd>
        <valUSD>46462.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>King County School District No. 405 Bellevue</name>
        <lei>N/A</lei>
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          <isin value="US495098D288"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Allegan Public School District</name>
        <lei>N/A</lei>
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          <isin value="US017014NQ03"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23036.04000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Livonia Public Schools</name>
        <lei>N/A</lei>
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        <cusip>539243XE0</cusip>
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          <isin value="US539243XE01"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11473.45000000</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>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Racine WI</name>
        <lei>N/A</lei>
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        <cusip>749845M67</cusip>
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          <isin value="US749845M675"/>
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        <balance>115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>122267.13000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Peralta Community College District</name>
        <lei>254900VWMA3IHACOBO19</lei>
        <title>Peralta Community College District, Series 2025</title>
        <cusip>713575ZM3</cusip>
        <identifiers>
          <isin value="US713575ZM32"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11922.85000000</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>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Whitnall School District</name>
        <lei>N/A</lei>
        <title>Whitnall School District, Series 2024</title>
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          <isin value="US966586HD44"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56049.62000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Port St Lucie FL</name>
        <lei>N/A</lei>
        <title>City of Port St. Lucie, Series 2023</title>
        <cusip>73536AEK9</cusip>
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          <isin value="US73536AEK97"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40643.49000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Central Florida Tourism Oversight District</name>
        <lei>549300DLSKH6SZ96KV94</lei>
        <title>Central Florida Tourism Oversight District, Series 2024A</title>
        <cusip>153480AG3</cusip>
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          <isin value="US153480AG32"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56370.48000000</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>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Grapevine-Colleyville Independent School District</name>
        <lei>N/A</lei>
        <title>Grapevine-Colleyville Independent School District, Series 2025</title>
        <cusip>3886406J8</cusip>
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          <isin value="US3886406J89"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85910.63000000</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>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indiana Municipal Power Agency</name>
        <lei>AX0ZCCVOQ71Z4RXBL233</lei>
        <title>Indiana Municipal Power Agency, Series 2025A</title>
        <cusip>454898YM3</cusip>
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          <isin value="US454898YM34"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17340.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>El Paso Independent School District</name>
        <lei>N/A</lei>
        <title>El Paso Independent School District, Series 2020</title>
        <cusip>283770NM3</cusip>
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          <isin value="US283770NM33"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104104.08000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia, Series 2023B</title>
        <cusip>25476FB31</cusip>
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          <isin value="US25476FB315"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136353.15000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lake County Community Consolidated School District No. 34 Antioch</name>
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        <cusip>508516FZ9</cusip>
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          <isin value="US508516FZ94"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Ohio</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>State of Ohio, Series 2022A</title>
        <cusip>677523ET5</cusip>
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          <isin value="US677523ET55"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60869.56000000</valUSD>
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        <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>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Adams &amp; Arapahoe Counties Joint School District 28J Aurora</name>
        <lei>N/A</lei>
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        <cusip>0054824K7</cusip>
        <identifiers>
          <isin value="US0054824K70"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18217.69000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Omaha Public Power District</name>
        <lei>54930000VJEJ9CGIYG32</lei>
        <title>Omaha Public Power District, Series 2025A</title>
        <cusip>682001NV0</cusip>
        <identifiers>
          <isin value="US682001NV02"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17469.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Tallahassee FL</name>
        <lei>549300MPY4HDPK8B1G15</lei>
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          <isin value="US874458MG45"/>
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        <curCd>USD</curCd>
        <valUSD>11567.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>County of Baltimore MD</name>
        <lei>N/A</lei>
        <title>County of Baltimore, Series 2025</title>
        <cusip>05914GLJ5</cusip>
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          <isin value="US05914GLJ57"/>
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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>
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          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Mexico Finance Authority</name>
        <lei>549300L6217Y7X40SP94</lei>
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          <isin value="US64711RMW33"/>
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        <curCd>USD</curCd>
        <valUSD>119973.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Florida</name>
        <lei>5493004G5XFOOUT0LQ57</lei>
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        <cusip>34115PCF0</cusip>
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          <isin value="US34115PCF09"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63673.94000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Delaware</name>
        <lei>N/A</lei>
        <title>State of Delaware, Series 2025</title>
        <cusip>246381UQ8</cusip>
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          <isin value="US246381UQ87"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29253.55000000</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>2034-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Grosse Ile Township School District/MI</name>
        <lei>N/A</lei>
        <title>Grosse Ile Township School District, Series 2025II</title>
        <cusip>398892KT5</cusip>
        <identifiers>
          <isin value="US398892KT53"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11518.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia, Series 2024C</title>
        <cusip>25476FJ58</cusip>
        <identifiers>
          <isin value="US25476FJ581"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23230.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Tallahassee FL</name>
        <lei>549300MPY4HDPK8B1G15</lei>
        <title>City of Tallahassee, Series 2025</title>
        <cusip>874458MB5</cusip>
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          <isin value="US874458MB57"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>123607.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Glendale CA Electric Revenue</name>
        <lei>N/A</lei>
        <title>City of Glendale, Series 2024-2</title>
        <cusip>378406RB0</cusip>
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          <isin value="US378406RB08"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64208.89000000</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>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Ohio</name>
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        <curCd>USD</curCd>
        <valUSD>17463.52000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of Clark NV</name>
        <lei>549300LDD8NZB2EOVG83</lei>
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          <isin value="US181000UW89"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23167.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Dallas Independent School District</name>
        <lei>N/A</lei>
        <title>Dallas Independent School District, Series 2025B</title>
        <cusip>235308R88</cusip>
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          <isin value="US235308R880"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63148.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Baltimore MD</name>
        <lei>N/A</lei>
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        <cusip>059231J43</cusip>
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          <isin value="US059231J439"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Brownsville TX</name>
        <lei>N/A</lei>
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          <isin value="US116405YL93"/>
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        <balance>60000.00000000</balance>
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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>2032-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
        <title>Dallas Fort Worth International Airport, Series 2023B</title>
        <cusip>23503CCN5</cusip>
        <identifiers>
          <isin value="US23503CCN56"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ann Arbor School District</name>
        <lei>N/A</lei>
        <title>Ann Arbor School District, Series 2025</title>
        <cusip>035519ZC4</cusip>
        <identifiers>
          <isin value="US035519ZC49"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11518.02000000</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>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Health &amp; Educational Facilities Authority</name>
        <lei>549300MV50RWQFTX5223</lei>
        <title>Massachusetts Health &amp; Educational Facilities Authority, Series 2005J1</title>
        <cusip>57586ES51</cusip>
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          <isin value="US57586ES517"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23690.76000000</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>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Michigan State University</name>
        <lei>N/A</lei>
        <title>Michigan State University, Series 2025A</title>
        <cusip>594712A43</cusip>
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          <isin value="US594712A439"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Mexico Finance Authority</name>
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          <isin value="US64711PJX96"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of St Johns FL</name>
        <lei>N/A</lei>
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          <isin value="US790415CD32"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Sun Prairie WI</name>
        <lei>N/A</lei>
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          <isin value="US866849W400"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Chicago IL Wastewater Transmission Revenue</name>
        <lei>N/A</lei>
        <title>City of Chicago, Series 2024B</title>
        <cusip>167727K88</cusip>
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          <isin value="US167727K888"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45520.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lake County School District No. 112 North Shore</name>
        <lei>N/A</lei>
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          <isin value="US509076DB86"/>
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        <balance>60000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Water Reclamation District of Greater Chicago</name>
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          <isin value="US167560MS78"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>State of Michigan Trunk Line Revenue</name>
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          <isin value="US5946954B18"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Borough of North Slope AK</name>
        <lei>N/A</lei>
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          <isin value="US662523W399"/>
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        <valUSD>106869.70000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-30</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Florida</name>
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        <valUSD>39736.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Nevada</name>
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        <name>Neenah Joint School District</name>
        <lei>N/A</lei>
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        <name>City of Omaha NE</name>
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          <maturityDt>2031-04-15</maturityDt>
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        <name>Central Brown County Water Authority</name>
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          <maturityDt>2035-11-01</maturityDt>
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        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
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        <balance>55000.00000000</balance>
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          <maturityDt>2033-07-01</maturityDt>
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        <name>Inland Lakes Schools</name>
        <lei>N/A</lei>
        <title>Inland Lakes Schools, Series 2024</title>
        <cusip>457380DS9</cusip>
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          <isin value="US457380DS98"/>
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        <name>City of Lubbock TX</name>
        <lei>549300I1QTL3QZV4BX74</lei>
        <title>City of Lubbock, Series 2025</title>
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        <balance>15000.00000000</balance>
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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>2035-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Delaware</name>
        <lei>N/A</lei>
        <title>State of Delaware, Series 2023A</title>
        <cusip>246381SD0</cusip>
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          <isin value="US246381SD03"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>81189.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>County of Dutchess NY</name>
        <lei>N/A</lei>
        <title>County of Dutchess, Series 2024A</title>
        <cusip>267040KH5</cusip>
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          <isin value="US267040KH55"/>
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        <curCd>USD</curCd>
        <valUSD>118717.47000000</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>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Las Vegas Valley Water District</name>
        <lei>N/A</lei>
        <title>Las Vegas Valley Water District, Series 2021A</title>
        <cusip>517845LF8</cusip>
        <identifiers>
          <isin value="US517845LF85"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>136767.48000000</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>2029-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Union NC</name>
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          <isin value="US9063956F04"/>
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        <curCd>USD</curCd>
        <valUSD>23450.06000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Linden Community School District</name>
        <lei>N/A</lei>
        <title>Linden Community School District, Series 2025III</title>
        <cusip>535358NA9</cusip>
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          <isin value="US535358NA97"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11607.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Saline Area Schools</name>
        <lei>549300COVKKGR0VUE860</lei>
        <title>Saline Area Schools, Series II</title>
        <cusip>795200MC5</cusip>
        <identifiers>
          <isin value="US795200MC54"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23036.04000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Jacksonville Transportation Authority</name>
        <lei>N/A</lei>
        <title>Jacksonville Transportation Authority, Series 2024</title>
        <cusip>469494BS6</cusip>
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          <isin value="US469494BS64"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62656.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Comanche Independent School District</name>
        <lei>N/A</lei>
        <title>Comanche Independent School District, Series 2024</title>
        <cusip>200057KG1</cusip>
        <identifiers>
          <isin value="US200057KG16"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46107.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Mexico Finance Authority</name>
        <lei>549300L6217Y7X40SP94</lei>
        <title>New Mexico Finance Authority, Series 2023B</title>
        <cusip>64711PNE6</cusip>
        <identifiers>
          <isin value="US64711PNE69"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>78078.31000000</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>2027-06-01</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>Utah Telecommunication Open Infrastructure Agency</name>
        <lei>549300LCGT5UXUJ1LP77</lei>
        <title>Utah Telecommunication Open Infrastructure Agency, Series 2022</title>
        <cusip>91756SAK9</cusip>
        <identifiers>
          <isin value="US91756SAK96"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62452.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Redford Union School District No. 1</name>
        <lei>N/A</lei>
        <title>Redford Union School District No. 1, Series 2023II</title>
        <cusip>757402MK5</cusip>
        <identifiers>
          <isin value="US757402MK50"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>61938.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Three Rivers Community Schools</name>
        <lei>N/A</lei>
        <title>Three Rivers Community Schools, Series 2023II</title>
        <cusip>88567AHW0</cusip>
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          <isin value="US88567AHW09"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79555.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wichita Falls Independent School District</name>
        <lei>N/A</lei>
        <title>Wichita Falls Independent School District, Series 2025</title>
        <cusip>967171SS9</cusip>
        <identifiers>
          <isin value="US967171SS92"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11555.53000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Bothell WA</name>
        <lei>N/A</lei>
        <title>City of Bothell, Series 2024C</title>
        <cusip>101295JK0</cusip>
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          <isin value="US101295JK07"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46496.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>King County School District No. 410 Snoqualmie Valley</name>
        <lei>N/A</lei>
        <title>King County School District No. 410 Snoqualmie Valley, Series 2025</title>
        <cusip>495206RN6</cusip>
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          <isin value="US495206RN65"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63412.04000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington Metropolitan Area Transit Authority Dedicated Revenue</name>
        <lei>N/A</lei>
        <title>Washington Metropolitan Area Transit Authority, Series 2023A</title>
        <cusip>93878YDC0</cusip>
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          <isin value="US93878YDC03"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>56870.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Tuscaloosa AL</name>
        <lei>N/A</lei>
        <title>City of Tuscaloosa, Series 2025B</title>
        <cusip>9005772P1</cusip>
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          <isin value="US9005772P13"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>23077.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bishop Consolidated Independent School District</name>
        <lei>N/A</lei>
        <title>Bishop Consolidated Independent School District, Series 2025</title>
        <cusip>091482HK8</cusip>
        <identifiers>
          <isin value="US091482HK88"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17233.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority, Series 2022BB</title>
        <cusip>64613CAZ1</cusip>
        <identifiers>
          <isin value="US64613CAZ14"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67362.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>County of Oakland MI</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Memphis TN</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Waco TX</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>King County School District No. 410 Snoqualmie Valley</name>
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          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>University of Washington</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Washington State University</name>
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        <valUSD>17320.80000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>MSD Warren Township Vision 2005 School Building Corp.</name>
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          <isin value="US553543KR90"/>
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        <balance>50000.00000000</balance>
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        <valUSD>56692.31000000</valUSD>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Douglas County School District No. 17/NE</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>State of Florida Department of Transportation Turnpike System Revenue</name>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of Sachse TX</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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    <signature>
      <ncom:dateSigned>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Randal Rein</ncom:signature>
      <ncom:signerName>Randal Rein</ncom:signerName>
      <ncom:title>Treasurer and PFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
