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        <name>County of Baltimore MD</name>
        <lei>N/A</lei>
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        <cusip>05914GFN3</cusip>
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          <isin value="US05914GFN34"/>
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        <curCd>USD</curCd>
        <valUSD>262416.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
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        <cusip>072024F72</cusip>
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          <isin value="US072024F728"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44378.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Buckeye AZ</name>
        <lei>N/A</lei>
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          <isin value="US118084CU43"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
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        <cusip>130179WX8</cusip>
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          <isin value="US130179WX88"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33289.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Celina Independent School District</name>
        <lei>N/A</lei>
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        <cusip>151145ZM4</cusip>
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          <isin value="US151145ZM44"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34039.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-02-15</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>153480AJ7</cusip>
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          <isin value="US153480AJ70"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>155590.20000000</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>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Charleston SC</name>
        <lei>N/A</lei>
        <title>City of Charleston, Series 2025B</title>
        <cusip>160357ZJ1</cusip>
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          <isin value="US160357ZJ19"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>76852.75000000</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>2034-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Metropolitan Water Reclamation District of Greater Chicago</name>
        <lei>254900GOGQEZEWCZ4D37</lei>
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        <cusip>167560MS7</cusip>
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          <isin value="US167560MS78"/>
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        <curCd>USD</curCd>
        <valUSD>144249.60000000</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>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>Chicago O'Hare International Airport, Series 2024D</title>
        <cusip>1675937B2</cusip>
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          <isin value="US1675937B27"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15783.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</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 2024A</title>
        <cusip>167727J64</cusip>
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          <isin value="US167727J641"/>
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        <balance>40000.00000000</balance>
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        <valUSD>43076.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Oregon City School District No. 62</name>
        <lei>N/A</lei>
        <title>Oregon City School District No. 62, Series 2025B</title>
        <cusip>179162LT7</cusip>
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        <balance>25000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Oregon City School District No. 62</name>
        <lei>N/A</lei>
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        <cusip>179162LU4</cusip>
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        <balance>10000.00000000</balance>
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        <name>County of Clark NV</name>
        <lei>549300LDD8NZB2EOVG83</lei>
        <title>County of Clark, Series 2025</title>
        <cusip>181000UW8</cusip>
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          <isin value="US181000UW89"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64477.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Clark County Public Utility District No. 1 Electric Revenue</name>
        <lei>N/A</lei>
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        <cusip>181108G62</cusip>
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          <isin value="US181108G626"/>
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        <balance>10000.00000000</balance>
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          <maturityDt>2045-01-01</maturityDt>
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      <invstOrSec>
        <name>Clemson University</name>
        <lei>N/A</lei>
        <title>Clemson University, Series 2025A</title>
        <cusip>185630E89</cusip>
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          <isin value="US185630E893"/>
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        <balance>15000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Crestwood School District/MI</name>
        <lei>N/A</lei>
        <title>Crestwood School District, Series 2025I</title>
        <cusip>226363HR3</cusip>
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          <isin value="US226363HR38"/>
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        <balance>15000.00000000</balance>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DeWitt Public Schools</name>
        <lei>N/A</lei>
        <title>DeWitt Public Schools, Series 2025III</title>
        <cusip>242109VC7</cusip>
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          <isin value="US242109VC74"/>
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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>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Desert Sands Unified School District</name>
        <lei>N/A</lei>
        <title>Desert Sands Unified School District, Series 2025</title>
        <cusip>250433WK1</cusip>
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          <isin value="US250433WK16"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>46152.40000000</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>2040-08-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>District of Columbia Income Tax Revenue</name>
        <lei>N/A</lei>
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          <isin value="US25477GXT74"/>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>District of Columbia Income Tax Revenue</name>
        <lei>N/A</lei>
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          <isin value="US25477GYF61"/>
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        <valUSD>90865.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DuPage County High School District No. 87 Glenbard</name>
        <lei>N/A</lei>
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          <isin value="US263309RR93"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Ector TX</name>
        <lei>N/A</lei>
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          <isin value="US279245KT00"/>
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        <curCd>USD</curCd>
        <valUSD>26463.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Northwest</name>
        <lei>N/A</lei>
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        <cusip>29270C5B7</cusip>
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          <isin value="US29270C5B70"/>
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        <curCd>USD</curCd>
        <valUSD>5312.65000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Northwest</name>
        <lei>N/A</lei>
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        <cusip>29270C6V2</cusip>
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          <isin value="US29270C6V26"/>
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        <curCd>USD</curCd>
        <valUSD>43702.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Florida Atlantic University Finance Corp.</name>
        <lei>N/A</lei>
        <title>Florida Atlantic University Finance Corp., Series 2024</title>
        <cusip>31200CEU6</cusip>
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          <isin value="US31200CEU62"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54154.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Ferndale Public Schools</name>
        <lei>N/A</lei>
        <title>Ferndale Public Schools, Series 2025</title>
        <cusip>315162HP5</cusip>
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          <isin value="US315162HP59"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37979.55000000</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>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ferris State University</name>
        <lei>N/A</lei>
        <title>Ferris State University, Series 2025A</title>
        <cusip>315361MP7</cusip>
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          <isin value="US315361MP77"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>148558.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Florida</name>
        <lei>5493004G5XFOOUT0LQ57</lei>
        <title>State of Florida, Series 2020B</title>
        <cusip>34153QTU0</cusip>
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          <isin value="US34153QTU03"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94278.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Florida</name>
        <lei>5493004G5XFOOUT0LQ57</lei>
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        <cusip>34153QXC5</cusip>
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          <isin value="US34153QXC58"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>124397.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of Florida Department of Transportation Turnpike System Revenue</name>
        <lei>N/A</lei>
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        <cusip>343137QT5</cusip>
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          <isin value="US343137QT58"/>
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        <balance>75000.00000000</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>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Folsom Cordova Unified School District</name>
        <lei>N/A</lei>
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        <cusip>34440PEF4</cusip>
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          <isin value="US34440PEF45"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Forest Hills Public Schools/MI</name>
        <lei>N/A</lei>
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        <cusip>345748F36</cusip>
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          <isin value="US345748F368"/>
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        <balance>15000.00000000</balance>
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          <maturityDt>2045-05-01</maturityDt>
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        <name>Georgetown Independent School District</name>
        <lei>N/A</lei>
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        <cusip>373046H61</cusip>
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          <isin value="US373046H616"/>
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        <balance>45000.00000000</balance>
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        <name>Gobles Public Schools</name>
        <lei>N/A</lei>
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          <isin value="US380208KF49"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>City of Grand Prairie TX</name>
        <lei>N/A</lei>
        <title>City of Grand Prairie, Series 2025</title>
        <cusip>386138W23</cusip>
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          <isin value="US386138W235"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38781.40000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Grand Prairie TX</name>
        <lei>N/A</lei>
        <title>City of Grand Prairie, Series 2025</title>
        <cusip>386138W31</cusip>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
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        <name>City of Grand Prairie TX</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>City of Grand Prairie TX Water &amp; Wastewater System Revenue</name>
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          <isin value="US386168ZF88"/>
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        <curCd>USD</curCd>
        <valUSD>56738.50000000</valUSD>
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          <maturityDt>2037-01-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Greater Martinsville School Building Corp.</name>
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          <isin value="US392130GL86"/>
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        <curCd>USD</curCd>
        <valUSD>73376.55000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-01-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Greater Martinsville School Building Corp.</name>
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          <isin value="US392130GY08"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-15</maturityDt>
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      <invstOrSec>
        <name>State of Hawaii</name>
        <lei>N/A</lei>
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          <isin value="US419792JT44"/>
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        <curCd>USD</curCd>
        <valUSD>96771.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hilliard School District</name>
        <lei>N/A</lei>
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          <isin value="US431621TS03"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28586.00000000</valUSD>
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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>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Howell Public Schools</name>
        <lei>N/A</lei>
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          <isin value="US443114WU37"/>
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        <curCd>USD</curCd>
        <valUSD>15878.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Humble Independent School District</name>
        <lei>N/A</lei>
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          <isin value="US445047NS88"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74885.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Idaho Housing &amp; Finance Association</name>
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          <isin value="US45130ADN28"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Idaho State Building Authority</name>
        <lei>549300XZ1VJYPPKQZU06</lei>
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          <isin value="US451446AM01"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
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        <name>State of Illinois Sales Tax Revenue</name>
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          <isin value="US452227VN81"/>
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          <maturityDt>2042-06-15</maturityDt>
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          <maturityDt>2043-06-15</maturityDt>
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        <name>Illinois State Toll Highway Authority</name>
        <lei>549300ISBFGI8MJJKM98</lei>
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          <isin value="US452252PD55"/>
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          <maturityDt>2027-01-01</maturityDt>
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        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority, Series 2025A</title>
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          <isin value="US46247SGE81"/>
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        <balance>75000.00000000</balance>
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        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
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      <invstOrSec>
        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
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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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          <isin value="US46247SGL25"/>
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      <invstOrSec>
        <name>Iowa Finance Authority</name>
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          <isin value="US46247SGN80"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>JEA Electric System Revenue</name>
        <lei>N/A</lei>
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          <isin value="US46613SSF82"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>JEA Electric System Revenue</name>
        <lei>N/A</lei>
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          <isin value="US46613SSM34"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69855.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JEA Water &amp; Sewer System Revenue</name>
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        <identifiers>
          <isin value="US46615SGH58"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16021.95000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Jacksonville FL</name>
        <lei>549300XQE0JVN9WV0J40</lei>
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          <isin value="US469487XB33"/>
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        <curCd>USD</curCd>
        <valUSD>10538.70000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Kentucky State Property &amp; Building Commission</name>
        <lei>N/A</lei>
        <title>Kentucky State Property &amp; Building Commission, Series 2025A</title>
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          <isin value="US49151F5F36"/>
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          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Kentucky State Property &amp; Building Commission</name>
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          <isin value="US49151F5H91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Kentucky State Property &amp; Building Commission</name>
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          <isin value="US49151FYX22"/>
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          <maturityDt>2027-05-01</maturityDt>
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        <name>County of King WA</name>
        <lei>N/A</lei>
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          <maturityDt>2042-12-01</maturityDt>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>King County School District No. 401 Highline</name>
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          <isin value="US495033HB11"/>
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          <maturityDt>2040-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>County of King WA Sewer Revenue</name>
        <lei>N/A</lei>
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          <isin value="US495290GP71"/>
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          <maturityDt>2045-07-01</maturityDt>
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        <name>Lake County Forest Preserve District</name>
        <lei>N/A</lei>
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        <cusip>508354WJ2</cusip>
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          <isin value="US508354WJ23"/>
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          <maturityDt>2027-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Lake County Township High School District No. 113-Highland Park</name>
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        <cusip>509084KU2</cusip>
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          <isin value="US509084KU27"/>
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          <maturityDt>2034-01-01</maturityDt>
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      <invstOrSec>
        <name>City of Lake Havasu City AZ Wastewater System Revenue</name>
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        <cusip>50989RAU4</cusip>
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          <isin value="US50989RAU41"/>
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        <balance>45000.00000000</balance>
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        <valUSD>50240.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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          <maturityDt>2041-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>L'Anse Creuse Public Schools</name>
        <lei>549300L3W88HP5QUMY54</lei>
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        <cusip>516228TJ2</cusip>
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          <isin value="US516228TJ25"/>
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        <balance>40000.00000000</balance>
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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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      <invstOrSec>
        <name>L'Anse Creuse Public Schools</name>
        <lei>549300L3W88HP5QUMY54</lei>
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          <isin value="US516228TL70"/>
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        <curCd>USD</curCd>
        <valUSD>15913.65000000</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>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Lansing School District</name>
        <lei>N/A</lei>
        <title>Lansing School District, Series 2025II</title>
        <cusip>516444VA1</cusip>
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          <isin value="US516444VA10"/>
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        <curCd>USD</curCd>
        <valUSD>15666.30000000</valUSD>
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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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      <invstOrSec>
        <name>Leander Independent School District</name>
        <lei>N/A</lei>
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        <cusip>521841S23</cusip>
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          <isin value="US521841S238"/>
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        <curCd>USD</curCd>
        <valUSD>56169.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
        <lei>549300S8NXV6YU61GG95</lei>
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          <isin value="US544532CU63"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>263995.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Los Angeles Unified School District</name>
        <lei>N/A</lei>
        <title>Los Angeles Unified School District, Series 2024QRR</title>
        <cusip>544647JJ0</cusip>
        <identifiers>
          <isin value="US544647JJ06"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27393.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lower Colorado River Authority</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>Lower Colorado River Authority, Series 2025</title>
        <cusip>54811BR45</cusip>
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          <isin value="US54811BR452"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26219.75000000</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>2044-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lubbock-Cooper Independent School District</name>
        <lei>N/A</lei>
        <title>Lubbock-Cooper Independent School District, Series 2025</title>
        <cusip>549108J74</cusip>
        <identifiers>
          <isin value="US549108J742"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96479.25000000</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>2037-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lubbock-Cooper Independent School District</name>
        <lei>N/A</lei>
        <title>Lubbock-Cooper Independent School District, Series 2025</title>
        <cusip>549108J82</cusip>
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          <isin value="US549108J825"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28145.75000000</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>2038-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Lubbock TX</name>
        <lei>549300I1QTL3QZV4BX74</lei>
        <title>City of Lubbock, Series 2025</title>
        <cusip>5491888A1</cusip>
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          <isin value="US5491888A17"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26839.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MSD Warren Township Vision 2005 School Building Corp.</name>
        <lei>N/A</lei>
        <title>MSD Warren Township Vision 2005 School Building Corp., Series 2024</title>
        <cusip>553543KT5</cusip>
        <identifiers>
          <isin value="US553543KT56"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5727.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Madison County Board of Education/AL</name>
        <lei>N/A</lei>
        <title>Madison County Board of Education, Series 2025A</title>
        <cusip>556752RC9</cusip>
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          <isin value="US556752RC99"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108049.20000000</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>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of Manhattan KS</name>
        <lei>N/A</lei>
        <title>City of Manhattan, Series 2025A</title>
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          <isin value="US562895XK30"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>213612.10000000</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>2034-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Mansfield Independent School District</name>
        <lei>N/A</lei>
        <title>Mansfield Independent School District, Series 2025</title>
        <cusip>564386VA5</cusip>
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          <isin value="US564386VA51"/>
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        <balance>125000.00000000</balance>
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        <valUSD>143560.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Marion &amp; Ralls Counties School District No. 60 Hannibal</name>
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        <cusip>569101KA5</cusip>
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          <isin value="US569101KA57"/>
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        <curCd>USD</curCd>
        <valUSD>30277.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Bay Transportation Authority Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>Massachusetts Bay Transportation Authority, Series 2024A</title>
        <cusip>575579V61</cusip>
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          <isin value="US575579V613"/>
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        <balance>15000.00000000</balance>
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        <valUSD>16031.10000000</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>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>Commonwealth of Massachusetts, Series 2025A</title>
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          <isin value="US57582TCG58"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62770.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>Commonwealth of Massachusetts, Series 2025A</title>
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          <isin value="US57582TCY64"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98691.80000000</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>2033-07-01</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>Massachusetts Development Finance Agency</name>
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          <maturityDt>2045-07-01</maturityDt>
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        <name>Michigan State University</name>
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          <isin value="US594712A439"/>
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        <name>Minneapolis Special School District No. 1</name>
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        <name>Missouri Joint Municipal Electric Utility Commission</name>
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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>
      <invstOrSec>
        <name>New York City Transitional Finance Authority</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority, Series 2025F1</title>
        <cusip>64972JQH4</cusip>
        <identifiers>
          <isin value="US64972JQH40"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49809.60000000</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>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority, Series 2025H1</title>
        <cusip>64972JTA6</cusip>
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          <isin value="US64972JTA69"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32409.90000000</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>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority, Series 2025H1</title>
        <cusip>64972JTC2</cusip>
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          <isin value="US64972JTC26"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21244.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority, Series 2026A1</title>
        <cusip>64972JWG9</cusip>
        <identifiers>
          <isin value="US64972JWG92"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10577.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2025A</title>
        <cusip>64985SGB3</cusip>
        <identifiers>
          <isin value="US64985SGB34"/>
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        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10569.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2025A</title>
        <cusip>64985SJZ7</cusip>
        <identifiers>
          <isin value="US64985SJZ74"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10682.40000000</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>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York State Environmental Facilities Corp.</name>
        <lei>549300QJ33JJW73OQO60</lei>
        <title>New York State Environmental Facilities Corp., Series 2025C</title>
        <cusip>64986DPZ2</cusip>
        <identifiers>
          <isin value="US64986DPZ23"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>34771.20000000</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>2038-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2024A</title>
        <cusip>64990ATZ8</cusip>
        <identifiers>
          <isin value="US64990ATZ83"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15855.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2024B</title>
        <cusip>64990AWS0</cusip>
        <identifiers>
          <isin value="US64990AWS04"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10625.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2025A</title>
        <cusip>64990KGQ0</cusip>
        <identifiers>
          <isin value="US64990KGQ04"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37765.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2025A</title>
        <cusip>64990KGS6</cusip>
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          <isin value="US64990KGS69"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10546.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>North Texas Tollway Authority, Series 2024A</title>
        <cusip>66285WR73</cusip>
        <identifiers>
          <isin value="US66285WR733"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10548.20000000</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>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northwest Independent School District</name>
        <lei>N/A</lei>
        <title>Northwest Independent School District, Series 2025</title>
        <cusip>667826HB0</cusip>
        <identifiers>
          <isin value="US667826HB08"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43070.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>State of Ohio</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>State of Ohio, Series 2018V</title>
        <cusip>677522B86</cusip>
        <identifiers>
          <isin value="US677522B869"/>
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        <balance>95000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98172.05000000</valUSD>
        <pctVal>0.955442692114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>State of Ohio</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>State of Ohio, Series 2021A</title>
        <cusip>677587DS3</cusip>
        <identifiers>
          <isin value="US677587DS35"/>
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        <balance>120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>131733.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oklahoma Capitol Improvement Authority</name>
        <lei>549300LYHYBINTZ5AY71</lei>
        <title>Oklahoma Capitol Improvement Authority, Series 2025A</title>
        <cusip>678514EG1</cusip>
        <identifiers>
          <isin value="US678514EG18"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55237.00000000</valUSD>
        <pctVal>0.537584658610</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oklahoma Turnpike Authority</name>
        <lei>549300J83EP2PBDYH615</lei>
        <title>Oklahoma Turnpike Authority, Series 2025A</title>
        <cusip>679111E42</cusip>
        <identifiers>
          <isin value="US679111E426"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26820.75000000</valUSD>
        <pctVal>0.261028363821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Omaha Public Power District</name>
        <lei>54930000VJEJ9CGIYG32</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of Oregon</name>
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        <name>Orlando Utilities Commission</name>
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        <name>Pennsylvania Turnpike Commission</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pennsylvania Turnpike Commission</name>
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          <isin value="US709225LJ35"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Pennsylvania Turnpike Commission</name>
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          <isin value="US709225NR33"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pierce County School District No. 320 Sumner</name>
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          <isin value="US720526YX43"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Quitman Independent School District</name>
        <lei>N/A</lei>
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          <isin value="US749030EE89"/>
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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>2036-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Regional Transportation Authority</name>
        <lei>549300FOIPI62F5YFO59</lei>
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          <isin value="US7599116E56"/>
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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>2042-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Regional Transportation Authority</name>
        <lei>549300FOIPI62F5YFO59</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-01</maturityDt>
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        <name>Romeo Community School District</name>
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          <maturityDt>2043-05-01</maturityDt>
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        <name>Round Rock Independent School District</name>
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        <name>Round Rock Independent School District</name>
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        <name>Round Rock Independent School District</name>
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        <name>St Paul Independent School District No. 625</name>
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          <isin value="US79289ABY82"/>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
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        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
        <lei>5493002G2FEH20Q4GQ04</lei>
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        <cusip>79625GLK7</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-02-01</maturityDt>
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        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
        <lei>5493002G2FEH20Q4GQ04</lei>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
        <lei>5493002G2FEH20Q4GQ04</lei>
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        <cusip>79625GLY7</cusip>
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          <isin value="US79625GLY79"/>
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        <curCd>USD</curCd>
        <valUSD>5665.65000000</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>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Antonio Water System</name>
        <lei>549300S7VENCVRZAA322</lei>
        <title>San Antonio Water System, Series 2025B</title>
        <cusip>79642GSU7</cusip>
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          <isin value="US79642GSU75"/>
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        <curCd>USD</curCd>
        <valUSD>50521.50000000</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>2039-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Diego Community College District</name>
        <lei>N/A</lei>
        <title>San Diego Community College District, Series 2025A1</title>
        <cusip>797272SY8</cusip>
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          <isin value="US797272SY85"/>
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        <curCd>USD</curCd>
        <valUSD>28609.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Sarasota FL</name>
        <lei>N/A</lei>
        <title>County of Sarasota, Series 2025A</title>
        <cusip>80329KNG2</cusip>
        <identifiers>
          <isin value="US80329KNG21"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26857.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Sarasota FL</name>
        <lei>N/A</lei>
        <title>County of Sarasota, Series 2025A</title>
        <cusip>80329KNH0</cusip>
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          <isin value="US80329KNH04"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15998.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Seattle Museum Development Authority</name>
        <lei>N/A</lei>
        <title>Seattle Museum Development Authority, Series 2024</title>
        <cusip>812670DV6</cusip>
        <identifiers>
          <isin value="US812670DV64"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>211056.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Snohomish County Public Utility District No. 1 Electric System Revenue</name>
        <lei>N/A</lei>
        <title>Snohomish County Public Utility District No. 1, Series 2025A</title>
        <cusip>833102E93</cusip>
        <identifiers>
          <isin value="US833102E931"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16044.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Carolina Transportation Infrastructure Bank</name>
        <lei>549300YI1NMCP4VLJN43</lei>
        <title>South Carolina Transportation Infrastructure Bank, Series 2021A</title>
        <cusip>837152VR5</cusip>
        <identifiers>
          <isin value="US837152VR54"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5193.45000000</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Sun Prairie WI</name>
        <lei>N/A</lei>
        <title>City of Sun Prairie, Series 2025A</title>
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          <isin value="US866849W400"/>
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        <balance>245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>268446.50000000</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>2030-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Tacoma WA Electric System Revenue</name>
        <lei>N/A</lei>
        <title>City of Tacoma, Series 2024A</title>
        <cusip>873519QL9</cusip>
        <identifiers>
          <isin value="US873519QL92"/>
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        <curCd>USD</curCd>
        <valUSD>15903.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Tacoma WA Electric System Revenue</name>
        <lei>N/A</lei>
        <title>City of Tacoma, Series 2025A</title>
        <cusip>873519QZ8</cusip>
        <identifiers>
          <isin value="US873519QZ88"/>
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        <balance>10000.00000000</balance>
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        <valUSD>10612.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Temple Independent School District/TX</name>
        <lei>N/A</lei>
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        <cusip>880081UG7</cusip>
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          <isin value="US880081UG70"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39545.10000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
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        <cusip>89602RNF8</cusip>
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          <isin value="US89602RNF81"/>
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        <curCd>USD</curCd>
        <valUSD>16017.90000000</valUSD>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <name>University of Washington</name>
        <lei>T8YS5W0N70BYCTHPA429</lei>
        <title>University of Washington, Series 2025A</title>
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      <invstOrSec>
        <name>University of Washington</name>
        <lei>T8YS5W0N70BYCTHPA429</lei>
        <title>University of Washington, Series 2025A</title>
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          <isin value="US91523NB218"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26943.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of Washington</name>
        <lei>T8YS5W0N70BYCTHPA429</lei>
        <title>University of Washington, Series 2025C</title>
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        <name>University of Washington</name>
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        <name>Utah Transit Authority</name>
        <lei>N/A</lei>
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          <isin value="US917567JG52"/>
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        <name>Utica Community Schools/MI</name>
        <lei>N/A</lei>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Utility Debt Securitization Authority</name>
        <lei>N/A</lei>
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          <isin value="US91802REX35"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Wake NC</name>
        <lei>5493007XQJHO082P1H29</lei>
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        <cusip>930864JG9</cusip>
        <identifiers>
          <isin value="US930864JG97"/>
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        <balance>220000.00000000</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>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Warren Consolidated Schools</name>
        <lei>N/A</lei>
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          <isin value="US935341T310"/>
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        <name>Warren Consolidated Schools</name>
        <lei>N/A</lei>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>State of Washington, Series 2024B</title>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <name>Watervliet Public Schools</name>
        <lei>N/A</lei>
        <title>Watervliet Public Schools, Series 2025</title>
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          <isin value="US942367JC80"/>
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        <balance>15000.00000000</balance>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Wawasee High School Building Corp.</name>
        <lei>N/A</lei>
        <title>Wawasee High School Building Corp., Series 2024</title>
        <cusip>944052FJ3</cusip>
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          <isin value="US944052FJ34"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Wisconsin</name>
        <lei>549300VTAT608CNZ5827</lei>
        <title>State of Wisconsin, Series 2021-2</title>
        <cusip>97705MSX4</cusip>
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          <isin value="US97705MSX47"/>
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        <name>Wyandotte City School District</name>
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    <signature>
      <ncom:dateSigned>2026-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal Rein</ncom:signature>
      <ncom:signerName>Randal Rein</ncom:signerName>
      <ncom:title>Treasurer and PFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
