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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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        <identifiers>
          <isin value="US709225NR33"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38811.64000000</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>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Idaho Housing &amp; Finance Association</name>
        <lei>5493002WM3NYB1LQB744</lei>
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        <cusip>45130ADN2</cusip>
        <identifiers>
          <isin value="US45130ADN28"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10904.23000000</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>2045-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of New York NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York, Series 2026A1</title>
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          <isin value="US64966SPF73"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>111224.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16274.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Warren Consolidated Schools</name>
        <lei>N/A</lei>
        <title>Warren Consolidated Schools, Series 2025</title>
        <cusip>935341T31</cusip>
        <identifiers>
          <isin value="US935341T310"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60863.69000000</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>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority, Series 2025A</title>
        <cusip>46247SGJ7</cusip>
        <identifiers>
          <isin value="US46247SGJ78"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72704.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Grand Prairie TX</name>
        <lei>N/A</lei>
        <title>City of Grand Prairie, Series 2025</title>
        <cusip>386138W49</cusip>
        <identifiers>
          <isin value="US386138W490"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54943.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
        <identifiers>
          <isin value="US167727J641"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32256.82000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York 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>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38553.87000000</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Lake Havasu City AZ Wastewater System Revenue</name>
        <lei>N/A</lei>
        <title>City of Lake Havasu City, Series 2025</title>
        <cusip>50989RAU4</cusip>
        <identifiers>
          <isin value="US50989RAU41"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50278.86000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>
        <identifiers>
          <isin value="US5491888A17"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27188.70000000</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>2043-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>Commonwealth of Massachusetts, Series 2025A</title>
        <cusip>57582TCG5</cusip>
        <identifiers>
          <isin value="US57582TCG58"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62186.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <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>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority, Series 2025A</title>
        <cusip>46247SGE8</cusip>
        <identifiers>
          <isin value="US46247SGE81"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85894.77000000</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>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>American Municipal Power, Inc.</name>
        <lei>EARKGGZJJEMVD66XQ486</lei>
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        <cusip>02765USW5</cusip>
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          <isin value="US02765USW52"/>
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        <valUSD>26716.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pierce County School District No. 320 Sumner</name>
        <lei>N/A</lei>
        <title>Pierce County School District No. 320, Series 2025</title>
        <cusip>720526YX4</cusip>
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          <isin value="US720526YX43"/>
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        <balance>35000.00000000</balance>
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        <valUSD>39626.91000000</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>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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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>
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          <isin value="US64985SGB34"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10927.15000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Mesa AZ</name>
        <lei>549300L1QYAKFHSIGE94</lei>
        <title>City of Mesa, Series 2025</title>
        <cusip>5904853T3</cusip>
        <identifiers>
          <isin value="US5904853T35"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11144.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority, Series 2025A</title>
        <cusip>46247SGH1</cusip>
        <identifiers>
          <isin value="US46247SGH13"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>67434.66000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Round Rock Independent School District</name>
        <lei>N/A</lei>
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          <isin value="US779240RF94"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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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>
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          <isin value="US64972JWG92"/>
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        <fairValLevel>2</fairValLevel>
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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>
        <cusip>49151F5F3</cusip>
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          <isin value="US49151F5F36"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>
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        <identifiers>
          <isin value="US1675937B27"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16053.68000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Mesa AZ</name>
        <lei>549300L1QYAKFHSIGE94</lei>
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        <identifiers>
          <isin value="US5904853Y20"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10807.44000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>Triborough Bridge &amp; Tunnel Authority, Series 2025A1</title>
        <cusip>89602RNF8</cusip>
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          <isin value="US89602RNF81"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16290.01000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Greater Martinsville School Building Corp.</name>
        <lei>N/A</lei>
        <title>Greater Martinsville School Building Corp., Series 2024</title>
        <cusip>392130GY0</cusip>
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          <isin value="US392130GY08"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26776.07000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Grand Prairie TX Water &amp; Wastewater System Revenue</name>
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        <title>City of Grand Prairie, Series 2025</title>
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          <isin value="US386168ZF88"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55836.43000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Romeo Community School District</name>
        <lei>N/A</lei>
        <title>Romeo Community School District, Series 2025</title>
        <cusip>776134SM1</cusip>
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          <isin value="US776134SM16"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32892.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-01</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>106630.83000000</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>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>L'Anse Creuse Public Schools</name>
        <lei>549300L3W88HP5QUMY54</lei>
        <title>L'Anse Creuse Public Schools, Series 2025I</title>
        <cusip>516228TJ2</cusip>
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          <isin value="US516228TJ25"/>
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        <balance>45000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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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 2025F1</title>
        <cusip>64972JQH4</cusip>
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          <isin value="US64972JQH40"/>
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        <balance>45000.00000000</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>2040-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority, Series 2025A</title>
        <cusip>46247SGL2</cusip>
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          <isin value="US46247SGL25"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
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          <maturityDt>2042-08-01</maturityDt>
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          <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>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>38717.85000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Energy Northwest</name>
        <lei>N/A</lei>
        <title>Energy Northwest, Series 2023A</title>
        <cusip>29270C5B7</cusip>
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          <isin value="US29270C5B70"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5250.97000000</valUSD>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission, Series 2024</title>
        <cusip>709225LJ3</cusip>
        <identifiers>
          <isin value="US709225LJ35"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27248.59000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>JEA Water &amp; Sewer System Revenue</name>
        <lei>N/A</lei>
        <title>JEA Water &amp; Sewer System, Series 2025A</title>
        <cusip>46615SGH5</cusip>
        <identifiers>
          <isin value="US46615SGH58"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16339.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Massachusetts Development Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Missouri Joint Municipal Electric Utility Commission</name>
        <lei>N/A</lei>
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          <isin value="US606092QU17"/>
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          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Sarasota FL</name>
        <lei>N/A</lei>
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          <isin value="US80329KNH04"/>
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        <curCd>USD</curCd>
        <valUSD>16142.81000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-01</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>
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          <isin value="US873519QZ88"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10847.69000000</valUSD>
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        <invCountry>US</invCountry>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Florida</name>
        <lei>5493004G5XFOOUT0LQ57</lei>
        <title>State of Florida, Series 2020B</title>
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          <isin value="US34153QTU03"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>98319.24000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>South Carolina Transportation Infrastructure Bank</name>
        <lei>549300YI1NMCP4VLJN43</lei>
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          <isin value="US837152VR54"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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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 San Antonio TX Electric &amp; Gas Systems Revenue</name>
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          <isin value="US79625GLY79"/>
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        <balance>5000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>King County School District No. 401 Highline</name>
        <lei>N/A</lei>
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        <cusip>495033HB1</cusip>
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          <isin value="US495033HB11"/>
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        <balance>25000.00000000</balance>
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        <valUSD>27957.44000000</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>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Los Angeles Department of Water &amp; Power</name>
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        <balance>250000.00000000</balance>
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        <valUSD>261319.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <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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        <valUSD>16202.06000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-05-01</maturityDt>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority, Series 2024CC</title>
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        <balance>50000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <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>
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          <isin value="US553543KT56"/>
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        <balance>5000.00000000</balance>
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          <maturityDt>2033-01-10</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority</name>
        <lei>N/A</lei>
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        <name>Triborough Bridge &amp; Tunnel Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>District of Columbia Income Tax Revenue</name>
        <lei>N/A</lei>
        <title>District of Columbia, Series 2025A</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2027-06-01</maturityDt>
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      <invstOrSec>
        <name>JEA Electric System Revenue</name>
        <lei>N/A</lei>
        <title>JEA Electric System, Series 2024A</title>
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          <maturityDt>2038-10-01</maturityDt>
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      <invstOrSec>
        <name>City of Buckeye AZ</name>
        <lei>N/A</lei>
        <title>City of Buckeye, Series 2025</title>
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        <balance>10000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Memphis TN Memphis Light Gas &amp; Water Division Electric System Revenue</name>
        <lei>N/A</lei>
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        <cusip>586158QR1</cusip>
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          <isin value="US586158QR17"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Quitman Independent School District</name>
        <lei>N/A</lei>
        <title>Quitman Independent School District, Series 2025</title>
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        <identifiers>
          <isin value="US749030EE89"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Clark NV</name>
        <lei>549300LDD8NZB2EOVG83</lei>
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          <isin value="US181000UW89"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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          <isin value="US93974EYS98"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62349.71000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Manhattan KS</name>
        <lei>N/A</lei>
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          <isin value="US562895XK30"/>
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        <curCd>USD</curCd>
        <valUSD>209388.16000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</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>
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          <isin value="US34153QXC58"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22211.77000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of King WA</name>
        <lei>N/A</lei>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5656.10000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Leander Independent School District</name>
        <lei>N/A</lei>
        <title>Leander Independent School District, Series 2025A</title>
        <cusip>521841S23</cusip>
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          <isin value="US521841S238"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55832.26000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Utility Debt Securitization Authority</name>
        <lei>N/A</lei>
        <title>Utility Debt Securitization Authority, Series 2022TE1</title>
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          <isin value="US91802REX35"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>271087.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of New York NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York, Series 2025G1</title>
        <cusip>64966SLZ7</cusip>
        <identifiers>
          <isin value="US64966SLZ73"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38202.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lake County Township High School District No. 113-Highland Park</name>
        <lei>N/A</lei>
        <title>Lake County Township High School District No. 113, Series 2025</title>
        <cusip>509084KU2</cusip>
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          <isin value="US509084KU27"/>
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        <balance>55000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Ferris State University</name>
        <lei>N/A</lei>
        <title>Ferris State University, Series 2025A</title>
        <cusip>315361MP7</cusip>
        <identifiers>
          <isin value="US315361MP77"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>152602.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Wyandotte City School District</name>
        <lei>N/A</lei>
        <title>Wyandotte City School District, Series 2025</title>
        <cusip>982781JX5</cusip>
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          <isin value="US982781JX55"/>
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        <balance>55000.00000000</balance>
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        <valUSD>60863.69000000</valUSD>
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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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      <invstOrSec>
        <name>Clark County Public Utility District No. 1 Electric Revenue</name>
        <lei>N/A</lei>
        <title>Clark County Public Utility District No. 1, Series 2024</title>
        <cusip>181108G62</cusip>
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          <isin value="US181108G626"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10680.85000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <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>Cook Kane Lake &amp; McHenry Counties Community College District No. 512</name>
        <lei>N/A</lei>
        <title>Cook Kane Lake &amp; McHenry Counties Community College District No. 512, Series 2017B</title>
        <cusip>216181GE1</cusip>
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          <isin value="US216181GE19"/>
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        <balance>115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115975.46000000</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>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>City of New York NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York, Series 2024C</title>
        <cusip>64966SAV8</cusip>
        <identifiers>
          <isin value="US64966SAV88"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10668.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marion &amp; Ralls Counties School District No. 60 Hannibal</name>
        <lei>N/A</lei>
        <title>Marion &amp; Ralls Counties School District No. 60, Series 2025A</title>
        <cusip>569101KA5</cusip>
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          <isin value="US569101KA57"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29966.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kentucky State Property &amp; Building Commission</name>
        <lei>N/A</lei>
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        <name>Utah Transit Authority</name>
        <lei>N/A</lei>
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          <isin value="US917567JG52"/>
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      <invstOrSec>
        <name>Seattle Museum Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US812670DV64"/>
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        <name>City of Charleston SC</name>
        <lei>N/A</lei>
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          <isin value="US160357ZJ19"/>
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        <name>State of Washington</name>
        <lei>549300X3TODFMUKLQ364</lei>
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          <isin value="US93974FCP62"/>
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          <maturityDt>2035-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>County of Ector TX</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-02-15</maturityDt>
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        <name>Michigan State University</name>
        <lei>N/A</lei>
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          <isin value="US594712A439"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Oklahoma Capitol Improvement Authority</name>
        <lei>549300LYHYBINTZ5AY71</lei>
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        <name>State of Illinois Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <name>City of New York NY</name>
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        <name>City of Sun Prairie WI</name>
        <lei>N/A</lei>
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        <name>City of Jacksonville FL</name>
        <lei>549300XQE0JVN9WV0J40</lei>
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        <name>County of Sarasota FL</name>
        <lei>N/A</lei>
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        <name>State of Illinois Sales Tax Revenue</name>
        <lei>N/A</lei>
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        <name>Metropolitan Water Reclamation District of Greater Chicago</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
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      <invstOrSec>
        <name>Mansfield Independent School District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>County of Anne Arundel MD</name>
        <lei>549300L8Q6EFVTZGWW41</lei>
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          <isin value="US03588JMB51"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55285.60000000</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>2031-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Antonio Water System</name>
        <lei>549300S7VENCVRZAA322</lei>
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          <isin value="US79642GSU75"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <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>Orlando Utilities Commission</name>
        <lei>549300EJR7JVMRXL5D66</lei>
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          <isin value="US686507NC47"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21610.78000000</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>2045-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>27291.94000000</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>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Wake NC</name>
        <lei>5493007XQJHO082P1H29</lei>
        <title>County of Wake, Series 2024B</title>
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          <isin value="US930864JG97"/>
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        <balance>220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248809.48000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Hawaii</name>
        <lei>N/A</lei>
        <title>State of Hawaii, Series FE</title>
        <cusip>419792JT4</cusip>
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          <isin value="US419792JT44"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95559.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Temple Independent School District/TX</name>
        <lei>N/A</lei>
        <title>Temple Independent School District, Series 2025</title>
        <cusip>880081UG7</cusip>
        <identifiers>
          <isin value="US880081UG70"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39404.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-01</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>Energy Northwest</name>
        <lei>N/A</lei>
        <title>Energy Northwest, Series 2025A</title>
        <cusip>29270C6V2</cusip>
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          <isin value="US29270C6V26"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33114.71000000</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>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Auburn University</name>
        <lei>N/A</lei>
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        <cusip>050589SF8</cusip>
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          <isin value="US050589SF80"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10856.18000000</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>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Round Rock Independent School District</name>
        <lei>N/A</lei>
        <title>Round Rock Independent School District, Series 2025B</title>
        <cusip>779240RK8</cusip>
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          <isin value="US779240RK89"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39308.71000000</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>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Commonwealth of Massachusetts</name>
        <lei>5493001N1YCXNI1O7K10</lei>
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          <isin value="US57582TCY64"/>
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        <balance>85000.00000000</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>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <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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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16167.21000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>University of Washington</name>
        <lei>T8YS5W0N70BYCTHPA429</lei>
        <title>University of Washington, Series 2025C</title>
        <cusip>91523NE44</cusip>
        <identifiers>
          <isin value="US91523NE444"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>45004.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2039-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>State of Ohio</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>State of Ohio, Series 2021A</title>
        <cusip>677587DS3</cusip>
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          <isin value="US677587DS35"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27055.01000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of King WA Sewer Revenue</name>
        <lei>N/A</lei>
        <title>County of King, Series 2024B</title>
        <cusip>495290GP7</cusip>
        <identifiers>
          <isin value="US495290GP71"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10837.89000000</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>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Gobles Public Schools</name>
        <lei>N/A</lei>
        <title>Gobles Public Schools, Series 2025II</title>
        <cusip>380208KF4</cusip>
        <identifiers>
          <isin value="US380208KF49"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27189.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of King WA</name>
        <lei>N/A</lei>
        <title>County of King, Series 2025A</title>
        <cusip>49474F6X3</cusip>
        <identifiers>
          <isin value="US49474F6X39"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55713.18000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Florida Tourism Oversight District</name>
        <lei>549300DLSKH6SZ96KV94</lei>
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          <isin value="US153480AJ70"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kentucky State Property &amp; Building Commission</name>
        <lei>N/A</lei>
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          <isin value="US49151F5H91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Lake County Forest Preserve District</name>
        <lei>N/A</lei>
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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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      <invstOrSec>
        <name>District of Columbia Income Tax Revenue</name>
        <lei>N/A</lei>
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          <isin value="US25477GYF61"/>
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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>2039-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of San Antonio TX Electric &amp; Gas Systems Revenue</name>
        <lei>5493002G2FEH20Q4GQ04</lei>
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        <cusip>79625GLR2</cusip>
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          <isin value="US79625GLR29"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27106.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Round Rock Independent School District</name>
        <lei>N/A</lei>
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        <cusip>779240RL6</cusip>
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          <isin value="US779240RL62"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22331.04000000</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>Arizona Board of Regents</name>
        <lei>N/A</lei>
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        <cusip>040484F69</cusip>
        <identifiers>
          <isin value="US040484F699"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27236.58000000</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>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Regional Transportation Authority</name>
        <lei>549300FOIPI62F5YFO59</lei>
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          <isin value="US7599116G05"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16196.96000000</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>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Illinois State Toll Highway Authority</name>
        <lei>549300ISBFGI8MJJKM98</lei>
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          <isin value="US452252PD55"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>86017.39000000</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>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Lehigh County General Purpose Authority</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Sales Tax Securitization Corp.</name>
        <lei>N/A</lei>
        <title>Sales Tax Securitization Corp., Series 2018C</title>
        <cusip>79467BBW4</cusip>
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          <isin value="US79467BBW46"/>
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          <maturityDt>2029-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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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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          <isin value="US79625GLK75"/>
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          <maturityDt>2038-02-01</maturityDt>
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        <name>Minneapolis Special School District No. 1</name>
        <lei>N/A</lei>
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        <cusip>603790NF9</cusip>
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          <isin value="US603790NF94"/>
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          <maturityDt>2027-02-01</maturityDt>
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        <name>State of Nevada</name>
        <lei>N/A</lei>
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        <cusip>641462WJ1</cusip>
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          <isin value="US641462WJ13"/>
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        <balance>75000.00000000</balance>
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          <maturityDt>2026-10-01</maturityDt>
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        <name>Lower Colorado River Authority</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>Lower Colorado River Authority, Series 2025</title>
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          <isin value="US54811BR452"/>
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          <maturityDt>2044-05-15</maturityDt>
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        <name>DuPage County High School District No. 87 Glenbard</name>
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          <isin value="US263309RR93"/>
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          <maturityDt>2039-01-01</maturityDt>
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      <invstOrSec>
        <name>Utica Community Schools/MI</name>
        <lei>N/A</lei>
        <title>Utica Community Schools, Series 2024</title>
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        <balance>50000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-05-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Florida Department of Transportation Turnpike System Revenue</name>
        <lei>N/A</lei>
        <title>State of Florida, Series 2023A</title>
        <cusip>343137QT5</cusip>
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          <isin value="US343137QT58"/>
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        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Transportation Trust Fund Authority</name>
        <lei>549300YUVD5TEXR6L889</lei>
        <title>New Jersey Transportation Trust Fund Authority, Series 2022BB</title>
        <cusip>64613CAZ1</cusip>
        <identifiers>
          <isin value="US64613CAZ14"/>
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        <balance>195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>214611.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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>10748.67000000</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>2045-01-01</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Triborough Bridge &amp; Tunnel Authority</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>Triborough Bridge &amp; Tunnel Authority, Series 2025A</title>
        <cusip>896032AU3</cusip>
        <identifiers>
          <isin value="US896032AU31"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33102.82000000</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>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>27235.70000000</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>2044-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Florida Atlantic University Finance Corp.</name>
        <lei>N/A</lei>
        <title>Florida Atlantic University Finance Corp., Series 2024</title>
        <cusip>31200CEU6</cusip>
        <identifiers>
          <isin value="US31200CEU62"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54252.79000000</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>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Watervliet Public Schools</name>
        <lei>N/A</lei>
        <title>Watervliet Public Schools, Series 2025</title>
        <cusip>942367JC8</cusip>
        <identifiers>
          <isin value="US942367JC80"/>
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        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16167.21000000</valUSD>
        <pctVal>0.196250386156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JEA Electric System Revenue</name>
        <lei>N/A</lei>
        <title>JEA Electric System, Series 2024A</title>
        <cusip>46613SSM3</cusip>
        <identifiers>
          <isin value="US46613SSM34"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>69328.03000000</valUSD>
        <pctVal>0.841558479103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Howell Public Schools</name>
        <lei>N/A</lei>
        <title>Howell Public Schools, Series 2025II</title>
        <cusip>443114WU3</cusip>
        <identifiers>
          <isin value="US443114WU37"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16144.02000000</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>2045-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Regional Transportation Authority</name>
        <lei>549300FOIPI62F5YFO59</lei>
        <title>Regional Transportation Authority, Series 2025A</title>
        <cusip>7599116E5</cusip>
        <identifiers>
          <isin value="US7599116E56"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>27311.68000000</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>2042-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Celina Independent School District</name>
        <lei>N/A</lei>
        <title>Celina Independent School District, Series 2025</title>
        <cusip>151145ZM4</cusip>
        <identifiers>
          <isin value="US151145ZM44"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39285.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hilliard School District</name>
        <lei>N/A</lei>
        <title>Hilliard School District, Series 2025</title>
        <cusip>431621TS0</cusip>
        <identifiers>
          <isin value="US431621TS03"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28257.47000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</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>549108J74</cusip>
        <identifiers>
          <isin value="US549108J742"/>
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        <balance>85000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>95384.96000000</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>2037-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <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>
        <identifiers>
          <isin value="US64972JTA69"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33018.66000000</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>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ferndale Public Schools</name>
        <lei>N/A</lei>
        <title>Ferndale Public Schools, Series 2025</title>
        <cusip>315162HP5</cusip>
        <identifiers>
          <isin value="US315162HP59"/>
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        <balance>35000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38731.44000000</valUSD>
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        <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>St Paul Independent School District No. 625</name>
        <lei>N/A</lei>
        <title>St. Paul Independent School District No. 625, Series 2024B</title>
        <cusip>79289ABY8</cusip>
        <identifiers>
          <isin value="US79289ABY82"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>109909.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Greater Martinsville School Building Corp.</name>
        <lei>N/A</lei>
        <title>Greater Martinsville School Building Corp., Series 2024</title>
        <cusip>392130GL8</cusip>
        <identifiers>
          <isin value="US392130GL86"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>72518.53000000</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>2038-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Grand Prairie TX</name>
        <lei>N/A</lei>
        <title>City of Grand Prairie, Series 2025</title>
        <cusip>386138W64</cusip>
        <identifiers>
          <isin value="US386138W649"/>
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        <balance>25000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27277.97000000</valUSD>
        <pctVal>0.331121581649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16368.18000000</valUSD>
        <pctVal>0.198689919019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16183.18000000</valUSD>
        <pctVal>0.196444242651</pctVal>
        <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>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wawasee High School Building Corp.</name>
        <lei>N/A</lei>
        <title>Wawasee High School Building Corp., Series 2024</title>
        <cusip>944052FJ3</cusip>
        <identifiers>
          <isin value="US944052FJ34"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11229.71000000</valUSD>
        <pctVal>0.136315104704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oregon City School District No. 62</name>
        <lei>N/A</lei>
        <title>Oregon City School District No. 62, Series 2025B</title>
        <cusip>179162LU4</cusip>
        <identifiers>
          <isin value="US179162LU49"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10898.51000000</valUSD>
        <pctVal>0.132294737065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>County of Baltimore MD</name>
        <lei>N/A</lei>
        <title>County of Baltimore, Series 2024</title>
        <cusip>05914GFN3</cusip>
        <identifiers>
          <isin value="US05914GFN34"/>
        </identifiers>
        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>156801.74000000</valUSD>
        <pctVal>1.903383578549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</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>
