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      <invstOrSec>
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      <invstOrSec>
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          <isin value="US041807FB92"/>
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      <invstOrSec>
        <name>City of Austin TX Airport System Revenue</name>
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          <isin value="US052398HH05"/>
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        <name>Avon Redevelopment Authority</name>
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          <isin value="US05408FAV58"/>
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          <isin value="US05408FAX15"/>
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      <invstOrSec>
        <name>City of Benton AR Municipal Light &amp; Water Works</name>
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        <name>Berwick Area School District</name>
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        <name>City of Bondurant IA</name>
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        <name>Boulder Valley School District No Re-2 Boulder</name>
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        <name>City of Brownsville TX Utilities System Revenue</name>
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        <name>Bucks County Technical School Authority</name>
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          <annualizedRt>4.00000000</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>Bullitt County School District Finance Corp</name>
        <lei>N/A</lei>
        <title>BULLITT CNTY KY SCH DIST FIN CORP SCH BLDG REVENUE</title>
        <cusip>120280D58</cusip>
        <identifiers>
          <isin value="US120280D582"/>
        </identifiers>
        <balance>1925000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1972626.43000000</valUSD>
        <pctVal>0.558748750297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</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>Casino Reinvestment Development Authority Inc</name>
        <lei>N/A</lei>
        <title>CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE</title>
        <cusip>14760RCD1</cusip>
        <identifiers>
          <isin value="US14760RCD17"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>573905.55000000</valUSD>
        <pctVal>0.162559420260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Casino Reinvestment Development Authority Inc</name>
        <lei>N/A</lei>
        <title>CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE</title>
        <cusip>14760RCE9</cusip>
        <identifiers>
          <isin value="US14760RCE99"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>568638.70000000</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>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Casino Reinvestment Development Authority Inc</name>
        <lei>N/A</lei>
        <title>CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE</title>
        <cusip>14760RCF6</cusip>
        <identifiers>
          <isin value="US14760RCF64"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>846018.30000000</valUSD>
        <pctVal>0.239635675901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Casino Reinvestment Development Authority Inc</name>
        <lei>N/A</lei>
        <title>CASINO REINVESTMENT DEV AUTH NJ LUXURY TAX REVENUE</title>
        <cusip>14760RCG4</cusip>
        <identifiers>
          <isin value="US14760RCG48"/>
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        <balance>715000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>800675.59000000</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>2038-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Centre County Hospital Authority</name>
        <lei>N/A</lei>
        <title>CENTRE CNTY PA HOSP AUTH</title>
        <cusip>156273GR9</cusip>
        <identifiers>
          <isin value="US156273GR94"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1017857.20000000</valUSD>
        <pctVal>0.288309245902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
        <lei>N/A</lei>
        <title>CHATTANOOGA TN HLTH EDUCTNL &amp; HSG FAC BRD</title>
        <cusip>162409AH9</cusip>
        <identifiers>
          <isin value="US162409AH97"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>554680.80000000</valUSD>
        <pctVal>0.157113987271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chattanooga Health Educational &amp; Housing Facility Board</name>
        <lei>N/A</lei>
        <title>CHATTANOOGA TN HLTH EDUCTNL &amp; HSG FAC BRD</title>
        <cusip>162409AJ5</cusip>
        <identifiers>
          <isin value="US162409AJ53"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>883666.16000000</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>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chester County School Authority</name>
        <lei>N/A</lei>
        <title>CHESTER CNTY PA SCH AUTH SCH LEASE REVENUE</title>
        <cusip>165618EL9</cusip>
        <identifiers>
          <isin value="US165618EL97"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>828531.38000000</valUSD>
        <pctVal>0.234682485298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chester County School Authority</name>
        <lei>N/A</lei>
        <title>CHESTER CNTY PA SCH AUTH SCH LEASE REVENUE</title>
        <cusip>165618EN5</cusip>
        <identifiers>
          <isin value="US165618EN53"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>547629.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Midway International Airport</name>
        <lei>N/A</lei>
        <title>CHICAGO IL MIDWAY ARPT REVENUE</title>
        <cusip>167562TX5</cusip>
        <identifiers>
          <isin value="US167562TX56"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1119476.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chicago Midway International Airport</name>
        <lei>N/A</lei>
        <title>CHICAGO IL MIDWAY ARPT REVENUE</title>
        <cusip>167562TY3</cusip>
        <identifiers>
          <isin value="US167562TY30"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1125246.70000000</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>2035-01-01</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>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE</title>
        <cusip>1675934M1</cusip>
        <identifiers>
          <isin value="US1675934M19"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1092466.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chisholm Creek Utility Authority</name>
        <lei>N/A</lei>
        <title>CHISHOLM CREEK KS UTILITY AUTH WTR &amp; WSTWTR FACS REVENUE</title>
        <cusip>170123EA7</cusip>
        <identifiers>
          <isin value="US170123EA72"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1119431.90000000</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>2040-09-01</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>Taylorville Community Unit School District No 3</name>
        <lei>N/A</lei>
        <title>CHRISTIAN CNTY IL CMNTY UNIT SCH DIST #3</title>
        <cusip>170628GS4</cusip>
        <identifiers>
          <isin value="US170628GS47"/>
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        <balance>880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1009408.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Taylorville Community Unit School District No 3</name>
        <lei>N/A</lei>
        <title>CHRISTIAN CNTY IL CMNTY UNIT SCH DIST #3</title>
        <cusip>170628GT2</cusip>
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          <isin value="US170628GT20"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>775064.97000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Taylorville Community Unit School District No 3</name>
        <lei>N/A</lei>
        <title>CHRISTIAN CNTY IL CMNTY UNIT SCH DIST #3</title>
        <cusip>170628GU9</cusip>
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          <isin value="US170628GU92"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>679650.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Connecticut State Higher Education Supplement Loan Authority</name>
        <lei>N/A</lei>
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          <isin value="US207743WG66"/>
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      <invstOrSec>
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          <isin value="US207743WH40"/>
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          <maturityDt>2030-11-15</maturityDt>
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      <invstOrSec>
        <name>Connecticut Housing Finance Authority</name>
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          <isin value="US20775C8B33"/>
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        <curCd>USD</curCd>
        <valUSD>497981.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Cowley County Unified School District No 470 Arkansas City</name>
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          <isin value="US223760HD48"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
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      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US223760HE21"/>
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      <invstOrSec>
        <name>Cowley County Unified School District No 470 Arkansas City</name>
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          <isin value="US223760HF95"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
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          <isin value="US23503CCZ86"/>
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        <curCd>USD</curCd>
        <valUSD>1112924.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Dallas Fort Worth International Airport</name>
        <lei>N/A</lei>
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          <isin value="US23503CFZ59"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Dayton-Montgomery County Port Authority</name>
        <lei>N/A</lei>
        <title>DAYTON-MONTGOMERY CNTY OH PORT AUTH DEV REVENUE</title>
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          <isin value="US23981MAW64"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-11-15</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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        <name>Dayton City School District</name>
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          <maturityDt>2030-12-01</maturityDt>
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        <name>Dayton City School District</name>
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        <name>Florence County School District No 3</name>
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        <name>Florence County School District No 3</name>
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        <name>Florence County School District No 3</name>
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        <name>Florence County School District No 3</name>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Grand Rapids Public Schools</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Grand Rapids Public Schools</name>
        <lei>N/A</lei>
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          <isin value="US386280SH54"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Grand Rapids Public Schools</name>
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          <isin value="US386280SK83"/>
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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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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Grand Traverse County Hospital Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US386523GQ13"/>
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        <curCd>USD</curCd>
        <valUSD>471224.52000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Grand Traverse County Hospital Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US386523HK34"/>
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        <curCd>USD</curCd>
        <valUSD>401411.02000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Greater Orlando Aviation Authority</name>
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          <isin value="US3922743Y02"/>
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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>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Greeneville Health &amp; Educational Facilities Board</name>
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          <isin value="US396649EL59"/>
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        <curCd>USD</curCd>
        <valUSD>527303.35000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Greeneville Health &amp; Educational Facilities Board</name>
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          <isin value="US396649EM33"/>
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        <curCd>USD</curCd>
        <valUSD>632433.72000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
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      <invstOrSec>
        <name>Greeneville Health &amp; Educational Facilities Board</name>
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          <isin value="US396649EN16"/>
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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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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Greenville TX Electric System Revenue</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Griffith Redevelopment Authority</name>
        <lei>N/A</lei>
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          <isin value="US398346CY09"/>
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      <invstOrSec>
        <name>City of Gulfport MS</name>
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        <name>City of Gulfport MS</name>
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        <name>City of Gulfport MS</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Harrisburg Redevelopment Authority/TX</name>
        <lei>N/A</lei>
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          <isin value="US414832AL93"/>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <name>Harris County Municipal Utility District No 105</name>
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      <invstOrSec>
        <name>City of Hazard KY</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>City of Hewitt TX</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>County of Hidalgo TX</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Hobart Building Corp</name>
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          <isin value="US433747FE75"/>
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        <name>City of Houston TX Airport System Revenue</name>
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          <isin value="US442349FK70"/>
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        <name>City of Houston TX Airport System Revenue</name>
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        <name>Illinois Finance Authority</name>
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        <name>Indiana Finance Authority</name>
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        <name>Indiana Finance Authority</name>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
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      <invstOrSec>
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        <name>Michigan Finance Authority</name>
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        <name>Michigan State Housing Development Authority</name>
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      <invstOrSec>
        <name>City of Middletown OH</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Monessen School District</name>
        <lei>N/A</lei>
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          <isin value="US609269HU27"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Monessen School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Monessen School District</name>
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          <isin value="US609269HZ14"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Montgomery &amp; Bond Counties Community Unit School District No 3 Hillsboro</name>
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        <cusip>613001FU5</cusip>
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          <isin value="US613001FU57"/>
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        <curCd>USD</curCd>
        <valUSD>2728421.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Municipal Electric Authority of Georgia</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
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        <cusip>62620HJR4</cusip>
        <identifiers>
          <isin value="US62620HJR49"/>
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        <balance>2375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2705739.65000000</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>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Murray County Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>MURRAY CNTY EDUCTNL FACS AUTH OK EDUCTNL FACS LEASE REVENUE</title>
        <cusip>627035AM0</cusip>
        <identifiers>
          <isin value="US627035AM03"/>
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        <balance>2580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2736990.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New Jersey Higher Education Student Assistance Authority</name>
        <lei>5493007OOYUHTF8GSL63</lei>
        <title>NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE</title>
        <cusip>646080XZ9</cusip>
        <identifiers>
          <isin value="US646080XZ96"/>
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        <balance>2800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3063221.84000000</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>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Higher Education Student Assistance Authority</name>
        <lei>5493007OOYUHTF8GSL63</lei>
        <title>NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE</title>
        <cusip>646080YA3</cusip>
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          <isin value="US646080YA37"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1097055.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST MTGE FIN AUTH</title>
        <cusip>647201QZ8</cusip>
        <identifiers>
          <isin value="US647201QZ89"/>
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        <balance>775000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>717152.61000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST MTGE FIN AUTH</title>
        <cusip>647201RB0</cusip>
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          <isin value="US647201RB03"/>
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        <balance>520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>480202.32000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.05000000</annualizedRt>
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      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST MTGE FIN AUTH</title>
        <cusip>647201RC8</cusip>
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          <isin value="US647201RC85"/>
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        <balance>585000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>532964.02000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Nez Perce ID</name>
        <lei>N/A</lei>
        <title>NEZ PERCE CNTY ID ANNUAL APPROP COPS</title>
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          <isin value="US65344YAL74"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1131508.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2037-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina Housing Finance Agency</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</annualizedRt>
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      <invstOrSec>
        <name>North Muskegon Public Schools</name>
        <lei>N/A</lei>
        <title>NORTH MUSKEGON MI PUBLIC SCHS</title>
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          <isin value="US661224KK03"/>
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        <balance>425000.00000000</balance>
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        <valUSD>488832.49000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2036-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Muskegon Public Schools</name>
        <lei>N/A</lei>
        <title>NORTH MUSKEGON MI PUBLIC SCHS</title>
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          <isin value="US661224KL85"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Muskegon Public Schools</name>
        <lei>N/A</lei>
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          <isin value="US661224KM68"/>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Muskegon Public Schools</name>
        <lei>N/A</lei>
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          <isin value="US661224KN42"/>
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        <balance>580000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>North Texas Higher Education Authority Inc</name>
        <lei>N/A</lei>
        <title>N TEXAS HGR EDU AUTH INC EDU LOAN REVENUE</title>
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          <isin value="US66286UAK51"/>
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        <balance>1000000.00000000</balance>
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        <name>Ohio Housing Finance Agency</name>
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          <maturityDt>2031-09-01</maturityDt>
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        <name>Oklahoma Capitol Improvement Authority</name>
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          <maturityDt>2039-12-15</maturityDt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Pennsylvania Housing Finance Agency</name>
        <lei>549300JZVUPNWP77SP29</lei>
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        <cusip>70879QET6</cusip>
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          <isin value="US70879QET67"/>
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        <curCd>USD</curCd>
        <valUSD>765096.23000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.10000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Pennsylvania Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
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        <cusip>70917TCY5</cusip>
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          <isin value="US70917TCY55"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>468333.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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        <cusip>7092242G3</cusip>
        <identifiers>
          <isin value="US7092242G32"/>
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        <balance>335000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>331112.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.35500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pennsylvania Turnpike Commission</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
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        <cusip>7092242K4</cusip>
        <identifiers>
          <isin value="US7092242K44"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>333013.24000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.63300000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Pensacola FL Airport Revenue</name>
        <lei>N/A</lei>
        <title>PENSACOLA FL ARPT REVENUE</title>
        <cusip>709427EV6</cusip>
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          <isin value="US709427EV67"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>863565.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Pensacola FL Airport Revenue</name>
        <lei>N/A</lei>
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        <cusip>709427EW4</cusip>
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          <isin value="US709427EW41"/>
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        <balance>655000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>747512.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>City of Pensacola FL Airport Revenue</name>
        <lei>N/A</lei>
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        <cusip>709427EX2</cusip>
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          <isin value="US709427EX24"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>849630.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>City of Pensacola FL Airport Revenue</name>
        <lei>N/A</lei>
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        <cusip>709427EY0</cusip>
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          <isin value="US709427EY07"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>843370.13000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Pensacola FL Airport Revenue</name>
        <lei>N/A</lei>
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        <cusip>709427EZ7</cusip>
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          <isin value="US709427EZ71"/>
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        <balance>1125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1253877.86000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pittsburgh School District</name>
        <lei>549300DCE2NGMJO6P377</lei>
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        <identifiers>
          <isin value="US725277VA27"/>
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        <balance>1845000.00000000</balance>
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        <valUSD>1889012.66000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pittsburgh Water &amp; Sewer Authority</name>
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          <isin value="US725304XW42"/>
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        <balance>800000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Pittsburgh Water &amp; Sewer Authority</name>
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          <isin value="US725304XX25"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-01</maturityDt>
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        <name>Polaris Career Center</name>
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        <name>Polaris Career Center</name>
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        <name>Polaris Career Center</name>
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      <invstOrSec>
        <name>Port Freeport TX</name>
        <lei>N/A</lei>
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          <isin value="US73412PEM14"/>
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      <invstOrSec>
        <name>Port Freeport TX</name>
        <lei>N/A</lei>
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          <isin value="US73412PEN96"/>
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        <balance>1655000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Port of Greater Cincinnati Development Authority</name>
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        <name>Port of Seattle WA</name>
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      <invstOrSec>
        <name>Port of Seattle WA</name>
        <lei>549300T9UCDUJ3GZL429</lei>
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      <invstOrSec>
        <name>City of Portland ME General Airport Revenue</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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          <isin value="US736564DS10"/>
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      <invstOrSec>
        <name>Providence Public Building Authority</name>
        <lei>N/A</lei>
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          <isin value="US74381MDH51"/>
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        <invCountry>US</invCountry>
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        <name>Kentucky Public Energy Authority</name>
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          <isin value="US74440DEL47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Kentucky Public Energy Authority</name>
        <lei>549300XEJZWHYSY4SL55</lei>
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        <cusip>74440DFJ8</cusip>
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          <isin value="US74440DFJ81"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Kentucky Public Energy Authority</name>
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          <isin value="US74440DFK54"/>
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        <name>Kentucky Public Energy Authority</name>
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        <name>Kentucky Public Energy Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Rapides Parish School District No 52 Pineville</name>
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        <name>Rhode Island Health and Educational Building Corp</name>
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        <name>Rhode Island Housing &amp; Mortgage Finance Corp</name>
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      <invstOrSec>
        <name>State of Rhode Island</name>
        <lei>N/A</lei>
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      <invstOrSec>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
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          <isin value="US762323DJ92"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
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          <isin value="US762323DK65"/>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Rolling Meadows IL</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>City of Rolling Meadows IL</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Rolling Meadows IL</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-12-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>St Clair County School District No 118 Belleville</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-12-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>St Johns County School Board</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Salt Lake City UT Airport Revenue</name>
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          <isin value="US795576GM31"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Sarpy County Hospital Authority No 1</name>
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        <name>Shelby County Public School District</name>
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        <name>Shelbyville Redevelopment Authority</name>
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        <name>Shikellamy School District</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Upper Mohawk Valley Memorial Auditorium Authority</name>
        <lei>N/A</lei>
        <title>UPPER MOHAWK VLY NY MEMORIAL AUDITORIUM AUTH REVENUE</title>
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          <isin value="US916087AX79"/>
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        <curCd>USD</curCd>
        <valUSD>832361.26000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Vermont Student Assistance Corp</name>
        <lei>549300VHYVRSKNFRSZ91</lei>
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        <cusip>92428CLV4</cusip>
        <identifiers>
          <isin value="US92428CLV45"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>402679.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Vermont Student Assistance Corp</name>
        <lei>549300VHYVRSKNFRSZ91</lei>
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          <isin value="US92428CLW28"/>
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        <curCd>USD</curCd>
        <valUSD>796874.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Vermont Student Assistance Corp</name>
        <lei>549300VHYVRSKNFRSZ91</lei>
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        <cusip>92428CMM3</cusip>
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          <isin value="US92428CMM37"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>419356.96000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Vermont Student Assistance Corp</name>
        <lei>549300VHYVRSKNFRSZ91</lei>
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        <cusip>92428CMN1</cusip>
        <identifiers>
          <isin value="US92428CMN10"/>
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        <balance>455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>485360.51000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Vermont Student Assistance Corp</name>
        <lei>549300VHYVRSKNFRSZ91</lei>
        <title>VERMONT ST STUDENT ASSISTANCECORP EDU LOAN REVENUE</title>
        <cusip>92428CMP6</cusip>
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          <isin value="US92428CMP67"/>
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        <balance>475000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>512105.39000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Village Community Development District No 10</name>
        <lei>N/A</lei>
        <title>VLG CDD #10 FL SPL ASSMNT REVENUE</title>
        <cusip>92707CAZ9</cusip>
        <identifiers>
          <isin value="US92707CAZ95"/>
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        <balance>2525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2695242.07000000</valUSD>
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        <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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Village Community Development District No 10</name>
        <lei>N/A</lei>
        <title>VLG CDD #10 FL SPL ASSMNT REVENUE</title>
        <cusip>92707CBA3</cusip>
        <identifiers>
          <isin value="US92707CBA36"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1267127.16000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vinton-Tecumseh School Building Corp</name>
        <lei>N/A</lei>
        <title>VINTON-TECUMSEH IN SCH BLDG CORP</title>
        <cusip>927557MT2</cusip>
        <identifiers>
          <isin value="US927557MT20"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>518491.55000000</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>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Vinton-Tecumseh School Building Corp</name>
        <lei>N/A</lei>
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        <cusip>927557MU9</cusip>
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          <isin value="US927557MU92"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517625.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Virginia Housing Development Authority</name>
        <lei>549300LW3QBOVLQBP895</lei>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2553248.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.15000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Warren MS</name>
        <lei>N/A</lei>
        <title>WARREN CNTY MS COPS</title>
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          <isin value="US935019AR05"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-09-01</maturityDt>
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      <invstOrSec>
        <name>County of Warren MS</name>
        <lei>N/A</lei>
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          <maturityDt>2040-09-01</maturityDt>
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      <invstOrSec>
        <name>Washburn University/Topeka KS</name>
        <lei>N/A</lei>
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        <cusip>937220JP7</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Washburn University/Topeka KS</name>
        <lei>N/A</lei>
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          <isin value="US937220JQ57"/>
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      <invstOrSec>
        <name>Washington Health Care Facilities Authority</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>WASHINGTON ST HLTH CARE FACS AUTH</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>WASHINGTON ST HSG FIN COMMISSION</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2030-12-01</maturityDt>
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      <invstOrSec>
        <name>Wayne County Hospital &amp; Health Facilities Authority</name>
        <lei>N/A</lei>
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        <cusip>946016JP8</cusip>
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          <isin value="US946016JP81"/>
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          <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>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-02-13</ncom:dateSigned>
      <ncom:nameOfApplicant>COMMERCE FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Bill Schuetter</ncom:signature>
      <ncom:signerName>Bill Schuetter</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
