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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>FRETE 2021-ML10 TRUST</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily ML Certificates</title>
        <cusip>35833JAE7</cusip>
        <identifiers>
          <isin value="US35833JAE73"/>
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        <balance>61907941.170000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5910970.220000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.578000000000</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>HOPE CA ELEM SCH DIST</name>
        <lei>N/A</lei>
        <title>Hope Elementary School District</title>
        <cusip>439413EK7</cusip>
        <identifiers>
          <isin value="US439413EK78"/>
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        <balance>1085000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>593191.090000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</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>KENTUCKY ST PROPERTY &amp; BLDGS C</name>
        <lei>N/A</lei>
        <title>Kentucky State Property &amp; Building Commission</title>
        <cusip>49151FY87</cusip>
        <identifiers>
          <isin value="US49151FY870"/>
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        <balance>2655000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2874249.900000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</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>LINDBERGH MO SCH DIST</name>
        <lei>N/A</lei>
        <title>Lindbergh School District</title>
        <cusip>535205NP9</cusip>
        <identifiers>
          <isin value="US535205NP95"/>
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        <balance>5000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5398336.000000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</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>MIAMI-DADE CNTY FL SPL OBLIG</name>
        <lei>549300QG0NBD9HULR263</lei>
        <title>County of Miami-Dade FL</title>
        <cusip>59333NNK5</cusip>
        <identifiers>
          <isin value="US59333NNK53"/>
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        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2659497.500000000000</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>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONTANA ST FAC FIN AUTH REVENU</name>
        <lei>N/A</lei>
        <title>Montana Facility Finance Authority</title>
        <cusip>61204KQC8</cusip>
        <identifiers>
          <isin value="US61204KQC89"/>
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        <balance>2000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2004494.800000000000</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>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.100000000000</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>NATIONAL FIN AUTH NH SPL REVEN</name>
        <lei>N/A</lei>
        <title>New Hampshire Business Finance Authority</title>
        <cusip>63608TAY6</cusip>
        <identifiers>
          <isin value="US63608TAY64"/>
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        <balance>800000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>799142.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.625000000000</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>MOUNT SAN ANTONIO CA CMNTY CLG</name>
        <lei>N/A</lei>
        <title>Mt San Antonio Community College District</title>
        <cusip>623040FW7</cusip>
        <identifiers>
          <isin value="US623040FW73"/>
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        <balance>1605000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1659144.350000000000</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>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PORT BEAUMONT TX INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Port of Beaumont Industrial Development Authority</title>
        <cusip>73358SAA1</cusip>
        <identifiers>
          <isin value="US73358SAA15"/>
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        <balance>3000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2770458.600000000000</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>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.100000000000</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>POWAY CA UNIF SCH DIST</name>
        <lei>N/A</lei>
        <title>Poway Unified School District</title>
        <cusip>738850RH1</cusip>
        <identifiers>
          <isin value="US738850RH16"/>
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        <balance>12165000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4832255.510000000000</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>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLEGHENY CNTY PA SAN AUTH</name>
        <lei>N/A</lei>
        <title>Allegheny County Sanitary Authority</title>
        <cusip>017357N67</cusip>
        <identifiers>
          <isin value="US017357N674"/>
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        <balance>8140000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8751417.380000000000</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>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.750000000000</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>FISHERS TOWN HALL BLDG CORP IN</name>
        <lei>N/A</lei>
        <title>Fishers Town Hall Building Corp</title>
        <cusip>338042EH3</cusip>
        <identifiers>
          <isin value="US338042EH35"/>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2143095.600000000000</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>2043-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</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>FORT BEND TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Fort Bend Independent School District</title>
        <cusip>346843YS8</cusip>
        <identifiers>
          <isin value="US346843YS81"/>
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        <balance>4000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4189655.600000000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>
        <name>FORT MYERS FL UTILITY REVENUE</name>
        <lei>N/A</lei>
        <title>City of Fort Myers FL Utility System Revenue</title>
        <cusip>348172VW4</cusip>
        <identifiers>
          <isin value="US348172VW44"/>
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        <balance>5120000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5370436.100000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</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>FORT WORTH TX SPL TAX REVENUE</name>
        <lei>N/A</lei>
        <title>City of Fort Worth TX</title>
        <cusip>349507DU4</cusip>
        <identifiers>
          <isin value="US349507DU42"/>
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        <balance>1540000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1660009.740000000000</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>2043-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</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>FRETE 2020-ML07 TRUST</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Multifamily ML Certificates</title>
        <cusip>35833FAC9</cusip>
        <identifiers>
          <isin value="US35833FAC95"/>
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        <balance>34063400.010000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4018799.930000000000</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>2036-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.017000000000</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>FRUITA CO HLTHCARE REVENUE</name>
        <lei>N/A</lei>
        <title>City of Fruita CO Healthcare Revenue</title>
        <cusip>359427AD3</cusip>
        <identifiers>
          <isin value="US359427AD34"/>
          <ticker value="FRUMED"/>
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        <balance>290000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>287272.230000000000</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>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREENE CNTY MO REORG SCH DIST#</name>
        <lei>N/A</lei>
        <title>Republic School District No R-3</title>
        <cusip>394532LN3</cusip>
        <identifiers>
          <isin value="US394532LN38"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>AVON IN CMNTY SCH BLDG CORP</name>
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      <invstOrSec>
        <name>HARRIS CNTY TX HOSP DIST CTFS</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HAYS TX CONSOL INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Hays Consolidated Independent School District</title>
        <cusip>421111BR5</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>ILLINOIS ST TOLL HIGHWAY AUTH</name>
        <lei>549300ISBFGI8MJJKM98</lei>
        <title>Illinois State Toll Highway Authority</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NOBLESVILLE IN HIGH SCH BLDG C</name>
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        <title>Noblesville High School Building Corp</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-15</maturityDt>
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        <name>PUBLIC FIN AUTH WI REVENUE</name>
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          <isin value="US74442P3S25"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC FIN AUTH WI REVENUE</name>
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        <title>Public Finance Authority</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO HIGHWAY &amp; TRANSPRT</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SAN ANTONIO TX ELEC &amp; GAS REVE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TRI-CREEK IN 2002 HIGH SCH BLD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>AUSTIN TX CMNTY CLG DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DIST OF COLUMBIA INCOME TAX SE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRETE 2021-ML11 TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FORT BEND TX INDEP SCH DIST</name>
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        <name>FOWLER CA UNIF SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GREATER CLARK IN BLDG CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>INLAND EMPIRE CA TOBACCO SECUR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>IPS MULTI-SCH BLDG CORP IN</name>
        <lei>549300BHLK1DUJUYPM91</lei>
        <title>IPS Multi-School Building Corp</title>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>JOLIET IL</name>
        <lei>N/A</lei>
        <title>City of Joliet IL</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>WILL CNTY IL SCH DIST #114 MAN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LEE CNTY FL INDL DEV AUTH HLTH</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>DENVER CITY &amp; CNTY CO SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DIST OF COLUMBIA INCOME TAX SE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FISHERS TOWN HALL BLDG CORP IN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ILLINOIS ST TOLL HIGHWAY AUTH</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JACKSON CNTY MO REORG SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>LAKESIDE CA UNION SCH DIST SAN</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>LEE CNTY FL ARPT REVENUE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>LOWER COLORADO RIVER TX AUTH T</name>
        <lei>549300QJFPW2NNBYR215</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MANHATTAN BEACH CA UNIF SCH DI</name>
        <lei>N/A</lei>
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          <isin value="US562785HY45"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MET WASHINGTON DC ARPTS AUTH A</name>
        <lei>N/A</lei>
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          <isin value="US592647PA30"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW JERSEY ST TRANSPRTN TRUST</name>
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          <isin value="US6461362S97"/>
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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>.000000000000</annualizedRt>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
        <lei>549300Q2EHQ6RJPQKP05</lei>
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        <curCd>USD</curCd>
        <valUSD>3646596.100000000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>NORTH CAROLINA ST MED CARE COM</name>
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        <title>North Carolina Medical Care Commission</title>
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          <isin value="US65820YTR70"/>
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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>
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          <couponKind>Fixed</couponKind>
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        <name>OCEANSIDE CA UNIF SCH DIST</name>
        <lei>N/A</lei>
        <title>Oceanside Unified School District/CA</title>
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          <isin value="US675383JT12"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</annualizedRt>
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        <name>PHOENIX AZ CIVIC IMPT CORP WTR</name>
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        <title>City of Phoenix Civic Improvement Corp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PLATTE CNTY MO REORG SCH DIST#</name>
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        <title>Platte County R-III School District</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SAN DIEGO CA UNIF SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SPRING TX INDEP SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TEMPE AZ INDL DEV AUTH REVENUE</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TIPPECANOE CNTY IN SCH BLDG CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GTR ORLANDO FL AVIATION AUTH A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JACKSON CNTY MO REORG SCH DIST</name>
        <lei>N/A</lei>
        <title>Jackson County School District No R-IV Blue Springs</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>.000000000000</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>SPRING TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Spring Independent School District</title>
        <cusip>850001CF3</cusip>
        <identifiers>
          <isin value="US850001CF32"/>
        </identifiers>
        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5350917.500000000000</valUSD>
        <pctVal>0.7064468880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</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>SPRINGFIELD MO SCH DIST #R-12</name>
        <lei>N/A</lei>
        <title>Springfield School District No R-12</title>
        <cusip>851035VX0</cusip>
        <identifiers>
          <isin value="US851035VX01"/>
        </identifiers>
        <balance>500000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>542312.400000000000</valUSD>
        <pctVal>0.0715979843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</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>VENICE FL</name>
        <lei>N/A</lei>
        <title>City of Venice FL</title>
        <cusip>922687AH1</cusip>
        <identifiers>
          <isin value="US922687AH14"/>
        </identifiers>
        <balance>850000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>850091.970000000000</valUSD>
        <pctVal>0.1122321222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.250000000000</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>WASHINGTON ST HSG FIN COMMISSI</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>Washington State Housing Finance Commission</title>
        <cusip>939783Z82</cusip>
        <identifiers>
          <isin value="US939783Z829"/>
        </identifiers>
        <balance>1250000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1253965.380000000000</valUSD>
        <pctVal>0.1655529057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.375000000000</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="The monthly total returns shown in B.5.a. do not reflect the deduction of sales loads or redemption fees.&#10;" noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Trust for Professional Managers</ncom:nameOfApplicant>
      <ncom:signature>/s/ Kelly Strauss</ncom:signature>
      <ncom:signerName>Kelly Strauss</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
