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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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        <name>PROVIDENCE RI PUBLIC BLDGS AUT</name>
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        <name>Maricopa County Unified School District No 60 Higley</name>
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        <name>HAYWARD CA UNIF SCH DIST</name>
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        <name>EDGEFIELD CNTY SC SCH DIST</name>
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          <maturityDt>2023-02-01</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>
      <invstOrSec>
        <name>WILLIAMSON CNTY TX MUNI UTILIT</name>
        <lei>N/A</lei>
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        <cusip>970554EQ0</cusip>
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          <isin value="US970554EQ00"/>
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        <curCd>USD</curCd>
        <valUSD>501245.00000000</valUSD>
        <pctVal>1.001756104061</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <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>ARIZONA ST INDL DEV AUTH NATIO</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052FAM7</cusip>
        <identifiers>
          <isin value="US04052FAM77"/>
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        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>690129.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COLORADO ST HLTH FACS AUTH HOS</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority</title>
        <cusip>19648FKK9</cusip>
        <identifiers>
          <isin value="US19648FKK92"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>113000.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</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>
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      <invstOrSec>
        <name>MICHIGAN ST FIN AUTH REVENUE</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>59447TUU5</cusip>
        <identifiers>
          <isin value="US59447TUU59"/>
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        <balance>235000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>298428.85000000</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>2034-02-15</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>UPPER IL RIVER VLY DEV AUTH</name>
        <lei>N/A</lei>
        <title>Upper Illinois River Valley Development Authority</title>
        <cusip>91588TBR5</cusip>
        <identifiers>
          <isin value="US91588TBR59"/>
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        <balance>425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506995.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</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>PUERTO RICO ELEC PWR AUTH PWR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QCM2</cusip>
        <identifiers>
          <isin value="US74526QCM24"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25569.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</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>ARIZONA INDL DEV AUTH STUDENT</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052VAG5</cusip>
        <identifiers>
          <isin value="US04052VAG59"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>378606.00000000</valUSD>
        <pctVal>0.756657665481</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</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>PARAMOUNT CA UNIF SCH DIST</name>
        <lei>N/A</lei>
        <title>Paramount Unified School District</title>
        <cusip>699211MY1</cusip>
        <identifiers>
          <isin value="US699211MY18"/>
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        <balance>640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>457574.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>MUNDELEIN IL</name>
        <lei>N/A</lei>
        <title>Village of Mundelein IL</title>
        <cusip>626082JD4</cusip>
        <identifiers>
          <isin value="US626082JD41"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>113249.00000000</valUSD>
        <pctVal>0.226332186912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>FORT BEND CNTY TX MUNI UTILITY</name>
        <lei>N/A</lei>
        <title>Fort Bend County Municipal Utility District No 215</title>
        <cusip>34683NCE0</cusip>
        <identifiers>
          <isin value="US34683NCE04"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>140078.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
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        <title>Louisville/Jefferson County Metropolitan Government</title>
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          <isin value="US54659LBQ68"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>601035.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WEST SACRAMENTO CA FING AUTH W</name>
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        <title>West Sacramento Financing Authority</title>
        <cusip>955657CW9</cusip>
        <identifiers>
          <isin value="US955657CW92"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>292505.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>COLORADO ST HLTH FACS AUTH HOS</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>Colorado Health Facilities Authority</title>
        <cusip>19648FJV7</cusip>
        <identifiers>
          <isin value="US19648FJV76"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>131167.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUERTO RICO CONVENTION CENTER</name>
        <lei>N/A</lei>
        <title>Puerto Rico Convention Center District Authority</title>
        <cusip>745266BD7</cusip>
        <identifiers>
          <isin value="US745266BD78"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>60166.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>ILLINOIS ST</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>State of Illinois</title>
        <cusip>452152P21</cusip>
        <identifiers>
          <isin value="US452152P213"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>892387.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTH HOUSTON DEV CORP TX TAX</name>
        <lei>N/A</lei>
        <title>Greater Greenspoint Redevelopment Authority</title>
        <cusip>660027AP8</cusip>
        <identifiers>
          <isin value="US660027AP84"/>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>429329.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARYLAND ST CMNTY DEV ADMIN DE</name>
        <lei>N/A</lei>
        <title>Maryland Community Development Administration</title>
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        <identifiers>
          <isin value="US57419TDL26"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>546950.00000000</valUSD>
        <pctVal>1.093099185261</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <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>ARIZONA INDL DEV AUTH STUDENT</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052VAH3</cusip>
        <identifiers>
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      <invstOrSec>
        <name>ROSEVILLE CA NATURAL GAS FIN A</name>
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      <invstOrSec>
        <name>GREAT LAKES MI WTR AUTH WTR SP</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DULUTH MN INDEP SCH DIST #709</name>
        <lei>N/A</lei>
        <title>Duluth Independent School District No 709</title>
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          <isin value="US264474HG53"/>
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        <valUSD>388493.00000000</valUSD>
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        <debtSec>
          <maturityDt>2023-02-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Waterbury CT</name>
        <lei>N/A</lei>
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          <isin value="US9412474V71"/>
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        <curCd>USD</curCd>
        <valUSD>519450.00000000</valUSD>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST HGR EDUCTNL FA</name>
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          <isin value="US70917RKC87"/>
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        <name>SHREVEPORT LA WTR &amp; SWR REVENU</name>
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          <isin value="US825485WM36"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-01</maturityDt>
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      <invstOrSec>
        <name>MADISON MACOUPIN ETC CNTYS ILC</name>
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          <isin value="US557738NG21"/>
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        <name>MSD OF WASH TWP SCH BLDG CORP</name>
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          <isin value="US62476HCR66"/>
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        <name>MAINE ST FIN AUTH LOAN REVENUE</name>
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        <name>ARGYLE TX INDEP SCH DIST</name>
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        <name>SAINT LANDRY PARISH LA ROAD DI</name>
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        <name>COLORADO ST HLTH FACS AUTH HOS</name>
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        <name>NEW JERSEY ST TURNPIKE AUTH TU</name>
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        <name>BENICIA CA UNIF SCH DIST</name>
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        <name>LEBANON PA AUTH SWR REVENUE</name>
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        <name>SACRAMENTO CITY CA UNIF SCH DI</name>
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        <curCd>USD</curCd>
        <valUSD>285217.70000000</valUSD>
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          <maturityDt>2024-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>SPOKANE WA PUBLIC FACS DIST</name>
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          <isin value="US849088DR76"/>
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        <curCd>USD</curCd>
        <valUSD>649757.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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          <isin value="US649519DF99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>518040.00000000</valUSD>
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          <maturityDt>2069-09-15</maturityDt>
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          <annualizedRt>2.45000000</annualizedRt>
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        <name>ROCKLIN CA UNIF SCH DIST</name>
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          <isin value="US773754FE17"/>
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        <curCd>USD</curCd>
        <valUSD>129813.30000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>LANCASTER TX INDEP SCH DIST</name>
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        <title>Lancaster Independent School District/TX</title>
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          <isin value="US514462K338"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296955.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>VALLEJO CA CITY UNIF SCH DIST</name>
        <lei>N/A</lei>
        <title>Vallejo City Unified School District</title>
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          <isin value="US919261CK17"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.90000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>UTAH INFRASTRUCTURE AGY TELECO</name>
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        <title>Utah Infrastructure Agency</title>
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          <isin value="US917467AM47"/>
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        <balance>580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>593688.00000000</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>2020-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NORTH CAROLINA ST HSG FIN AGY</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>North Carolina Housing Finance Agency</title>
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          <isin value="US65821FHT66"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>557340.00000000</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>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BRIDGEPORT CT</name>
        <lei>N/A</lei>
        <title>City of Bridgeport CT</title>
        <cusip>108152AP4</cusip>
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          <isin value="US108152AP40"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>719754.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MONTANA FAC FIN AUTH HLTH FACS</name>
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        <title>Montana Facility Finance Authority</title>
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          <isin value="US61204MCK18"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>433901.25000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2024-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CENTRL PLAINS ENERGY PROJ NE G</name>
        <lei>SVQOT7V5CPLIGNP5BE29</lei>
        <title>Central Plains Energy Project</title>
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          <isin value="US154871CT22"/>
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        <curCd>USD</curCd>
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          <maturityDt>2050-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>CICERO IL</name>
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        <title>Town of Cicero IL</title>
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          <isin value="US171646SD53"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>546439.50000000</valUSD>
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          <maturityDt>2030-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW BRITAIN CT</name>
        <lei>549300MERJSUOPGAV271</lei>
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          <isin value="US642714BP30"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>770538.00000000</valUSD>
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          <maturityDt>2030-09-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <maturityDt>2023-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>MATTESON IL</name>
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        <balance>465000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2029-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PORTLAND ORE 5.45% 6/1/03</name>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501535.00000000</valUSD>
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        <name>Southwestern Illinois Development Authority</name>
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      <invstOrSec>
        <name>NEW MEXICO ST MTGE FIN AUTH</name>
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        <name>NEW JERSEY ST EDUCTNL FACS AUT</name>
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          <isin value="US646066TW02"/>
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          <maturityDt>2025-07-01</maturityDt>
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        <name>PITTSBURGH PA WTR &amp; SWR AUTH</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>UNIV OF CALIFORNIA CA RGTS MED</name>
        <lei>N/A</lei>
        <title>Regents of the University of California Medical Center Pooled Revenue</title>
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        <name>KELSEYVILLE CA UNIF SCH DIST</name>
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          <couponKind>None</couponKind>
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        <name>INDIANA ST FIN AUTH REVENUE</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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          <isin value="US455057NJ44"/>
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        <name>SOUTH JERSEY NJ PORT CORP</name>
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        <lei>N/A</lei>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>SAN ANTONIO TX WTR REVENUE</name>
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        <title>San Antonio Water System</title>
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        <name>UNIV OF CENTRAL ARKANSAS AR RE</name>
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        <name>PHOENIX AZ CIVIC IMPT CORP ARP</name>
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        <name>BURKE CNTY GA DEV AUTH POLL CO</name>
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        <name>PITTSBURG CA SUCCESSOR AGY RED</name>
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        <name>Metropolitan Pier &amp; Exposition Authority</name>
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      <invstOrSec>
        <name>UPTOWN DEV AUTH TX INCR CONTRA</name>
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          <maturityDt>2035-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>ALASKA ST INDL DEV &amp; EXPORT AU</name>
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          <isin value="US01170NAA90"/>
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        <curCd>USD</curCd>
        <valUSD>500685.00000000</valUSD>
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          <maturityDt>2020-12-01</maturityDt>
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          <annualizedRt>3.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KELSEYVILLE CA UNIF SCH DIST</name>
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          <isin value="US488224DQ61"/>
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        <curCd>USD</curCd>
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          <maturityDt>2033-08-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WASHINGTON ST CONVENTION CENTE</name>
        <lei>N/A</lei>
        <title>Washington State Convention Center Public Facilities District</title>
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          <isin value="US93976ACC45"/>
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        <curCd>USD</curCd>
        <valUSD>619055.00000000</valUSD>
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          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MISSOURI ST PUBLIC UTILITIES C</name>
        <lei>N/A</lei>
        <title>Missouri Public Utilities Commission</title>
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          <isin value="US606374AP11"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>501055.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA ST</name>
        <lei>N/A</lei>
        <title>State of California</title>
        <cusip>13063CX54</cusip>
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          <isin value="US13063CX548"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>582215.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fidelity Treasury Only Portfolio</name>
        <lei>N/A</lei>
        <title>Fidelity Treasury Only Portfolio</title>
        <cusip>233809300</cusip>
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          <isin value="US2338093006"/>
          <ticker value="FSIXX"/>
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        <balance>608531.59000000</balance>
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        <curCd>USD</curCd>
        <valUSD>608531.59000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW JERSEY ST HLTH CARE FACS F</name>
        <lei>N/A</lei>
        <title>New Jersey Health Care Facilities Financing Authority</title>
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          <isin value="US645790AD84"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>508415.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH CAROLINA ST PUBLIC SVC A</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
        <title>South Carolina Public Service Authority</title>
        <cusip>837151RP6</cusip>
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          <isin value="US837151RP61"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>120386.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>MAINE ST FIN AUTH LOAN REVENUE</name>
        <lei>N/A</lei>
        <title>Finance Authority of Maine</title>
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          <isin value="US56042TAV08"/>
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        <curCd>USD</curCd>
        <valUSD>185051.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MINNESOTA ST AGRIC &amp; ECON DEV</name>
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          <isin value="US6049202L18"/>
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        <curCd>USD</curCd>
        <valUSD>501420.00000000</valUSD>
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          <maturityDt>2023-02-15</maturityDt>
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        <name>OKLAHOMA ST HSG FIN AGY SF MTG</name>
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        <valUSD>556680.00000000</valUSD>
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          <maturityDt>2049-09-01</maturityDt>
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        <name>LOUISVILLE &amp; JEFFERSON CNTY KY</name>
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          <isin value="US546604FT12"/>
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        <name>COOK CNTY IL CMNTY UNIT SCH DI</name>
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        <name>WILL CNTY IL SCH DIST #114 MAN</name>
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        <invCountry>PR</invCountry>
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        <name>NEVADA ST HSG DIV SF MTGE REVE</name>
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        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS ST-A 4.125 4/33</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>ILLINOIS ST-A 4.125 4/33</title>
        <cusip>452152RS2</cusip>
        <identifiers>
          <isin value="US452152RS24"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>585629.00000000</valUSD>
        <pctVal>1.170400553552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</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>NEW JERSEY ST</name>
        <lei>N/A</lei>
        <title>State of New Jersey</title>
        <cusip>646039XN2</cusip>
        <identifiers>
          <isin value="US646039XN27"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>618445.00000000</valUSD>
        <pctVal>1.235984506132</pctVal>
        <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>5.00000000</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>KANE COOK &amp; DU PAGE CNTYS IL S</name>
        <lei>N/A</lei>
        <title>Kane Cook &amp; DuPage Counties School District No U-46 Elgin</title>
        <cusip>483836UZ3</cusip>
        <identifiers>
          <isin value="US483836UZ37"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>493925.00000000</valUSD>
        <pctVal>0.987126821611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>BUENA NJ REGL SCH DIST</name>
        <lei>N/A</lei>
        <title>Buena Regional School District</title>
        <cusip>119133GE0</cusip>
        <identifiers>
          <isin value="US119133GE06"/>
        </identifiers>
        <balance>135000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>153176.40000000</valUSD>
        <pctVal>0.306128527363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <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>WEATHERFORD TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Weatherford Independent School District</title>
        <cusip>947134YS5</cusip>
        <identifiers>
          <isin value="US947134YS50"/>
        </identifiers>
        <balance>540000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>421453.80000000</valUSD>
        <pctVal>0.842290530040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>PORT NEW ORLEANS LA BRD OF COM</name>
        <lei>N/A</lei>
        <title>Port New Orleans Board of Commissioners</title>
        <cusip>734782CW3</cusip>
        <identifiers>
          <isin value="US734782CW32"/>
        </identifiers>
        <balance>620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>755873.00000000</valUSD>
        <pctVal>1.510639291455</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH LAS VEGAS NV</name>
        <lei>N/A</lei>
        <title>City of North Las Vegas NV</title>
        <cusip>660393S83</cusip>
        <identifiers>
          <isin value="US660393S835"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>327219.00000000</valUSD>
        <pctVal>0.653958903560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <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>2020-03-25</ncom:dateSigned>
      <ncom:nameOfApplicant>IndexIQ Active ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Adefolahan Oyefeso</ncom:signature>
      <ncom:signerName>Adefolahan Oyefeso</ncom:signerName>
      <ncom:title>Director and Vice President, IndexIQ</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
