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        <name>GREAT LAKES MI WTR 5% 07/01/36</name>
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        <name>MONTANA ST FAC FIN 5% 02/15/33</name>
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        <name>WYANDOTTE CNTY KS  5% 09/01/40</name>
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      <invstOrSec>
        <name>CHICAGO IL WTRW 5.25% 11/01/48</name>
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        <name>NORTH CAROLINA ST  4% 10/01/40</name>
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        <name>PENNSYLVANIA ST TU 5% 12/01/38</name>
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        <name>BLACK BELT ENERGY V/R 04/01/53</name>
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        <name>MET ATLANTA RAPID  5% 07/01/43</name>
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        <name>GOLDEN ST TOBA 2.746% 06/01/34</name>
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        <name>ARLINGTON TX HGR E 4% 08/15/30</name>
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        <name>SOMERSET FL CDD CA 4% 05/01/32</name>
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        <name>WARREN CNTY OH HLT 5% 07/01/32</name>
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        <name>ALAMO TX CMNTY CLG 5% 02/15/26</name>
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        <name>LOS ANGELES CA DEP 5% 05/15/28</name>
        <lei>N/A</lei>
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        <cusip>544445UK3</cusip>
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          <isin value="US544445UK36"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>521779.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LORAIN CNTY OH 4.375% 05/01/25</name>
        <lei>N/A</lei>
        <title>LORAIN CNTY OH REGD N/C B/E 4.37500000</title>
        <cusip>543553WT4</cusip>
        <identifiers>
          <isin value="US543553WT43"/>
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        <balance>1280000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1281034.11000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>PORT OF PORTLAND O 5% 07/01/28</name>
        <lei>N/A</lei>
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        <cusip>735240W33</cusip>
        <identifiers>
          <isin value="US735240W336"/>
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        <balance>1595000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1667132.44000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN ANTONIO TX  5.25% 02/01/49</name>
        <lei>N/A</lei>
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          <isin value="US79625GJR56"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4260998.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>VALPARAISO IN  4.875% 01/01/44</name>
        <lei>N/A</lei>
        <title>VALPARAISO IN EXEMPT FACS REVE REGD B/E AMT 4.87500000</title>
        <cusip>92028RAE5</cusip>
        <identifiers>
          <isin value="US92028RAE53"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2997187.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BIRMINGHAM AL W 3.75% 09/01/26</name>
        <lei>N/A</lei>
        <title>BIRMINGHAM AL WTRWKS BRD REVEN REGD B/E 3.75000000</title>
        <cusip>091097AA3</cusip>
        <identifiers>
          <isin value="US091097AA35"/>
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        <balance>2690000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2679380.69000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GEORGIA ST 5% 12/01/27</name>
        <lei>N/A</lei>
        <title>GEORGIA ST REGD B/E 5.00000000</title>
        <cusip>3733846W1</cusip>
        <identifiers>
          <isin value="US3733846W19"/>
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        <balance>1570000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1626413.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTH SAN FRANC 5.25% 06/01/46</name>
        <lei>N/A</lei>
        <title>SOUTH SAN FRANCISCO CA PUBLIC REGD B/E 5.25000000</title>
        <cusip>840035CN7</cusip>
        <identifiers>
          <isin value="US840035CN74"/>
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        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1057954.40000000</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>2046-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>VERMONT ST STUD 5.25% 06/15/30</name>
        <lei>549300VHYVRSKNFRSZ91</lei>
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        <cusip>92428CNE0</cusip>
        <identifiers>
          <isin value="US92428CNE02"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>632154.84000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>UTAH CNTY UT HOSP V/R 05/15/60</name>
        <lei>N/A</lei>
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        <cusip>917393DF4</cusip>
        <identifiers>
          <isin value="US917393DF42"/>
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        <balance>625000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>635302.06000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GREAT LAKES MI WTR 5% 07/01/37</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US39081JFT07"/>
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        <balance>2510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2768095.02000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK NY CITY T 5% 11/01/38</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>NEW YORK NY CITY TRANSITIONAL REGD B/E 5.00000000</title>
        <cusip>64972JQF8</cusip>
        <identifiers>
          <isin value="US64972JQF83"/>
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        <balance>4100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4520453.77000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MET NASHVILLE T 5.25% 07/01/47</name>
        <lei>549300IC0HNF8TDXEE63</lei>
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        <cusip>592190QY1</cusip>
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          <isin value="US592190QY16"/>
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        <balance>3500000.00000000</balance>
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        <valUSD>3603955.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>MAIN STREET NATUR V/R 06/01/53</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
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        <cusip>56035DEN8</cusip>
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          <isin value="US56035DEN84"/>
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        <valUSD>15665079.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>COLUMBUS CNTY NC  V/R 11/01/33</name>
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        <cusip>199040AH9</cusip>
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          <isin value="US199040AH94"/>
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        <balance>1100000.00000000</balance>
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        <valUSD>1074336.89000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-01</maturityDt>
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      <invstOrSec>
        <name>UTAH ST 3% 07/01/34</name>
        <lei>254900RWV9NSVUZONC07</lei>
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        <cusip>917542WU2</cusip>
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          <isin value="US917542WU24"/>
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        <balance>2000000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>LOUISIANA PUB F 5.75% 09/01/64</name>
        <lei>549300RQIPT5S4P4M065</lei>
        <title>LOUISIANA PUB FACS AUTH REVENU REGD B/E AMT 5.75000000</title>
        <cusip>546399SZ0</cusip>
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          <isin value="US546399SZ00"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2630680.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>UNIV OF SOUTH A 5.25% 04/01/54</name>
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        <name>HIDALGO CNTY TX RE 5% 12/01/32</name>
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        <name>KRUM TX INDEP S 4.25% 08/15/54</name>
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        <name>DENVER CITY &amp; CNTY 5% 12/01/43</name>
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        <name>FRETE 2024-ML25  V/R 11/25/38</name>
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        <name>ALABAMA ST HSG FI V/R 02/01/29</name>
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        <name>CLIFTON TX HGR EDU 4% 08/15/36</name>
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        <name>HARRIS CNTY TX TOL 5% 08/15/30</name>
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        <title>FLORIDA ST DEV FIN CORP SOL WS REGD B/E AMT 5.00000000</title>
        <cusip>34061XAB8</cusip>
        <identifiers>
          <isin value="US34061XAB82"/>
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        <balance>2500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2534456.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PHILADELPHIA PA GA 4% 08/01/45</name>
        <lei>N/A</lei>
        <title>PHILADELPHIA PA GAS WKS REVENU REGD B/E AGM 4.00000000</title>
        <cusip>71783MBY0</cusip>
        <identifiers>
          <isin value="US71783MBY03"/>
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        <balance>5000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4639528.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>SALT LAKE CITY  5.25% 07/01/42</name>
        <lei>N/A</lei>
        <title>SALT LAKE CITY UT ARPT REVENUE REGD B/E AMT 5.25000000</title>
        <cusip>795576LZ8</cusip>
        <identifiers>
          <isin value="US795576LZ88"/>
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        <balance>2750000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2888659.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>FL ST BRD GOVERNOR 5% 11/01/53</name>
        <lei>N/A</lei>
        <title>FL ST BRD GOVERNORS UNIV OF NO REGD OID B/E BAM 5.00000000</title>
        <cusip>34157XBE6</cusip>
        <identifiers>
          <isin value="US34157XBE67"/>
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        <balance>6375000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6576606.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-01</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>WARREN CNTY KY  5.25% 04/01/49</name>
        <lei>N/A</lei>
        <title>WARREN CNTY KY HOSP REVENUE REGD B/E 5.25000000</title>
        <cusip>934864CN7</cusip>
        <identifiers>
          <isin value="US934864CN71"/>
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        <balance>5000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5275525.00000000</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>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>HOMERVILLE GA HSG V/R 01/01/28</name>
        <lei>N/A</lei>
        <title>HOMERVILLE GA HSG AUTH MF HSG REGD V/R B/E 3.45000000</title>
        <cusip>437597AA5</cusip>
        <identifiers>
          <isin value="US437597AA50"/>
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        <balance>530000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>532049.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.45000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FLORIDA ST DEV F 5.5% 07/01/53</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>FLORIDA ST DEV FIN CORP REGD B/E AMT 5.50000000</title>
        <cusip>340618DT1</cusip>
        <identifiers>
          <isin value="US340618DT16"/>
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        <balance>7000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7069044.50000000</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>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE 5% 07/01/26</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>BUILD NYC RESOURCE CORP NY REV REGD B/E 5.00000000</title>
        <cusip>12008EJR8</cusip>
        <identifiers>
          <isin value="US12008EJR80"/>
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        <balance>325000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>326223.37000000</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>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TU 4% 12/01/40</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PENNSYLVANIA ST TURNPIKE COMMI REGD B/E 4.00000000</title>
        <cusip>709225EP7</cusip>
        <identifiers>
          <isin value="US709225EP77"/>
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        <balance>1400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1382677.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>DENVER CITY &amp; CNTY 5% 11/15/27</name>
        <lei>N/A</lei>
        <title>DENVER CITY &amp; CNTY CO ARPT REV REGD N/C B/E AMT 5.00000000</title>
        <cusip>249182QC3</cusip>
        <identifiers>
          <isin value="US249182QC35"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2083540.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TOWNE PARK CMN 2.625% 05/01/25</name>
        <lei>N/A</lei>
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          <isin value="US89215RAV69"/>
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        <balance>130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>129825.59000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-05-01</maturityDt>
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          <annualizedRt>2.62500000</annualizedRt>
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      <invstOrSec>
        <name>CONNECTICUT ST HL V/R 07/01/48</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
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        <cusip>20775DUX8</cusip>
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          <isin value="US20775DUX82"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1993283.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-07-01</maturityDt>
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      <invstOrSec>
        <name>PITTSBURGH PA WTR  4% 09/01/36</name>
        <lei>54930034DVH6W22T1E86</lei>
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        <cusip>725304VZ9</cusip>
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          <isin value="US725304VZ90"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>CONSOL MUNI ELE 5.25% 06/01/39</name>
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        <name>WISCONSIN ST HLTH  4% 04/01/39</name>
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      <invstOrSec>
        <name>PHILADELPHIA PA AU 5% 09/01/32</name>
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      <invstOrSec>
        <name>NEW YORK CITY NY  V/R 11/01/64</name>
        <lei>549300SQWVHKBRF8D702</lei>
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        <balance>2725000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-11-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST HG 4% 06/15/32</name>
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        <name>NEW YORK NY 5% 08/01/41</name>
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      <invstOrSec>
        <name>GRAND RAPIDS MI PU 5% 05/01/44</name>
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        <name>CALIFORNIA CNTY CA 5% 06/01/27</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SAN FRANCISCO CALI 5% 05/01/27</name>
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      <invstOrSec>
        <name>NEW JERSEY ST EC 5.5% 06/15/30</name>
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      <invstOrSec>
        <name>SALT RIVER AZ PROJ 5% 12/01/36</name>
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        <name>BARBERS HILL TX IN 5% 02/15/32</name>
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        <name>NEW YORK CITY NY M 5% 06/15/43</name>
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        <name>MARYLAND ST HLTH &amp; 5% 05/15/42</name>
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        <name>CENTRL TX REGL MOB 4% 01/01/40</name>
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        <name>LAS VEGAS NV SPL 5.5% 06/01/38</name>
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      <invstOrSec>
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      <invstOrSec>
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        <name>IOWA ST FIN AUTH R 5% 05/15/44</name>
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        <name>EVERLANDS II CDD 5.2% 06/15/44</name>
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        <name>PROVO CITY UT SCH  5% 06/15/28</name>
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        <name>UNIV OF KANSAS KS  5% 09/01/45</name>
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        <name>NEW YORK ST DORM A 5% 03/15/36</name>
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        <name>IRVING TX INDEP SC 5% 02/15/38</name>
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        <name>SACRAMENTO CITY CA 5% 07/01/31</name>
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        <name>GRANT CNTY WA PUBL 5% 01/01/40</name>
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        <name>BAY AREA CA TOLL  V/R 04/01/56</name>
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        <name>ANAHEIM CA ELEM SC 4% 08/01/48</name>
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        <name>HARRIS CNTY TX IN V/R 11/01/50</name>
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        <name>FORT PIERCE FL UTI 5% 10/01/39</name>
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      <invstOrSec>
        <name>CYPRESS MILL CDD F 5% 05/01/53</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>AUSTIN TX 5% 09/01/34</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-09-01</maturityDt>
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      <invstOrSec>
        <name>MASSACHUSETTS S 4.25% 07/01/32</name>
        <lei>5493007K5OP7V6CL0Y88</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>ATLANTA GA ARPT RE 5% 07/01/26</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>SAINT JOHNS CNT 5.25% 07/01/47</name>
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        <cusip>790409GW0</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WILDWOOD UTILITY D 5% 10/01/39</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
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        <name>PENNSYLVANIA ST E V/R 12/01/38</name>
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        <cusip>708686ES5</cusip>
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          <isin value="US708686ES52"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW JERSEY ST ECON 5% 06/15/34</name>
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        <name>N TEXAS HGR ED 4.125% 06/01/45</name>
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        <name>ARIZONA BRD OF RGT 5% 07/01/42</name>
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        <name>ILLINOIS ST FIN A V/R 05/01/42</name>
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        <name>WASHINGTON MD SUBU 3% 06/01/35</name>
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        <name>FLORIDA ST MUNI 5.15% 05/01/44</name>
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        <name>PERALTA CA CMNTY C 5% 08/01/35</name>
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        <name>WYOMING ST CMNTY 3.9% 12/01/34</name>
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        <name>ALTOONA PA AREA SC 5% 12/01/48</name>
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        <name>PURDUE UNIV IN UNI 5% 07/01/36</name>
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        <name>TARRANT CNTY TX CU 5% 07/01/38</name>
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        <name>CLARK CNTY NV PASS 5% 07/01/30</name>
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        <name>MET NASHVILLE TN A 5% 07/01/26</name>
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        <name>CHICAGO IL BRD  5.25% 04/01/39</name>
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        <name>NEW YORK ST DORM A 5% 03/15/54</name>
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        <name>OSAGE CNTY OK I 5.75% 09/01/53</name>
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        <name>NEW HOPE CULTURAL  4% 08/15/40</name>
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        <name>RHODE ISLAND S 4.125% 12/01/43</name>
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        <name>NRTHRN CA ENERGY  V/R 12/01/54</name>
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        <name>FORT WORTH TX WTR  5% 02/15/38</name>
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        <name>GEISINGER PA AUTH  5% 02/15/45</name>
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        <name>GRAND RAPIDS MI PU 5% 05/01/46</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEXAS ST 5% 10/01/42</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>TEXAS ST REGD B/E 5.00000000</title>
        <cusip>8827242L0</cusip>
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          <isin value="US8827242L09"/>
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        <balance>1170000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BURBANK GLENDAL 5.25% 07/01/49</name>
        <lei>N/A</lei>
        <title>BURBANK GLENDALE PASADENA CA A REGD B/E AMT 5.25000000</title>
        <cusip>120827ED8</cusip>
        <identifiers>
          <isin value="US120827ED81"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO EL 4.625% 07/01/25</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <cusip>74526YBH7</cusip>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>48500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.62500000</annualizedRt>
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      <invstOrSec>
        <name>IOWA ST FIN AUT 4.55% 07/01/45</name>
        <lei>549300NQVL49BTHOW391</lei>
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        <cusip>46247EEM3</cusip>
        <identifiers>
          <isin value="US46247EEM30"/>
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        <balance>1220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1202695.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55000000</annualizedRt>
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      <invstOrSec>
        <name>MONONGALIA CNT 4.125% 06/01/43</name>
        <lei>N/A</lei>
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        <cusip>61022CAG4</cusip>
        <identifiers>
          <isin value="US61022CAG42"/>
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        <balance>465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>399787.19000000</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>2043-06-01</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK CITY NY M 5% 06/15/44</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY NY MUNI WTR FIN REGD B/E 5.00000000</title>
        <cusip>64972GH64</cusip>
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          <isin value="US64972GH641"/>
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        <balance>2755000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2917547.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEXAS ST DEPT OF H 6% 03/01/53</name>
        <lei>N/A</lei>
        <title>TEXAS ST DEPT OF HSG &amp; CMNTY A REGD B/E GNMA CO 6.00000000</title>
        <cusip>88275FVW6</cusip>
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          <isin value="US88275FVW66"/>
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        <balance>545000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>588734.62000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>MILLEDGEVILLE &amp; BA 5% 06/15/25</name>
        <lei>N/A</lei>
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        <cusip>60039GAS2</cusip>
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          <isin value="US60039GAS21"/>
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        <balance>360000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>361333.37000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>OHIO ST AIR QUALIT 5% 07/01/49</name>
        <lei>549300DZUU80AYOR6M80</lei>
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        <cusip>67754AAF1</cusip>
        <identifiers>
          <isin value="US67754AAF12"/>
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        <balance>9000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8169728.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>GEORGIA ST PORT 5.25% 07/01/43</name>
        <lei>N/A</lei>
        <title>GEORGIA ST PORTS AUTH REGD B/E 5.25000000</title>
        <cusip>373586HS8</cusip>
        <identifiers>
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        <balance>2705000.00000000</balance>
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        <valUSD>2916678.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>STILLWATER CDD FL  3% 06/15/31</name>
        <lei>N/A</lei>
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        <cusip>860725AB6</cusip>
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          <isin value="US860725AB65"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>206353.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>MASSACHUSETTS ST  V/R 07/01/31</name>
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        <cusip>57585KSV1</cusip>
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          <isin value="US57585KSV16"/>
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        <balance>15000000.00000000</balance>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>HOUSTON TX HOTEL O 4% 09/01/25</name>
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        <cusip>44237NLH3</cusip>
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        <name>NEW ORLEANS LA AVI 5% 01/01/32</name>
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        <name>WALLER TX INDEP SC 5% 02/15/42</name>
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        <name>ILLINOIS ST 5% 10/01/29</name>
        <lei>54930048FV8RWPR02D67</lei>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST HLTH 5% 11/15/49</name>
        <lei>5493007RI8BUDOGHZ546</lei>
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      <invstOrSec>
        <name>INDIANAPOLIS IN LO 5% 01/01/33</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DENVER CITY &amp; CNT V/R 11/15/31</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UTAH HSG CORP S 4.45% 01/01/44</name>
        <lei>549300YXWQEI0S47WI02</lei>
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        <cusip>917437GR0</cusip>
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        <balance>1350000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CLARKSVILLE TN WTR 5% 02/01/41</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CENTRL PLAINS ENE V/R 05/01/53</name>
        <lei>SVQOT7V5CPLIGNP5BE29</lei>
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        <balance>3915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4077882.40000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CLIFTON TX HGR EDU 5% 08/15/26</name>
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        <cusip>187145GT8</cusip>
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        <balance>1840000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MASSACHUSETTS S 4.25% 07/01/44</name>
        <lei>5493007K5OP7V6CL0Y88</lei>
        <title>MASSACHUSETTS ST EDUCTNL FING REGD OID B/E AMT 4.25000000</title>
        <cusip>57563RTU3</cusip>
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          <isin value="US57563RTU31"/>
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        <balance>1005000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>975780.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST TRAN 4.5% 12/31/54</name>
        <lei>N/A</lei>
        <title>NEW YORK ST TRANSPRTN DEV CORP REGD OID B/E AMT AGC 4.50000000</title>
        <cusip>650116HU3</cusip>
        <identifiers>
          <isin value="US650116HU34"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2901569.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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      <invstOrSec>
        <name>MINNESOTA ST OF 2.65% 11/01/38</name>
        <lei>N/A</lei>
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        <cusip>60416MBS1</cusip>
        <identifiers>
          <isin value="US60416MBS17"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>892459.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-01</maturityDt>
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      <invstOrSec>
        <name>BROWARD CNTY FL AR 5% 10/01/33</name>
        <lei>N/A</lei>
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        <cusip>114894XN3</cusip>
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          <isin value="US114894XN38"/>
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        <issuerCat>MUN</issuerCat>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK CITY NY T 5% 11/01/28</name>
        <lei>N/A</lei>
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          <isin value="US64971X4H88"/>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>COLORADO ST HLTH F 4% 05/15/52</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
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        <name>GTR ORLANDO FL AVI 5% 10/01/36</name>
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        <name>PUERTO RICO ELEC P 5% 07/01/37</name>
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      <invstOrSec>
        <name>CLARK CNTY NV SCH  5% 06/15/30</name>
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        <name>CHICAGO IL WSTWTR  5% 01/01/29</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>COACHELLA VLY  1.375% 06/01/25</name>
        <lei>N/A</lei>
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        <name>SOUTHEAST ENERGY  V/R 03/01/55</name>
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        <name>MONROE CNTY GA DE V/R 07/01/49</name>
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        <lei>EC4EE0PS5OP5O69B5C39</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SKAGIT CNTY WA PUB 5% 12/01/31</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SIENA LAKE MET  3.75% 12/01/41</name>
        <lei>N/A</lei>
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          <isin value="US82622AAB98"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CASTLEBERRY TX IND 5% 02/15/41</name>
        <lei>N/A</lei>
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        <cusip>148537QF3</cusip>
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          <isin value="US148537QF38"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ALABAMA ST HSG  5.75% 10/01/55</name>
        <lei>549300VFN7EHPOFS7D76</lei>
        <title>ALABAMA ST HSG FIN AUTH SF MTG REGD B/E GNMA/FN 5.75000000</title>
        <cusip>01030RMQ2</cusip>
        <identifiers>
          <isin value="US01030RMQ29"/>
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        <balance>2565000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2775955.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BEXAR CNTY TX HOSP 5% 02/15/43</name>
        <lei>N/A</lei>
        <title>BEXAR CNTY TX HOSP DIST REGD B/E 5.00000000</title>
        <cusip>088365MA6</cusip>
        <identifiers>
          <isin value="US088365MA65"/>
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        <balance>2750000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MUNI ELEC AUTH OF  5% 07/01/55</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
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        <cusip>62620HGQ9</cusip>
        <identifiers>
          <isin value="US62620HGQ92"/>
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        <balance>4615000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4738382.49000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>HAMDEN CT 5% 08/01/32</name>
        <lei>N/A</lei>
        <title>HAMDEN CT REGD B/E BAM 5.00000000</title>
        <cusip>4067928J3</cusip>
        <identifiers>
          <isin value="US4067928J35"/>
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        <balance>2255000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2430475.76000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA H 4.125% 06/01/45</name>
        <lei>N/A</lei>
        <title>PENNSYLVANIA HGR EDU ASSISTANC REGD OID B/E AMT 4.12500000</title>
        <cusip>70878CBH7</cusip>
        <identifiers>
          <isin value="US70878CBH79"/>
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        <balance>475000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>455525.43000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>TRIBOROUGH NY BRID 5% 05/15/35</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>TRIBOROUGH NY BRIDGE &amp; TUNNEL REGD B/E 5.00000000</title>
        <cusip>89602HDA2</cusip>
        <identifiers>
          <isin value="US89602HDA23"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2190905.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW JERSEY ST E 0.85% 12/01/25</name>
        <lei>5493006JS6QWDVU4R678</lei>
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        <cusip>645780FS1</cusip>
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          <isin value="US645780FS19"/>
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        <balance>1940000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>REGL CO TRANSPRTN  5% 01/15/32</name>
        <lei>N/A</lei>
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        <cusip>759151BL6</cusip>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>SOUTHEAST ENERGY  V/R 01/01/53</name>
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        <cusip>84136FBL0</cusip>
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        <balance>1820000.00000000</balance>
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      <invstOrSec>
        <name>MICHIGAN ST STRATE 5% 12/31/32</name>
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        <name>PERALTA CA CMNTY C 5% 08/01/36</name>
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        <name>MONTGOMERY CNTY MD 4% 11/01/28</name>
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        <issuerCat>MUN</issuerCat>
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      <invstOrSec>
        <name>PENNSYLVANIA ST 5.25% 12/01/44</name>
        <lei>N/A</lei>
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        <cusip>709221VE2</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
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        <name>CHICAGO IL MIDWAY  5% 01/01/34</name>
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        <name>ROUND ROCK TX 4.125% 08/15/46</name>
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      <invstOrSec>
        <name>MAIN STREET NATUR V/R 12/01/53</name>
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        <name>PARK CREEK MET DIS 5% 12/01/43</name>
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      <invstOrSec>
        <name>PHILADELPHIA PA SC 4% 09/01/46</name>
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        <name>LEXINGTON CNTY SC  4% 11/01/31</name>
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        <name>BEXAR CNTY TX HOSP 5% 02/15/37</name>
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        <name>UNIV OF CALIFORNIA 5% 05/15/31</name>
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        <name>ENERGY N W WA ELEC 5% 07/01/28</name>
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        <name>KENT CNTY DE STUDE 5% 07/01/33</name>
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        <name>COLORADO ST HLTH F 5% 08/01/44</name>
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        <name>LAS VEGAS NV CONVE 5% 07/01/40</name>
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        <name>NEW MEXICO ST MUN V/R 06/01/54</name>
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        <name>FAYETTE CNTY KY SC 4% 05/01/38</name>
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        <name>CLARK CNTY NV SCH  5% 06/15/26</name>
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        <name>SAN JOSE CA ARPT R 5% 03/01/27</name>
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        <name>ANAHEIM CA UNION  ZCP 08/01/28</name>
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        <name>SAN JOAQUIN HIL 5.25% 01/15/49</name>
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        <name>ILLINOIS ST SALES  4% 06/15/31</name>
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      <invstOrSec>
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        <name>JEFFERSON CENT 4.375% 12/01/47</name>
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        <name>BOGGY CREEK FL 5.125% 05/01/43</name>
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        <name>MONTANA ST BRD  6.25% 06/01/54</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>MISSOURI ST ENVR 2.9% 09/01/33</name>
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        <title>MISSOURI ST ENVRNMNTL IMPT &amp; E REGD B/E 2.90000000</title>
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      <invstOrSec>
        <name>NORRISTOWN PA AREA 5% 09/01/26</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NEW YORK ST PWR AU 4% 11/15/45</name>
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        <name>PORT AUTH OF NEW Y 5% 10/15/31</name>
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        <name>BROOKHAVEN GA URBA 4% 07/01/45</name>
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      <invstOrSec>
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        <name>ALLEGHENY CNTY  5.75% 06/01/47</name>
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        <name>W HILLCREST CDD  5.5% 06/15/53</name>
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        <name>RILEY CNTY KS UNIF 5% 09/01/34</name>
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        <name>WYOMING ST CMNTY  V/R 06/01/45</name>
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        <name>MARYLAND ST HLTH &amp; 5% 07/01/34</name>
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      <invstOrSec>
        <name>BLACK BELT ENERGY V/R 03/01/55</name>
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      <invstOrSec>
        <name>MINNESOTA ST 5% 08/01/34</name>
        <lei>N/A</lei>
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        <cusip>60412APJ6</cusip>
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        <name>TEXAS ST MUNI G 6.25% 12/15/26</name>
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        <name>SALT LAKE CITY  5.25% 07/01/41</name>
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        <name>ARLINGTON TX WTR &amp; 5% 06/01/37</name>
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        <name>LOS ANGELES CA DEP 5% 05/15/46</name>
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        <name>OAKLAND CA UNIF SC 4% 08/01/34</name>
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        <name>TRUCKEE MEADOWS NV 5% 07/01/34</name>
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        <name>CINCINNATI OH URBA 5% 11/01/35</name>
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        <name>WISCONSIN CENTER  ZCP 12/15/45</name>
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      <invstOrSec>
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        <name>ILLINOIS ST TOLL H 5% 01/01/40</name>
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        <name>ILLINOIS ST 5.25% 10/01/47</name>
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        <name>MISSISSIPPI ST HOS 5% 09/01/36</name>
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        <name>METRO WTR RECOVERY 5% 04/01/28</name>
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        <name>NFA 2024-2 A 3.625% 08/20/39</name>
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        <name>MET PIER &amp; EXPOSIT 4% 12/15/42</name>
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        <name>CHICAGO IL O'HARE  5% 01/01/52</name>
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        <name>CLARK CNTY NV 4% 06/01/34</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>WISCONSIN ST TRANS 5% 07/01/27</name>
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      <invstOrSec>
        <name>VIRGINIA ST SMALL  3% 01/01/41</name>
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      <invstOrSec>
        <name>LONG ISLAND NY PW V/R 09/01/51</name>
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      <invstOrSec>
        <name>JERSEY CITY NJ MUN 5% 05/01/25</name>
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        <name>MAINE HLTH &amp; HGR E 5% 07/01/41</name>
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        <name>MARYLAND ST ECON D 4% 07/01/40</name>
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      <invstOrSec>
        <name>RED BRIDGE PUB 3.625% 02/01/35</name>
        <lei>N/A</lei>
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        <identifiers>
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        <fairValLevel>2</fairValLevel>
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        <name>HONOLULU CITY &amp; CN 3% 07/01/35</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BASELINE MET DIST  5% 12/01/49</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>JARRELL TX INDEP S 5% 02/15/37</name>
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        <name>DALLAS TX WTRWKS &amp; 5% 10/01/32</name>
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        <cusip>23542JAR6</cusip>
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        <name>PORT OF OAKLAND CA 5% 05/01/29</name>
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        <name>NEW YORK ST DORM A 5% 03/15/40</name>
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        <name>MIAMI BEACH FL 5.25% 05/01/53</name>
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        <name>CHAPEL CREEK FL CD 3% 05/01/31</name>
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        <name>MET GOVT NASHVI 5.25% 07/01/48</name>
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        <name>LAS VEGAS VLY NV W 5% 06/01/27</name>
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      <invstOrSec>
        <name>SCRANTON PA SCH DI 4% 12/01/37</name>
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      <invstOrSec>
        <name>DOUGLAS CNTY NE HO 5% 11/15/47</name>
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      <invstOrSec>
        <name>GTR ORLANDO FL AVI 5% 10/01/33</name>
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        <name>N TEXAS ST MUNI WT 3% 09/01/41</name>
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        <name>MARYLAND ST CMN 6.25% 03/01/54</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2054-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>COLORADO ST HLTH F 5% 01/01/30</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>FAYETTE CNTY GA DE 5% 10/01/36</name>
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        <name>CHICAGO IL MIDWAY  5% 01/01/33</name>
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        <name>CONNECTICUT ST 3% 01/15/33</name>
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        <name>MACON CNTY IL SCH  4% 12/01/36</name>
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        <name>INDIANAPOLIS IN LO 5% 01/01/31</name>
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        <name>WESTCHESTER CNT 6.25% 11/01/52</name>
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        <name>NEW YORK CITY NY H 5% 02/15/27</name>
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        <name>WAXAHACHIE TX INDE 5% 02/15/40</name>
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        <name>MET GOVT NASHVILLE 4% 10/01/54</name>
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      <invstOrSec>
        <name>MAINE ST FIN AUTH V/R 12/01/47</name>
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        <name>DIXON CA SPL TAX 4% 09/01/36</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GEO L SMITH II GA  4% 01/01/36</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ST URBAN  5% 03/15/63</name>
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        <name>VERMONT ST STU 4.125% 06/15/36</name>
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        <name>IOWA ST FIN AUTH 4.5% 07/01/44</name>
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        <name>LEHIGH CNTY PA GE V/R 08/15/38</name>
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        <name>PUERTO RICO EL 4.625% 07/01/25</name>
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        <name>CHICAGO IL MIDWAY  5% 01/01/40</name>
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        <name>NFA 2024-4 AUS V/R 11/20/39</name>
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        <name>DENVER CITY &amp; CNTY 5% 12/01/38</name>
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        <name>MET TRANSPRTN A 5.25% 11/15/30</name>
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        <name>CARROLL CNTY KY EN 2% 02/01/32</name>
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        <name>HALIFAX CNTY VA I V/R 12/01/41</name>
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        <name>OHIO ST MAJOR NEW  5% 12/15/25</name>
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        <name>MIAMI-DADE CNTY FL 5% 10/01/31</name>
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        <name>COLORADO ST HLTH F 5% 12/01/35</name>
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        <name>WASHINGTON ST 5% 08/01/31</name>
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        <name>WYOMING ST CMNTY D 6% 12/01/54</name>
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        <name>PORT OF SEATTLE WA 5% 08/01/34</name>
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        <name>UTAH ST TELECOMMUN 5% 06/01/27</name>
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        <name>MASSACHUSETTS ST 5% 11/01/50</name>
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      <invstOrSec>
        <name>MASSACHUSETTS ST P 5% 07/01/38</name>
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        <name>VERMONT ST STU 4.375% 06/15/38</name>
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        <name>CHICAGO IL BRD OF ZCP 12/01/29</name>
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        <name>SAN DIEGO CNTY CA  5% 07/01/53</name>
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        <name>TEXAS WTR DEV B 4.25% 10/15/51</name>
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        <name>NEW MEXICO ST E 2.05% 09/01/51</name>
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        <name>HENNEPIN CNTY MN 5% 12/15/32</name>
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        <name>ISLE OF WIGHT C 5.25% 07/01/53</name>
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      <invstOrSec>
        <name>SPRING TX INDEP SC 5% 08/15/30</name>
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        <name>LOS ANGELES CA DEP 5% 07/01/39</name>
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        <name>NEW YORK ST TRANSP 5% 12/01/30</name>
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        <name>SAN ANTONIO TX ELE 4% 02/01/37</name>
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        <name>NEW JERSEY ST TRAN 5% 06/15/35</name>
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        <name>AUSTIN TX ARPT SYS 5% 11/15/36</name>
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        <name>PORT OF SEATTLE WA 5% 08/01/28</name>
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      <invstOrSec>
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        <name>KING CNTY WA PUBLI 5% 12/01/38</name>
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        <name>HAYS TX CONSOL IND 5% 02/15/40</name>
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        <name>HIGHLANDS CNTY FL V/R 11/15/37</name>
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        <name>WESTCHESTER CNTY N 5% 11/01/46</name>
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        <name>UNIV OF KENTUCKY K 4% 10/01/36</name>
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        <name>CONNECTICUT ST HLT 5% 07/01/33</name>
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      <invstOrSec>
        <name>DOUGLAS CNTY NE HO 4% 05/15/33</name>
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        <name>LOUISIANA PUB FAC V/R 05/15/50</name>
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        <name>UNIV OF KANSAS KS  5% 03/01/47</name>
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        <name>HONOLULU CITY &amp; CN 3% 07/01/32</name>
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        <name>ILLINOIS FIN AUTH V/R 12/01/43</name>
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        <name>CONNECTICUT ST HLT 5% 07/01/48</name>
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        <name>MARYLAND ST 5% 08/01/26</name>
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        <name>LAS VEGAS NV CONVE 5% 07/01/28</name>
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        <name>LONGVIEW TX INDEP  5% 02/15/43</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA ST 5% 08/01/32</name>
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        <name>MEMPHIS TN ELEC SY 5% 12/01/32</name>
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        <name>SOUTH CAROLINA ST  4% 12/01/38</name>
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        <name>PORT AUTH OF NEW 5.5% 08/01/52</name>
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        <name>TEXAS ST WTR DEV B 5% 04/15/49</name>
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        <name>CHICAGO IL WTRWKS  5% 11/01/28</name>
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        <name>PORT AUTH OF NEW Y 5% 01/15/39</name>
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        <name>AUSTIN TX ELEC UTI 5% 11/15/31</name>
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        <name>TALLAHASSEE FL ENE 5% 10/01/28</name>
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        <name>TEXAS ST TRANSPRTN 5% 08/15/37</name>
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        <name>LOS ANGELES CNTY C 5% 06/01/34</name>
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        <name>COLORADO ST HLTH F 5% 12/01/34</name>
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        <name>MET PIER &amp; EXPOSI ZCP 12/15/35</name>
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        <name>MET TRANSPRTN AUTH 5% 11/15/33</name>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TU 5% 12/01/39</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW CANEY TX INDEP 5% 02/15/41</name>
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        <name>JEA FL WTR &amp; SWR R 4% 10/01/37</name>
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        <name>WASHINGTON ST 5% 08/01/40</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <name>TEXAS ST 5% 10/01/26</name>
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        <name>GALVESTON TX WHA 5.5% 08/01/44</name>
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        <name>MET WASHINGTON DC  5% 10/01/27</name>
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        <name>WISCONSIN ST HLTH  5% 10/01/29</name>
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      <invstOrSec>
        <name>WISCONSIN ST HLTH  5% 11/15/35</name>
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      <invstOrSec>
        <name>TEXAS ST WTR DEV B 5% 04/15/26</name>
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        <name>OHIO ST WTR DEV AU 5% 06/01/31</name>
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      <invstOrSec>
        <name>HARRIS CNTY TX 5% 10/01/29</name>
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        <cusip>414005C71</cusip>
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          <isin value="US414005C713"/>
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        <name>MARYLAND ST 5% 06/01/33</name>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE 5% 09/01/36</name>
        <lei>549300GROJFKMNLWEK84</lei>
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        <cusip>12008EVN3</cusip>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>GERALD R FORD INTE 5% 01/01/27</name>
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        <balance>350000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>AKRON BATH COPLEY  4% 11/15/38</name>
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        <name>RHODE ISLAND ST  1.1% 04/01/27</name>
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        <name>PORT HOUSTON TX AU 5% 10/01/28</name>
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        <name>PENNSYLVANIA ST 4% 09/01/40</name>
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        <name>AUSTIN TX WTR &amp; WS 4% 11/15/36</name>
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        <name>CHICAGO IL WTRWKS  5% 11/01/33</name>
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        <name>HENDERSON NV 4% 06/01/45</name>
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        <lei>N/A</lei>
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      <invstOrSec>
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      <invstOrSec>
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        <name>OHIO ST 5% 03/01/34</name>
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        <name>LAS VEGAS VLY NV W 5% 06/01/46</name>
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        <name>PROSPER TX INDEP S 4% 02/15/54</name>
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        <name>NATIONAL FIN A 3.875% 01/20/38</name>
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        <name>BETHLEHEM PA AREA V/R 01/01/32</name>
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        <name>NEW JERSEY ST ECON 5% 06/15/28</name>
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        <name>HAMPTON ROADS VA S 5% 11/01/38</name>
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        <name>MARICOPA CNTY AZ U 4% 07/01/36</name>
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        <name>OHIO ST WTR DEV AU 5% 12/01/30</name>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GOOSE CREEK TX CON 5% 02/15/26</name>
        <lei>N/A</lei>
        <title>GOOSE CREEK TX CONSOL INDEP SC REGD N/C B/E PSF-GTD 5.00000000</title>
        <cusip>3826042N5</cusip>
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          <isin value="US3826042N55"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CASS CNTY ND JT 3.45% 04/01/27</name>
        <lei>N/A</lei>
        <title>CASS CNTY ND JT WTR RESOURCE D REGD B/E CNTY GT 3.45000000</title>
        <cusip>14805PBA9</cusip>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK CITY NY T 5% 11/01/25</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY NY TRANSITIONAL REGD N/C B/E 5.00000000</title>
        <cusip>64971W7M6</cusip>
        <identifiers>
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        <balance>255000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>TRIBOROUGH NY BRID 5% 11/15/26</name>
        <lei>54930020ZN4LQF7K3456</lei>
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        <cusip>89602RHY4</cusip>
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        <balance>2440000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA S 4.125% 01/01/43</name>
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        <cusip>70870EET2</cusip>
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        <balance>1070000.00000000</balance>
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          <maturityDt>2043-01-01</maturityDt>
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      <invstOrSec>
        <name>CENTRL FL EXPRESSW 5% 07/01/35</name>
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        <balance>10000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS  3.625% 07/01/38</name>
        <lei>5493007K5OP7V6CL0Y88</lei>
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        <cusip>57563RTD1</cusip>
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          <isin value="US57563RTD16"/>
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        <balance>725000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHICAGO IL O'HA 4.25% 01/01/47</name>
        <lei>N/A</lei>
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        <cusip>167593XV9</cusip>
        <identifiers>
          <isin value="US167593XV97"/>
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        <balance>2180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2084495.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>CHICAGO IL WSTW 5.25% 01/01/48</name>
        <lei>N/A</lei>
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        <cusip>167727E28</cusip>
        <identifiers>
          <isin value="US167727E287"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5275148.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PENNSYLVANIA HGR E 5% 06/01/26</name>
        <lei>N/A</lei>
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        <cusip>70878CAH8</cusip>
        <identifiers>
          <isin value="US70878CAH88"/>
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        <balance>95000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96190.68000000</valUSD>
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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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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CALIFORNIA ST MUNI 4% 09/15/36</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13048VSQ2</cusip>
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        <balance>1000000.00000000</balance>
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        <debtSec>
          <maturityDt>2036-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>INDIANA FIN AUTH I 5% 10/01/34</name>
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        <cusip>45505MPG5</cusip>
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        <balance>955000.00000000</balance>
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        <valUSD>1073694.28000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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          <maturityDt>2034-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CHICAGO IL 5.5% 01/01/43</name>
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        <cusip>167486P86</cusip>
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          <isin value="US167486P864"/>
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        <balance>1500000.00000000</balance>
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        <valUSD>1541944.50000000</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>2043-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>WASHINGTON DC MET  5% 07/15/56</name>
        <lei>N/A</lei>
        <title>WASHINGTON DC MET AREA TRANSIT REGD B/E 5.00000000</title>
        <cusip>93878YDX4</cusip>
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          <isin value="US93878YDX40"/>
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        <balance>8750000.00000000</balance>
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        <valUSD>9052625.75000000</valUSD>
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        <name>MONROE CNTY NY IND 5% 12/01/28</name>
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        <cusip>61075TWB0</cusip>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LOUISIANA ST LOCAL 2% 06/01/30</name>
        <lei>5493004WIZ1HV87IVF85</lei>
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        <balance>2755000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
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          <annualizedRt>2.00000000</annualizedRt>
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      <invstOrSec>
        <name>MET TRANSPRTN AUTH 5% 11/15/29</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>MET TRANSPRTN AUTH NY REVENUE REGD N/C B/E 5.00000000</title>
        <cusip>59261AJ57</cusip>
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        <balance>250000.00000000</balance>
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        <valUSD>270461.45000000</valUSD>
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        <name>NEW YORK ST MTGE 4.7% 10/01/38</name>
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        <name>SAN MATEO CNTY CA ZCP 09/01/35</name>
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        <name>NEW HOPE CULTURAL  4% 11/01/49</name>
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        <name>AUSTIN TX WTR &amp; WS 5% 11/15/25</name>
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        <name>OHIO ST UNIV 4% 12/01/41</name>
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        <name>MET WTR DIST OF S V/R 07/01/37</name>
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        <name>NORTH CAROLINA ST  4% 03/01/41</name>
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        <name>PENNSYLVANIA ST EC 4% 01/01/31</name>
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        <name>WARREN MI 5% 11/01/43</name>
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        <name>OHIO ST HSG FIN 6.25% 03/01/55</name>
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        <name>MIDAS MOUNTAIN V 5.2% 06/01/54</name>
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        <name>UTAH ST TELECOM 5.25% 06/01/37</name>
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        <name>NEW YORK ST ENVRN V/R 09/01/50</name>
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        <name>UNIV OF NORTH DAKO 4% 06/01/46</name>
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        <name>MTA HUDSON RAIL YA 5% 11/15/56</name>
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        <lei>N/A</lei>
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        <lei>N/A</lei>
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        <name>LANCASTER CNTY PA  5% 11/01/37</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA ST 5% 09/01/29</name>
        <lei>N/A</lei>
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          <isin value="US13063DD969"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MICHIGAN ST HSG  5.1% 10/01/53</name>
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        <cusip>59465PEK0</cusip>
        <identifiers>
          <isin value="US59465PEK03"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4893995.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.10000000</annualizedRt>
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      <invstOrSec>
        <name>MASSACHUSETTS ST B 4% 07/01/51</name>
        <lei>N/A</lei>
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        <cusip>575579L70</cusip>
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          <isin value="US575579L705"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4585905.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PUERTO RICO CM 5.375% 07/01/25</name>
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        <cusip>74514L3F2</cusip>
        <identifiers>
          <isin value="US74514L3F25"/>
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        <balance>953718.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>957960.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>HARRIS CNTY TX CU V/R 10/01/45</name>
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        <cusip>414009SA9</cusip>
        <identifiers>
          <isin value="US414009SA93"/>
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        <balance>2400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2400000.00000000</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>2045-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.80000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK ST LIBERT 4% 02/15/43</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US649519EM32"/>
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        <balance>4985000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4654513.94000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>NORWALK-LA MIRADA  3% 08/01/43</name>
        <lei>N/A</lei>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1600454.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CAPE GIRARDEAU CNT 4% 03/01/41</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CENTRL BRADFORD P V/R 12/01/41</name>
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        <name>NEW YORK CITY NY  V/R 08/01/39</name>
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      <invstOrSec>
        <name>COOK CNTY IL SALES 5% 11/15/31</name>
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        <name>RHODE ISLAND S 3.625% 12/01/37</name>
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        <name>SAINT JOHN THE BA V/R 06/01/37</name>
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        <name>PORT HOUSTON TX AU 5% 10/01/25</name>
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        <name>COLORADO ST HLTH F 5% 08/01/27</name>
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        <name>MET WASHINGTON DC  5% 10/01/44</name>
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        <name>GARFIELD/PITKIN/EA 4% 12/15/34</name>
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        <name>PORT AUTH OF NEW Y 4% 07/15/40</name>
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        <name>MEDINA VLY TX INDE 5% 02/15/40</name>
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        <name>NEW YORK CITY NY  V/R 08/01/41</name>
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        <name>AUSTIN TX ELEC UTI 5% 11/15/38</name>
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        <name>NEW YORK NY 5% 08/01/31</name>
        <lei>549300ABYZD2SFD5JB29</lei>
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      <invstOrSec>
        <name>KENTUCKY ST HSG C V/R 09/01/43</name>
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      <invstOrSec>
        <name>LOS ANGELES CA DEP 5% 07/01/39</name>
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      <invstOrSec>
        <name>NEW ORLEANS LA AVI 5% 01/01/48</name>
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      <invstOrSec>
        <name>PORT SEATTLE WA IN 5% 04/01/30</name>
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        <name>ILLINOIS ST HSG 3.75% 04/01/50</name>
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        <name>LEHIGH CNTY PA GEN 5% 07/01/44</name>
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        <name>MISSION TX ECON D V/R 01/01/26</name>
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        <name>TEXAS ST A &amp; M UNI 5% 07/01/39</name>
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        <name>VIRGINIA BEACH VA  5% 09/01/44</name>
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        <name>STONEYBROOK FL S C 3% 12/15/30</name>
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        <name>MOBILE CNTY AL  4.75% 12/01/54</name>
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        <cusip>41981THB2</cusip>
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          <isin value="US41981THB26"/>
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        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250365.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TEXAS WTR DEV BRD  5% 10/15/28</name>
        <lei>N/A</lei>
        <title>TEXAS WTR DEV BRD REVENUE REGD N/C B/E 5.00000000</title>
        <cusip>88285ACS5</cusip>
        <identifiers>
          <isin value="US88285ACS50"/>
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        <balance>115000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>123268.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DENVER CITY &amp; C 5.25% 11/15/53</name>
        <lei>N/A</lei>
        <title>DENVER CITY &amp; CNTY CO ARPT REV REGD B/E 5.25000000</title>
        <cusip>249182RT5</cusip>
        <identifiers>
          <isin value="US249182RT50"/>
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        <balance>4775000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5034338.37000000</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>2053-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AUSTIN TX 5% 09/01/33</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>AUSTIN TX REGD B/E 5.00000000</title>
        <cusip>052397SU1</cusip>
        <identifiers>
          <isin value="US052397SU14"/>
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        <balance>620000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>673711.34000000</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>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HARRIS CNTY TX FLO 4% 09/15/48</name>
        <lei>N/A</lei>
        <title>HARRIS CNTY TX FLOOD CONTROL D REGD OID B/E 4.00000000</title>
        <cusip>414019CP2</cusip>
        <identifiers>
          <isin value="US414019CP27"/>
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        <balance>9000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8369941.50000000</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>2048-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LAKEWOOD RANCH  5.25% 05/01/44</name>
        <lei>N/A</lei>
        <title>LAKEWOOD RANCH FL STEWARDSHIP REGD B/E 5.25000000</title>
        <cusip>51265KFY9</cusip>
        <identifiers>
          <isin value="US51265KFY91"/>
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        <balance>580000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>572520.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GUAM INTERNATIO 5.25% 10/01/30</name>
        <lei>N/A</lei>
        <title>GUAM INTERNATIONAL ARPT AUTH REGD N/C B/E AMT 5.25000000</title>
        <cusip>40064REZ8</cusip>
        <identifiers>
          <isin value="US40064REZ82"/>
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        <balance>750000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>789827.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HAMPTON ROADS VA T 5% 07/01/38</name>
        <lei>N/A</lei>
        <title>PREREF HAMPTON ROADS VA TRANSPRTN ACC REGD B/E PREREFUNDED 01/01/28 @ 100 5.00000000</title>
        <cusip>40934TAP8</cusip>
        <identifiers>
          <isin value="US40934TAP84"/>
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        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1058398.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TEXAS ST A &amp; M UNI 5% 07/01/42</name>
        <lei>N/A</lei>
        <title>TEXAS ST A &amp; M UNIV PERM UNIV REGD B/E 5.00000000</title>
        <cusip>8821177Y4</cusip>
        <identifiers>
          <isin value="US8821177Y48"/>
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        <balance>1695000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1797846.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WHITING IN ENVRNM V/R 03/01/46</name>
        <lei>N/A</lei>
        <title>WHITING IN ENVRNMNTL FACS REVE REGD V/R B/E AMT 4.40000000</title>
        <cusip>96634RAX0</cusip>
        <identifiers>
          <isin value="US96634RAX08"/>
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        <balance>4500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4579226.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.40000000</annualizedRt>
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      <invstOrSec>
        <name>MARICOPA CNTY AZ I 4% 01/01/41</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY AZ INDL DEV AUTH REGD B/E 4.00000000</title>
        <cusip>56682HCK3</cusip>
        <identifiers>
          <isin value="US56682HCK32"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3863935.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CARMEL IN WTRWK 5.25% 05/01/51</name>
        <lei>N/A</lei>
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        <cusip>143321LQ8</cusip>
        <identifiers>
          <isin value="US143321LQ80"/>
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        <balance>1375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1424142.36000000</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO ELE 5.25% 07/01/19</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <cusip>74526YFW0</cusip>
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          <isin value="US74526YFW03"/>
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        <balance>580000.00000000</balance>
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        <valUSD>281300.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>CARROLLTON-FARMERS 5% 02/15/26</name>
        <lei>N/A</lei>
        <title>CARROLLTON-FARMERS BRANCH TX I REGD N/C B/E PSF-GTD 5.00000000</title>
        <cusip>145628P49</cusip>
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          <isin value="US145628P496"/>
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        <balance>2500000.00000000</balance>
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        <valUSD>2546652.75000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>HORACE ND 4.75% 05/01/44</name>
        <lei>N/A</lei>
        <title>HORACE ND REGD OID B/E 4.75000000</title>
        <cusip>440365JN5</cusip>
        <identifiers>
          <isin value="US440365JN50"/>
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        <balance>1885000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1841829.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>CREEK CNTY OK  4.125% 09/01/48</name>
        <lei>N/A</lei>
        <title>CREEK CNTY OK EDUCTNL FACS AUT REGD OID B/E BAM 4.12500000</title>
        <cusip>225472BV0</cusip>
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          <isin value="US225472BV04"/>
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        <balance>4250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4021494.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-01</maturityDt>
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      <invstOrSec>
        <name>DIST OF COLUMBIA 5% 12/01/31</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>DIST OF COLUMBIA REGD N/C B/E 5.00000000</title>
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          <isin value="US25476FH924"/>
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        <balance>2210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2462693.17000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>WILDWOOD UTILITY D 5% 10/01/40</name>
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      <invstOrSec>
        <name>LOUISIANA ST HSG C 5% 06/01/52</name>
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        <name>HOUSTON TX ARPT SY 5% 07/15/28</name>
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      <invstOrSec>
        <name>MASSACHUSETTS S 2.65% 12/01/34</name>
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        <name>MIAMI UNIV OH 5% 09/01/30</name>
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        <name>CHANDLER AZ INDL  V/R 09/01/52</name>
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        <name>NORTHAMPTON CNTY P 5% 08/15/46</name>
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        <name>UNIV OF OREGON OR  5% 04/01/48</name>
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        <name>ARLINGTON TX HGR E 4% 08/15/26</name>
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        <name>DAWSON TRAILS MET ZCP 12/01/31</name>
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        <name>MINNESOTA ST OFFIC 4% 11/01/37</name>
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        <name>AVE MARIA FL S 3.125% 05/01/41</name>
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        <name>COLORADO ST HLTH F 4% 11/01/39</name>
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        <name>PENNSYLVANIA ST TU 5% 12/01/26</name>
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        <name>HARRIS CNTY TX CU V/R 10/01/51</name>
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        <name>WISCONSIN ST HSG &amp; 6% 03/01/55</name>
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        <name>CLIFTON TX HGR EDU 5% 08/15/28</name>
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        <name>MET WASHINGTON DC  5% 10/01/30</name>
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        <name>CHICAGO IL WSTWTR  5% 01/01/43</name>
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        <name>PENNSYLVANIA ST EC 4% 01/01/42</name>
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        <name>STONEYBROOK FL S 2.5% 12/15/25</name>
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        <name>WATERVIEW II MET D 5% 12/01/41</name>
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        <name>PENNSYLVANIA ST EC 5% 12/31/30</name>
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      <invstOrSec>
        <name>NEW YORK ST TRANSP 5% 06/30/49</name>
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      <invstOrSec>
        <name>SHELBY CNTY TN HL V/R 09/01/49</name>
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        <name>GRAND BAY AT DORAL 5% 05/01/35</name>
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      <invstOrSec>
        <name>SOUTH CAROLINA ST  4% 12/01/37</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
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        <cusip>837151ZQ5</cusip>
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      <invstOrSec>
        <name>PENNSYLVANIA ST TU 5% 12/01/27</name>
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        <cusip>709225AG1</cusip>
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          <isin value="US709225AG15"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VERMONT ST STU 2.375% 06/15/39</name>
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        <cusip>92428CMQ4</cusip>
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          <isin value="US92428CMQ41"/>
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        <cusip>74514L3H8</cusip>
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        <name>LOWER COLORADO RIV 5% 05/15/51</name>
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        <name>TRIBOROUGH NY BRID 5% 11/15/29</name>
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        <name>CONNECTICUT ST HLT 5% 07/01/29</name>
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        <name>MIAMI-DADE CNTY FL 5% 10/01/42</name>
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        <name>REGL TRANSPRTN AUT 6% 07/01/25</name>
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        <name>CHARTIERS VLY PA S 5% 10/15/40</name>
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        <name>CHESAPEAKE BAY VA  5% 07/01/51</name>
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        <name>N WSTRN IN SCH BLD 6% 07/15/40</name>
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        <name>ALIEF TX INDEP SCH 2% 02/15/38</name>
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        <name>BLACKROCK MUNI 20 V/R 12/31/30</name>
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        <name>LAS VEGAS NV CONVE 4% 07/01/49</name>
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        <balance>10765000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
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      <invstOrSec>
        <name>EAST SIDE CA UNION 5% 08/01/25</name>
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        <balance>400000.00000000</balance>
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        <valUSD>403187.52000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
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      <invstOrSec>
        <name>TRAILS AT CROWF 4.25% 12/01/54</name>
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        <name>TEXAS ST TRANSPRTN 5% 08/15/31</name>
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        <name>CALIFORNIA CNTY CA 5% 06/01/49</name>
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        <name>MIAMI-DADE CNTY FL 5% 10/01/27</name>
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        <name>SAN JOSE CA UN 1.014% 08/01/27</name>
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        <name>FAYETTE CNTY GA DE 5% 10/01/43</name>
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        <name>TEXAS ST MUNI GAS V/R 01/01/55</name>
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      <invstOrSec>
        <name>ILLINOIS ST HSG D V/R 01/01/64</name>
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        <name>TENDER OPTION BON V/R 07/01/30</name>
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        <name>VLG FL CDD #13 1.875% 05/01/25</name>
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        <name>ILLINOIS ST 5% 10/01/31</name>
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        <name>NEW YORK CITY N 5.25% 12/15/31</name>
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        <name>TARRANT CNTY TX CU 4% 10/01/41</name>
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        <name>AUSTIN TX WTR &amp; WS 5% 11/15/41</name>
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        <name>PUERTO RICO SAL 4.55% 07/01/40</name>
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        <name>CENTRL TX REGL MOB 4% 01/01/39</name>
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        <name>MINNEAPOLIS MN HL V/R 11/15/53</name>
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        <name>WALLER TX INDEP SC 5% 02/15/40</name>
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        <name>TEXAS ST DEPT OF H 6% 03/01/54</name>
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        <name>KANSAS CITY MO IND 5% 03/01/44</name>
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        <name>PENNSYLVANIA ST TU 5% 12/01/30</name>
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        <name>GREAT LAKES MI WTR 5% 07/01/42</name>
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        <name>OHIO ST TURNPIKE C 5% 02/15/28</name>
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      <invstOrSec>
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        <lei>5493004WIZ1HV87IVF85</lei>
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      <invstOrSec>
        <name>RHODE ISLAND S 4.125% 12/01/43</name>
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      <invstOrSec>
        <name>ELK GROVE CA FIN A 4% 09/01/40</name>
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      <invstOrSec>
        <name>TEXAS ST AFFORDAB V/R 07/01/44</name>
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        <cusip>88271FFP3</cusip>
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          <isin value="US88271FFP36"/>
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        <balance>485000.00000000</balance>
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      <invstOrSec>
        <name>LOS ANGELES CA DEP 5% 05/15/29</name>
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          <isin value="US544445UL19"/>
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      <invstOrSec>
        <name>HOUSTON TX ARPT SY 5% 07/01/29</name>
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          <isin value="US442349GE02"/>
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        <balance>1580000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>NORFOLK VA RED 4.375% 01/01/39</name>
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        <cusip>655909CL1</cusip>
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          <isin value="US655909CL14"/>
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        <balance>1400000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHESTER CNTY PA SC 5% 04/01/40</name>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DENVER CITY &amp; CNTY 5% 11/15/47</name>
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        <name>CAMDEN CNTY NJ IMP 6% 06/15/47</name>
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        <name>PENNSYLVANIA ST EC 4% 01/01/28</name>
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        <name>NEW YORK CITY NY T 4% 08/01/43</name>
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        <name>ROCKPORT IN POL 2.75% 06/01/25</name>
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        <name>CALIFORNIA ST 5% 09/01/27</name>
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        <name>LAS VEGAS NV SPL 3.5% 06/01/35</name>
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        <name>COLORADO ST COPS 5% 11/01/53</name>
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        <name>SOUTHEAST ENERGY  V/R 12/01/51</name>
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      <invstOrSec>
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        <name>OKLAHOMA ST WTR RE 5% 10/01/26</name>
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      <invstOrSec>
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        <name>SAN DIEGO CA UNIF ZCP 07/01/34</name>
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        <name>KANE &amp; DU PAGE CNT 4% 01/01/42</name>
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        <name>LAS VEGAS NV SP 5.75% 06/01/43</name>
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        <name>COLORADO BRIDGE &amp;  5% 12/01/36</name>
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        <name>CLARK CNTY NV ARPT 5% 07/01/25</name>
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        <name>DENVER CITY &amp; CNTY 5% 12/01/27</name>
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        <name>CHICAGO IL TRANSIT 5% 12/01/46</name>
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        <pctVal>0.074526857595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.70000000</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>KANSAS CITY MO IND 5% 03/01/38</name>
        <lei>549300QWDXL46XQC8110</lei>
        <title>KANSAS CITY MO INDL DEV AUTH A REGD B/E AMT 5.00000000</title>
        <cusip>48504NBA6</cusip>
        <identifiers>
          <isin value="US48504NBA63"/>
        </identifiers>
        <balance>2480000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2541187.80000000</valUSD>
        <pctVal>0.021330132116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>OMAHA NE PUBLIC PW 5% 02/01/38</name>
        <lei>54930000VJEJ9CGIYG32</lei>
        <title>OMAHA NE PUBLIC PWR DIST ELEC REGD B/E 5.00000000</title>
        <cusip>682001ME9</cusip>
        <identifiers>
          <isin value="US682001ME95"/>
        </identifiers>
        <balance>5505000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6037095.68000000</valUSD>
        <pctVal>0.050673959812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Six Circles Trust </ncom:nameOfApplicant>
      <ncom:signature>Gregory McNeil</ncom:signature>
      <ncom:signerName>Gregory McNeil</ncom:signerName>
      <ncom:title>Treasurer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
