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      <invstOrSec>
        <name>Kentucky Bond Dev Corp Indl Bldg Revenue</name>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>New York St Dorm Auth St Personal Income Tax Revenue</name>
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          <maturityDt>2041-03-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Las Vegas Vly Nv Wtr Dist</name>
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        <name>Los Angeles Ca Dept Of Arpts Arpt Revenue</name>
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        <name>Lower Colorado River Tx Auth Transmission Contract Revenue</name>
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        <name>Met Pier &amp; Exposition Auth Il Dedicated St Tax Revenue</name>
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        <name>Michigan St Trunk Line</name>
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        <name>San Francisco Calif City &amp;cnty Arpts Commn Intl Arpt Rev</name>
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        <name>Pennsylvania St Turnpike Commission Turnpike Revenue</name>
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        <name>Massachusetts St Sch Bldg Auth Sales Tax Revenue</name>
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      <invstOrSec>
        <name>Sacramento City Ca Unif Sch Dist</name>
        <lei>N/A</lei>
        <title>Sacramento City Unified School District</title>
        <cusip>785870E85</cusip>
        <identifiers>
          <isin value="US785870E857"/>
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        <balance>4500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4995036.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Sacramento Ca Wtr Revenue</name>
        <lei>N/A</lei>
        <title>City of Sacramento CA Water Revenue</title>
        <cusip>786089HY1</cusip>
        <identifiers>
          <isin value="US786089HY19"/>
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        <balance>10000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10524429.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Salt Lake City Ut Arpt Revenue</name>
        <lei>549300CRGKV67DRSGT85</lei>
        <title>City of Salt Lake City UT Airport Revenue</title>
        <cusip>795576HK6</cusip>
        <identifiers>
          <isin value="US795576HK65"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1802834.78000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>South Carolina St Public Svc Auth Revenue</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
        <title>South Carolina Public Service Authority</title>
        <cusip>837151U49</cusip>
        <identifiers>
          <isin value="US837151U492"/>
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        <balance>7500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8483382.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>S Estrn Pa Transprtn Auth</name>
        <lei>98450061A2F3FD36E493</lei>
        <title>Southeastern Pennsylvania Transportation Authority</title>
        <cusip>842039FQ7</cusip>
        <identifiers>
          <isin value="US842039FQ70"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5546516.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88034XXV9</cusip>
        <identifiers>
          <isin value="US88034XXV99"/>
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        <balance>-4175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-4175000.00000000</valUSD>
        <pctVal>-1.09237036952</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.30000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88034YT67</cusip>
        <identifiers>
          <isin value="US88034YT673"/>
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        <balance>-5400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-5400000.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.23000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035AE64</cusip>
        <identifiers>
          <isin value="US88035AE649"/>
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        <balance>-7500000.00000000</balance>
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        <valUSD>-7500000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.06000000</annualizedRt>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035APQ8</cusip>
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          <isin value="US88035APQ84"/>
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        <balance>-4600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-4600000.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-05-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.08000000</annualizedRt>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035AQ95</cusip>
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          <isin value="US88035AQ957"/>
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        <valUSD>-9600000.00000000</valUSD>
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        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>3.03000000</annualizedRt>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035AR37</cusip>
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          <isin value="US88035AR377"/>
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        <valUSD>-8000000.00000000</valUSD>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035AS28</cusip>
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          <isin value="US88035AS284"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035AU58</cusip>
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          <isin value="US88035AU587"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035AV73</cusip>
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          <isin value="US88035AV734"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035AXT3</cusip>
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          <isin value="US88035AXT32"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
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          <isin value="US88035AZA23"/>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
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          <isin value="US88035D3Z69"/>
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        <valUSD>-4000000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
        <name>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
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          <isin value="US88035DAS45"/>
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        <pctVal>-2.02121224061</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.21000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DAU9</cusip>
        <identifiers>
          <isin value="US88035DAU90"/>
        </identifiers>
        <balance>-9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-9000000.00000000</valUSD>
        <pctVal>-2.35481037742</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.45000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DBK0</cusip>
        <identifiers>
          <isin value="US88035DBK00"/>
        </identifiers>
        <balance>-11200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-11200000.00000000</valUSD>
        <pctVal>-2.93043069190</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.23000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DBS3</cusip>
        <identifiers>
          <isin value="US88035DBS36"/>
        </identifiers>
        <balance>-5250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-5250000.00000000</valUSD>
        <pctVal>-1.37363938682</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.22000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DDD4</cusip>
        <identifiers>
          <isin value="US88035DDD49"/>
        </identifiers>
        <balance>-3600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-3600000.00000000</valUSD>
        <pctVal>-0.94192415096</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.18000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DDG7</cusip>
        <identifiers>
          <isin value="US88035DDG79"/>
        </identifiers>
        <balance>-8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-8000000.00000000</valUSD>
        <pctVal>-2.09316477992</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.29000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DNG6</cusip>
        <identifiers>
          <isin value="US88035DNG69"/>
        </identifiers>
        <balance>-12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-12000000.00000000</valUSD>
        <pctVal>-3.13974716989</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.23000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DNS0</cusip>
        <identifiers>
          <isin value="US88035DNS08"/>
        </identifiers>
        <balance>-8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-8000000.00000000</valUSD>
        <pctVal>-2.09316477992</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.19000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DSM8</cusip>
        <identifiers>
          <isin value="US88035DSM82"/>
        </identifiers>
        <balance>-12000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-12000000.00000000</valUSD>
        <pctVal>-3.13974716989</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.33000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DVM4</cusip>
        <identifiers>
          <isin value="US88035DVM46"/>
        </identifiers>
        <balance>-6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-6000000.00000000</valUSD>
        <pctVal>-1.56987358494</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.21000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DXC4</cusip>
        <identifiers>
          <isin value="US88035DXC46"/>
        </identifiers>
        <balance>-10200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-10200000.00000000</valUSD>
        <pctVal>-2.66878509441</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.05000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DZF5</cusip>
        <identifiers>
          <isin value="US88035DZF58"/>
        </identifiers>
        <balance>-4500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-4500000.00000000</valUSD>
        <pctVal>-1.17740518871</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.18000000</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>Tender Option Bond Trust Receipts / Ctfs</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035DZH1</cusip>
        <identifiers>
          <isin value="US88035DZH15"/>
        </identifiers>
        <balance>-5735000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-5735000.00000000</valUSD>
        <pctVal>-1.50053750161</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.18000000</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>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035EBS1</cusip>
        <identifiers>
          <isin value="US88035EBS19"/>
        </identifiers>
        <balance>-6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-6000000.00000000</valUSD>
        <pctVal>-1.56987358494</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.27000000</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>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035G5B0</cusip>
        <identifiers>
          <isin value="US88035G5B01"/>
        </identifiers>
        <balance>-5900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-5900000.00000000</valUSD>
        <pctVal>-1.54370902519</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.17000000</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>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035GF60</cusip>
        <identifiers>
          <isin value="US88035GF601"/>
        </identifiers>
        <balance>-6400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-6400000.00000000</valUSD>
        <pctVal>-1.67453182394</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.20000000</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>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035GGN2</cusip>
        <identifiers>
          <isin value="US88035GGN25"/>
        </identifiers>
        <balance>-5600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-5600000.00000000</valUSD>
        <pctVal>-1.46521534595</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.10000000</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>Tender Option Bond Trust Receipts / Ctfs Various States</name>
        <lei>N/A</lei>
        <title>Tender Option Bond Trust Receipts/Certificates</title>
        <cusip>88035GH50</cusip>
        <identifiers>
          <isin value="US88035GH508"/>
        </identifiers>
        <balance>-8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-8000000.00000000</valUSD>
        <pctVal>-2.09316477992</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.19000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <lei>TQV30XJRB3S7V50XRW52</lei>
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        <name>Dtf Tax-free Income 2028 Term Fund Inc</name>
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        <name>Dws Municipal Income Trust</name>
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        <name>Bny Mellon Strategic Municipals Inc</name>
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        <name>Blackrock Muniholdings Fund Inc</name>
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        <name>Blackrock Muniyield Michigan Quality Fund Inc</name>
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        <name>Blackrock Muniholdings California Quality Fund Inc</name>
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        <name>Blackrock Municipal Income Fund Inc</name>
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        <name>Blackrock Muniyield Fund Inc</name>
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        <name>Nuveen Amt-free Municipal Credit Income Fund</name>
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        <name>Abrdn National Municipal Income Fund</name>
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        <name>Invesco Advantage Municipal Income Trust Ii</name>
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        <pctVal>0.754204837283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Municipal Trust</name>
        <lei>GKS5Y4B1VKHV66WSPK53</lei>
        <title>Invesco Municipal Trust</title>
        <cusip>46131J103</cusip>
        <identifiers>
          <isin value="US46131J1034"/>
        </identifiers>
        <balance>565338.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5800367.88000000</valUSD>
        <pctVal>1.517640719631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Municipal Opportunity Trust</name>
        <lei>WERC5RXCUSU16MOTZ848</lei>
        <title>Invesco Municipal Opportunity Trust</title>
        <cusip>46132C107</cusip>
        <identifiers>
          <isin value="US46132C1071"/>
        </identifiers>
        <balance>231758.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2380154.66000000</valUSD>
        <pctVal>0.622756988137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>RiverNorth Flexible Municipal Income Fund II Inc.</ncom:nameOfApplicant>
      <ncom:signature>Jonathan M. Mohrhardt</ncom:signature>
      <ncom:signerName>Jonathan M. Mohrhardt</ncom:signerName>
      <ncom:title>Treasurer &amp; Chief Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
