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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS FIN AUTH RV</name>
        <lei>N/A</lei>
        <title>ILLINOIS FIN AT 5% 5/15/2021</title>
        <cusip>45204EK31</cusip>
        <identifiers>
          <isin value="US45204EK311"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>311916.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MAPLE GROVE MN HEALTH CARE SYS REV</name>
        <lei>N/A</lei>
        <title>MAPLE GRV HLTH 4% 9/1/21</title>
        <cusip>56516TAN5</cusip>
        <identifiers>
          <isin value="US56516TAN54"/>
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        <curCd>USD</curCd>
        <valUSD>412096.00000000</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>2021-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>Crittenton Hosp MI 5% 6/1/21</title>
        <cusip>59447PSQ5</cusip>
        <identifiers>
          <isin value="US59447PSQ53"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1044130.00000000</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>2021-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HOUSTON TX ARPT SYS REV</name>
        <lei>N/A</lei>
        <title>HOUSTON TEX ARPT SYS REV</title>
        <cusip>4423485E4</cusip>
        <identifiers>
          <isin value="US4423485E48"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>260257.50000000</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>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>UNIVERSITY TOLEDO OH GEN RECPT</name>
        <lei>N/A</lei>
        <title>UNIV TOLEDO OH 5% 6/1/21</title>
        <cusip>915138MA6</cusip>
        <identifiers>
          <isin value="US915138MA65"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1043180.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHICAGO IL MIDWAY ARPT REV</name>
        <lei>N/A</lei>
        <title>MIDWAY AIRPORT NON-AMT 5% 1/1/2021</title>
        <cusip>167562MZ7</cusip>
        <identifiers>
          <isin value="US167562MZ77"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>409961.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TUCSON AZ STR and HWY USER REV</name>
        <lei>N/A</lei>
        <title>TUCSON AZ STR and HWY USER REV REF-SR LIEN</title>
        <cusip>898785NK2</cusip>
        <identifiers>
          <isin value="US898785NK25"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>314217.00000000</valUSD>
        <pctVal>0.663227972480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DELAWARE RVR JT TOLL BRG PA NJ</name>
        <lei>N/A</lei>
        <title>DEL RIV TOLL 5% 7/1/21</title>
        <cusip>246343JZ1</cusip>
        <identifiers>
          <isin value="US246343JZ13"/>
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        <balance>325000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>340652.00000000</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>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONNECTICUT ST</name>
        <lei>N/A</lei>
        <title>CT ST SER B 5% 5/15/21</title>
        <cusip>20772JX80</cusip>
        <identifiers>
          <isin value="US20772JX805"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>519405.00000000</valUSD>
        <pctVal>1.096324912547</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MICHIGAN FIN AUTH RE</name>
        <lei>N/A</lei>
        <title>MICHIGAN FIN AU 5% 7/1/2021</title>
        <cusip>59447TFN8</cusip>
        <identifiers>
          <isin value="US59447TFN81"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>523890.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CONNECTICUT ST HEALTH and EDL FACS AUTH REV</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>CT ST HLTH and REV 5% 07/01/21</title>
        <cusip>20774Y3Z8</cusip>
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          <isin value="US20774Y3Z86"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>521025.00000000</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>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT</name>
        <lei>N/A</lei>
        <title>NYS DORM CNDT 5% 7/1/2021</title>
        <cusip>6499074B5</cusip>
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          <isin value="US6499074B53"/>
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        <balance>325000.00000000</balance>
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        <valUSD>340694.25000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>INFIRMARY HLTH SYS SPL CARE</name>
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          <isin value="US45663NBH44"/>
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          <couponKind>Fixed</couponKind>
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        <name>UNIVERSITY MED CTR CORP ARIZ HOSP REV</name>
        <lei>N/A</lei>
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          <isin value="US914062DK75"/>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
        <name>KNOX CNY TN HL E HSC FCS BD RV</name>
        <lei>N/A</lei>
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          <isin value="US49952MDU71"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>510872.70000000</valUSD>
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      <invstOrSec>
        <name>ILLINOIS ST</name>
        <lei>N/A</lei>
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          <isin value="US452152SM45"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2021-07-01</maturityDt>
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      <invstOrSec>
        <name>SOUTHEASTERN PA TRANSN AUTH REV</name>
        <lei>N/A</lei>
        <title>SOUTHEASTERN PA TRANSN AUTH REV CAP GNT RCPTS</title>
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          <isin value="US842039CG26"/>
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        <balance>500000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2021-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MAINE HEALTH and HIGHER EDL FACS AUTH REV</name>
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          <isin value="US56042RLM24"/>
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        <valUSD>103315.00000000</valUSD>
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      <invstOrSec>
        <name>WISCONSIN ST HEALTH and EDL FACS AUTH REV</name>
        <lei>549300ISNGXS0VHGVD41</lei>
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        <cusip>97712DHV1</cusip>
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          <isin value="US97712DHV10"/>
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        <curCd>USD</curCd>
        <valUSD>559035.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MINNESOTA ST HIGHER ED FACS AU</name>
        <lei>N/A</lei>
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        <cusip>60416HA95</cusip>
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          <isin value="US60416HA950"/>
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        <curCd>USD</curCd>
        <valUSD>326702.22000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>DETROIT MICH SCH DIST</name>
        <lei>N/A</lei>
        <title>DETROIT MI CITY SCH DIST REF-IMPT-SCH BLDG and SITE-SER A</title>
        <cusip>251130EN6</cusip>
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          <isin value="US251130EN68"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>520718.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>PORT PORTLAND OR ARPT REV</name>
        <lei>N/A</lei>
        <title>PORTLND OR ARPT 5% 7/1/2021@</title>
        <cusip>735240E58</cusip>
        <identifiers>
          <isin value="US735240E581"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>680140.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTH DAKOTA ST HLTH and EDL FAC</name>
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        <cusip>83755VE75</cusip>
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          <isin value="US83755VE759"/>
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        <curCd>USD</curCd>
        <valUSD>267020.70000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SARATOGA CNTY N Y CAP RESOURCE CORP REV</name>
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        <cusip>803481BB5</cusip>
        <identifiers>
          <isin value="US803481BB50"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209478.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVS NONST SUPPORTED DEBT</name>
        <lei>N/A</lei>
        <title>NEW YORK DORM 5% 5/1/2021</title>
        <cusip>64990GSN3</cusip>
        <identifiers>
          <isin value="US64990GSN33"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>520387.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CENTRAL BRADFORD PROGRESS AUTH PA REV</name>
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        <title>CENTRL BRADFORD PROGRESS AUTH PA GUTHRIE HEALTHCARE SYS</title>
        <cusip>152691AL5</cusip>
        <identifiers>
          <isin value="US152691AL57"/>
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        <balance>380000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>397084.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      <invstOrSec>
        <name>HORRY CNTY SC SCH DIST</name>
        <lei>N/A</lei>
        <title>HORRY CNTY SC SCH DIST REF</title>
        <cusip>440673C33</cusip>
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          <isin value="US440673C336"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>724553.90000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WHITING IND ENVIRONMENTAL FACS</name>
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        <name>NEW YORK ST DORM AUTH REVS NONST SUPPORTED DEBT</name>
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          <isin value="US64990GUG53"/>
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        <name>KENT CNTY MI BLDG AUTH</name>
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          <isin value="US490303GB40"/>
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        <name>PURDUE UNIV, IN</name>
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          <isin value="US746189RX94"/>
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      <invstOrSec>
        <name>CHICAGO IL TRAN AUTH CAP GRNT RCPTS REV</name>
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          <isin value="US167723GT61"/>
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        <name>ROSEVILLE MICH CMNTY SCHS</name>
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          <isin value="US778017NG41"/>
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      <invstOrSec>
        <name>STAFFORD CNTY VA ECONOMIC DEV AUTH HOSP FACS REV</name>
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          <isin value="US852431AV71"/>
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      <invstOrSec>
        <name>INDIANA CNTY PA HOSP AUTH</name>
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          <isin value="US454690CP11"/>
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      <invstOrSec>
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      <invstOrSec>
        <name>LAS VEGAS VALLEY NV</name>
        <lei>N/A</lei>
        <title>LAS VEGAS VLY NV WTR DIST REF-SER C</title>
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      <invstOrSec>
        <name>MOUNT CLEMENS MI CMNTY SCHL DS</name>
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          <isin value="US621060ME91"/>
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          <maturityDt>2021-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NEW JERSEY ECONOMIC DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>NEW JERSEY ECN 5% 3/1/2021</title>
        <cusip>64577XAP1</cusip>
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          <isin value="US64577XAP15"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>REGIONAL TRANSN AUTH IL</name>
        <lei>N/A</lei>
        <title>IL RTA 5% 7/1/2021</title>
        <cusip>7599112S8</cusip>
        <identifiers>
          <isin value="US7599112S88"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>52312.50000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NEW JERSEY ECONOM DEV AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>64577BKQ6</cusip>
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          <isin value="US64577BKQ67"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-15</maturityDt>
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      <invstOrSec>
        <name>NEW JERSEY ECONOM DEV AUTH REV</name>
        <lei>N/A</lei>
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        <cusip>64577BLP7</cusip>
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          <isin value="US64577BLP75"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
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      <invstOrSec>
        <name>VOLUSIA CNTY FL SCH BRD CTFS</name>
        <lei>N/A</lei>
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        <cusip>92884EGY7</cusip>
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          <isin value="US92884EGY77"/>
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        <valUSD>341646.50000000</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>2021-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CLARK CNTY WA PB UTL DST 1 WTR</name>
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          <isin value="US181126LK75"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NEW JERSEY HEALTH CARE</name>
        <lei>N/A</lei>
        <title>NEW JERSEY ST HLTH CARE FACS FING AUTH REVENUE REF-MERIDIAN HLTH SYS OBLIG</title>
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        <fairValLevel>2</fairValLevel>
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        <name>TYLER TX H</name>
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        <name>LUBBOCK HLTH FAC DEV CORP REV</name>
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        <name>WISCONSIN ST HEALTH and EDL FACS AUTH REV</name>
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        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
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        <name>INDIANAPOLIS IND LOC PUB IMPT BD BK</name>
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        <name>MILAN MICH AREA SCHS</name>
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        <name>ILLINOIS ST</name>
        <lei>N/A</lei>
        <title>ILLINOIS ST</title>
        <cusip>452152LB5</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY</name>
        <lei>N/A</lei>
        <title>NJ ST EDU AUT 5% 7/1/21</title>
        <cusip>646066J84</cusip>
        <identifiers>
          <isin value="US646066J843"/>
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        <balance>490000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506341.50000000</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>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TARRANT CNTY TX CULTURAL ED FACS FIN CORP HOSP REV</name>
        <lei>N/A</lei>
        <title>TARRANT EFFC HO 5% 8/15/2021</title>
        <cusip>87638QGE3</cusip>
        <identifiers>
          <isin value="US87638QGE35"/>
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        <balance>70000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73572.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NJ ST EDL FACS AUTH</name>
        <lei>N/A</lei>
        <title>NJ ED COLLEGE OF NJ 5% 7/1/2021</title>
        <cusip>6460656U1</cusip>
        <identifiers>
          <isin value="US6460656U17"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104612.00000000</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>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GLENDALE AZ</name>
        <lei>N/A</lei>
        <title>CITY OF GLENDAL 5% 7/1/2021</title>
        <cusip>37828GAB2</cusip>
        <identifiers>
          <isin value="US37828GAB23"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>262007.50000000</valUSD>
        <pctVal>0.553027694235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE</name>
        <lei>N/A</lei>
        <title>SAN FRAN ARPT 5% 5/1/2021@</title>
        <cusip>79766DAC3</cusip>
        <identifiers>
          <isin value="US79766DAC39"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>517640.00000000</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>2021-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INDIANA MUN PWR AGY PWR SUPPLY</name>
        <lei>N/A</lei>
        <title>INDIANA ST MUNI PWR AGY SER A</title>
        <cusip>454898RT6</cusip>
        <identifiers>
          <isin value="US454898RT69"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>205739.50000000</valUSD>
        <pctVal>0.434261008933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COOK CNTY IL</name>
        <lei>N/A</lei>
        <title>COOK CNTY IL REF-SER A</title>
        <cusip>213185FG1</cusip>
        <identifiers>
          <isin value="US213185FG11"/>
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        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>533914.50000000</valUSD>
        <pctVal>1.126950582918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ST TRANSN TR FD AUT</name>
        <lei>N/A</lei>
        <title>NJ TRANSP 4.25% 6/15/2021</title>
        <cusip>646136ZU8</cusip>
        <identifiers>
          <isin value="US646136ZU85"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101867.00000000</valUSD>
        <pctVal>0.215013967648</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04250000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH TX TWY AUTH REV</name>
        <lei>N/A</lei>
        <title>NORTH TX TOLL SER A 5% 1/1/21</title>
        <cusip>66285WLM6</cusip>
        <identifiers>
          <isin value="US66285WLM63"/>
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        <balance>510000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>524441.62000000</valUSD>
        <pctVal>1.106955869086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GEORGIA MUN ELEC AUTH PWR REV</name>
        <lei>N/A</lei>
        <title>MUNICIPAL ELEC AUT SR 2011 A</title>
        <cusip>626207A87</cusip>
        <identifiers>
          <isin value="US626207A879"/>
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        <balance>690000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>701839.09000000</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>2021-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CLACKAMAS CNTY OR HSP FAC AUTH</name>
        <lei>N/A</lei>
        <title>CLACKAMS HSP OR 4% 5/15/2021</title>
        <cusip>179027XE2</cusip>
        <identifiers>
          <isin value="US179027XE24"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>231748.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FLINT MI HOSP BLDG AUTH REV</name>
        <lei>N/A</lei>
        <title>FLINT MI BLDG 5% 7/1/2021</title>
        <cusip>339511EG8</cusip>
        <identifiers>
          <isin value="US339511EG85"/>
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        <balance>180000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>187034.40000000</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>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CORPUS CHRISTI TX UTIL SYS REV</name>
        <lei>N/A</lei>
        <title>CORPUS CHRISTI UTILITY 5% 7/15/2021</title>
        <cusip>220245TX2</cusip>
        <identifiers>
          <isin value="US220245TX25"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>262215.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEVADA ST LEASE REV CTFS PARTN</name>
        <lei>N/A</lei>
        <title>NV ST LEASE COP 5% 4/1/2021</title>
        <cusip>641486BX2</cusip>
        <identifiers>
          <isin value="US641486BX20"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>311694.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAGINAW MI HOSP FIN AUTH HOSP</name>
        <lei>N/A</lei>
        <title>SAGINAW HOSP 5% 7/1/2021</title>
        <cusip>786744HL9</cusip>
        <identifiers>
          <isin value="US786744HL94"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>104752.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEXAS STATE</name>
        <lei>N/A</lei>
        <title>TX ST 5% 8/1/2021@</title>
        <cusip>882722A84</cusip>
        <identifiers>
          <isin value="US882722A843"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209862.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BERKS CNTY PA MUN AUTH REV</name>
        <lei>N/A</lei>
        <title>BERKS PA MUN AU 5% 2/1/2021</title>
        <cusip>084538HN0</cusip>
        <identifiers>
          <isin value="US084538HN01"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>412010.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MASSACHUSETTS ST DEV FIN AGY REV</name>
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          <isin value="US57584XJN21"/>
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      <invstOrSec>
        <name>PENNSYLVANIA ECONOMIC DEV FING AUTH GOVERNMENTAL LEASE REV</name>
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      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
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          <isin value="US71883MKM54"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MICHIGAN ST HOSP FIN AUTH REV</name>
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        <cusip>59465HRA6</cusip>
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          <isin value="US59465HRA67"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WA TWP CA HC 5% 7/1/21</title>
        <cusip>940204EJ5</cusip>
        <identifiers>
          <isin value="US940204EJ55"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>WASHINGTON ST</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>WASHINGTON ST MOTOR VEHICLE FUEL-SER 03-C</title>
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          <isin value="US93974AMJ06"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NASSAU CNTY N Y LOC ECONOMIC ASSISTANCE CORP REV</name>
        <lei>N/A</lei>
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          <isin value="US63166LAY74"/>
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        <valUSD>522375.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TOBACCO SETTLEMENT FIN CORP NJ</name>
        <lei>N/A</lei>
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        <cusip>888808GW6</cusip>
        <identifiers>
          <isin value="US888808GW65"/>
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        <balance>250000.00000000</balance>
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        <valUSD>256575.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>CLARK CNTY WA PUB UTL DIST NO1</name>
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          <isin value="US181108VH13"/>
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        <fairValLevel>2</fairValLevel>
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        <name>CAMDEN CNTY NJ IMPT AUTH HLTH CARE REDEV REV</name>
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          <isin value="US13281QBE44"/>
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        <fairValLevel>2</fairValLevel>
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        <name>LAKE CNTY FLA SCH BRD COP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CORPUS CHRISTI TX UTIL SYS REV</name>
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          <isin value="US220245SW50"/>
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        <name>NJ ST EDL FACS AUTH</name>
        <lei>N/A</lei>
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        <name>LAKE CTRL IND MULTI DIST SBC</name>
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        <name>HOUSTON TX ARPT SYS REV</name>
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          <isin value="US442349BW54"/>
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        <name>GEORGIA MUN ELEC AUTH PWR REV</name>
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        <name>ILLINOIS MUN ELEC AGY PWR SUPP</name>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DUVAL CNTY FLA SCH BRD CTFS PT</name>
        <lei>N/A</lei>
        <title>DUVAL FL SD COP 5% 7/1/21</title>
        <cusip>267169FN5</cusip>
        <identifiers>
          <isin value="US267169FN59"/>
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        <balance>425000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>445140.75000000</valUSD>
        <pctVal>0.939572961013</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>KENT MI HOSP FIN AUTH</name>
        <lei>N/A</lei>
        <title>KENT MI HOSP SPECT 5% 11/15/21</title>
        <cusip>490580DZ7</cusip>
        <identifiers>
          <ticker value="KENMED"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>530290.00000000</valUSD>
        <pctVal>1.119300233680</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GARDEN ST NJ PRESERVATION TR OPEN SPACE and FARMLAND</name>
        <lei>N/A</lei>
        <title>GARDEN ST PRESERVATION TRUST CAP APPREC-SER B</title>
        <cusip>365418AZ5</cusip>
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          <isin value="US365418AZ51"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>979300.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ST TRANSN TR FD AUT</name>
        <lei>N/A</lei>
        <title>NEW JERSEY ST TRANSPRTN TRUST TRANSN-SER B</title>
        <cusip>646136E72</cusip>
        <identifiers>
          <isin value="US646136E720"/>
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        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>770610.00000000</valUSD>
        <pctVal>1.626551421065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW JERSEY ECONOM DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>NJ EDA REV 5.50% 9/1/2021</title>
        <cusip>64577BLE2</cusip>
        <identifiers>
          <isin value="US64577BLE29"/>
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        <balance>905000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>941779.20000000</valUSD>
        <pctVal>1.987843781017</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BAYONNE NJ</name>
        <lei>N/A</lei>
        <title>BAYONNE NJ 5% 7/1/21</title>
        <cusip>072887U34</cusip>
        <identifiers>
          <isin value="US072887U347"/>
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        <balance>695000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>727498.20000000</valUSD>
        <pctVal>1.535553952106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLARK CNTY NV ARPT REV</name>
        <lei>N/A</lei>
        <title>CLARK NV ARPT 5% 7/1/21@</title>
        <cusip>18085PRC0</cusip>
        <identifiers>
          <isin value="US18085PRC04"/>
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        <balance>2725000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2823072.75000000</valUSD>
        <pctVal>5.958750850993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>SALEM ECONOMIC DEVELOPMENT AUTHORITY</name>
        <lei>N/A</lei>
        <title>SALEM ECONOMIC 5% 4/1/2021</title>
        <cusip>794565AB7</cusip>
        <identifiers>
          <isin value="US794565AB77"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>259185.95000000</valUSD>
        <pctVal>0.547072157502</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>NEW JERSEY HEALTH CARE</name>
        <lei>N/A</lei>
        <title>NJ HLTH CARE 5% 7/1/2021</title>
        <cusip>645790KV7</cusip>
        <identifiers>
          <isin value="US645790KV72"/>
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        <balance>170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>178231.40000000</valUSD>
        <pctVal>0.376198773631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</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>2020-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Laura M. Del Prato</ncom:nameOfApplicant>
      <ncom:signature>Laura M. Del Prato</ncom:signature>
      <ncom:signerName>Laura M. Del Prato</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
