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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY HEALTH CARE</name>
        <lei>N/A</lei>
        <title>NJ HLTH CARE 5% 7/1/2025</title>
        <cusip>645790BN5</cusip>
        <identifiers>
          <isin value="US645790BN57"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>459948.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</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>MILAN MICH AREA SCHS</name>
        <lei>N/A</lei>
        <title>MILAN MI SCHS 5% 5/1/2025Q</title>
        <cusip>598801KA5</cusip>
        <identifiers>
          <isin value="US598801KA59"/>
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        <balance>355000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415129.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</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>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHX CVC APT REV 5% 7/1/2025</title>
        <cusip>71883MLL6</cusip>
        <identifiers>
          <isin value="US71883MLL62"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>291812.50000000</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>2025-07-01</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>COMMONWEALTH FING AUTH PA REV</name>
        <lei>N/A</lei>
        <title>COM FIN AUTH PA 5% 6/1/2025Q</title>
        <cusip>20281PLH3</cusip>
        <identifiers>
          <isin value="US20281PLH37"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>235466.00000000</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>2025-06-01</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>PENNSYLVANIA ST HIGHER EDL REV</name>
        <lei>N/A</lei>
        <title>PA HEFA 5% 5/1/2025</title>
        <cusip>70917SXG3</cusip>
        <identifiers>
          <isin value="US70917SXG38"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>229652.00000000</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>2025-05-01</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>TAMPA FL HOSP REV</name>
        <lei>N/A</lei>
        <title>TAMPA FL HOSP (H LEE MOFFITT CANCER CTR AND RESEARCH INST OBL GRP) 5% 7/1/25</title>
        <cusip>875161BX8</cusip>
        <identifiers>
          <isin value="US875161BX83"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>116999.00000000</valUSD>
        <pctVal>0.500514680222</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</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>DUBOIS PA HOSP AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>DUBOIS PA HSP 5% 7/15/2025</title>
        <cusip>263804AX4</cusip>
        <identifiers>
          <isin value="US263804AX45"/>
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        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>129679.00000000</valUSD>
        <pctVal>0.554758957055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</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>NEW JERSEY ST TRANSN TR FD CAP APPREC-TRANSN SYS-SER C AMBAC</title>
        <cusip>646136EN7</cusip>
        <identifiers>
          <isin value="US646136EN71"/>
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        <balance>140000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>121889.60000000</valUSD>
        <pctVal>0.521436372673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DELAWARE CNTY PA AUTH REV</name>
        <lei>N/A</lei>
        <title>DELAWARE CTY PA (CABRINI UNIVERSITY) 5% 7/1/25</title>
        <cusip>245913MD7</cusip>
        <identifiers>
          <isin value="US245913MD73"/>
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        <balance>125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135667.50000000</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>2025-07-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MASSACHUSETTS ST PORT AUTH REV</name>
        <lei>N/A</lei>
        <title>MA PORT 5% 7/1/2025@</title>
        <cusip>575896UR4</cusip>
        <identifiers>
          <isin value="US575896UR45"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>349845.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</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>
        <name>NEW JERSEY ST TRANSN TR FD AUT</name>
        <lei>N/A</lei>
        <title>NJ TRANSP 5% 6/15/2025</title>
        <cusip>6461362A8</cusip>
        <identifiers>
          <isin value="US6461362A89"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>44278.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KENTUCKY ST PTY and BLDGS COMMN</name>
        <lei>N/A</lei>
        <title>KY ST PROP/BAM 5% 4/1/25</title>
        <cusip>49151FXZ8</cusip>
        <identifiers>
          <isin value="US49151FXZ88"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>349587.00000000</valUSD>
        <pctVal>1.495512145530</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CENTRE CNTY PA HOSP AUTH REV</name>
        <lei>N/A</lei>
        <title>CENTRE CNTY PA 5% 11/15/25</title>
        <cusip>156273GQ1</cusip>
        <identifiers>
          <isin value="US156273GQ12"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>117665.00000000</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>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PALM BEACH CNTY FL SCH BRD</name>
        <lei>N/A</lei>
        <title>PALM BCH SCH BR 5% 8/1/2025</title>
        <cusip>696550D74</cusip>
        <identifiers>
          <isin value="US696550D749"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>59579.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY</name>
        <lei>N/A</lei>
        <title>NJ ST EDU AUT 5% 7/1/2025</title>
        <cusip>646066WR7</cusip>
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          <isin value="US646066WR79"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16654.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MASSACHUSETTS ST DEV FIN AGY REV</name>
        <lei>N/A</lei>
        <title>MA DFA S-2 5% MT</title>
        <cusip>57584X7C9</cusip>
        <identifiers>
          <isin value="US57584X7C98"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11537.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Variable</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>
        <name>PORT PORTLAND OR ARPT REV</name>
        <lei>N/A</lei>
        <title>PORTLND OR ARPT 5% 7/1/2025 @</title>
        <cusip>735240L35</cusip>
        <identifiers>
          <isin value="US735240L354"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>480467.40000000</valUSD>
        <pctVal>2.055410619477</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      </invstOrSec>
      <invstOrSec>
        <name>INDIAN RVR CO FL SCH BRD CTFS PARTN</name>
        <lei>N/A</lei>
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        <cusip>45441RCM2</cusip>
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          <isin value="US45441RCM25"/>
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        <curCd>USD</curCd>
        <valUSD>292910.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ILLINOIS FIN AUTH RV</name>
        <lei>N/A</lei>
        <title>ILLINOIS FIN AT 5% 5/15/2025</title>
        <cusip>45204ELR7</cusip>
        <identifiers>
          <isin value="US45204ELR70"/>
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        <curCd>USD</curCd>
        <valUSD>291295.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ILLINOIS FIN AUTH RV</name>
        <lei>N/A</lei>
        <title>ILLINOIS FIN AT 5% 9/1/2025</title>
        <cusip>45204E6P8</cusip>
        <identifiers>
          <isin value="US45204E6P86"/>
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        <curCd>USD</curCd>
        <valUSD>217718.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTH MIAMI FL HLTH FCS HSP RV</name>
        <lei>N/A</lei>
        <title>SOUTH MIAMI FL 5% 8/15/25</title>
        <cusip>838810DN6</cusip>
        <identifiers>
          <isin value="US838810DN60"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>237656.00000000</valUSD>
        <pctVal>1.016678064281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>DALLAS CNTY TX</name>
        <lei>N/A</lei>
        <title>DALLAS CNTY TX 5% 8/15/25</title>
        <cusip>234650MZ9</cusip>
        <identifiers>
          <isin value="US234650MZ94"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>238800.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SOUTHCENTRAL PA GEN AUTH REV</name>
        <lei>N/A</lei>
        <title>SOUTHCENTRAL PA 5% 6/1/2025</title>
        <cusip>84129NLL1</cusip>
        <identifiers>
          <isin value="US84129NLL19"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>353361.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>ILLINOIS ST</name>
        <lei>N/A</lei>
        <title>IL ST 5% 11/1/2025</title>
        <cusip>452152Q46</cusip>
        <identifiers>
          <isin value="US452152Q468"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26379.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-01</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>E-470 PUB HWY AUTH COLO REV</name>
        <lei>N/A</lei>
        <title>E-470 PUB HWY AUTH COLO REV CAP APPREC-SR-SER B</title>
        <cusip>26822LBL7</cusip>
        <identifiers>
          <ticker value="EHYTRN"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>177472.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WISCONSIN ST HEALTH and EDL FACS AUTH REV</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WI ST HT 5% 2/15/27</title>
        <cusip>97712DRQ1</cusip>
        <identifiers>
          <isin value="US97712DRQ15"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11907.10000000</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>2027-02-15</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>
        <name>HOUSTON TX ARPT SYS REV</name>
        <lei>N/A</lei>
        <title>HOUSTON TX ARPT 5% 7/1/2025 @</title>
        <cusip>442349CA2</cusip>
        <identifiers>
          <isin value="US442349CA26"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>226878.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>MONTGOMERY ALA MED CLINIC BRD HEALTH CARE FAC REV</name>
        <lei>N/A</lei>
        <title>MONTGMRY AL MED 5% 3/1/2025</title>
        <cusip>613058CS3</cusip>
        <identifiers>
          <isin value="US613058CS31"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>112735.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>WARREN MI CSD</name>
        <lei>N/A</lei>
        <title>WARREN MI CSD 4% 5/1/2025</title>
        <cusip>935341G92</cusip>
        <identifiers>
          <isin value="US935341G929"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>278225.00000000</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>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      <invstOrSec>
        <name>PENNSYLVANIA ST HIGHER EDL REV</name>
        <lei>N/A</lei>
        <title>PA HEFA 5% 6/15/2025</title>
        <cusip>70917SSU8</cusip>
        <identifiers>
          <isin value="US70917SSU86"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>232110.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MARYLAND ST HLTH and HI ED FACS</name>
        <lei>N/A</lei>
        <title>MD HEFA 5% 7/1/2025</title>
        <cusip>5742183T8</cusip>
        <identifiers>
          <isin value="US5742183T89"/>
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        <balance>150000.00000000</balance>
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        <valUSD>177739.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>VERMONT ST STUD ASSIT CORP</name>
        <lei>N/A</lei>
        <title>VT STUD LN 5% 6/15/2025@</title>
        <cusip>92428CLU6</cusip>
        <identifiers>
          <isin value="US92428CLU61"/>
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        <balance>105000.00000000</balance>
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        <valUSD>120506.40000000</valUSD>
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      <invstOrSec>
        <name>NEW JERSEY ECONOM DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>NJ EDA REV SER XX 5% 6/15/25</title>
        <cusip>64577BKJ2</cusip>
        <identifiers>
          <isin value="US64577BKJ25"/>
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        <balance>250000.00000000</balance>
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        <valUSD>269200.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-06-15</maturityDt>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>CA ST MFA REV 5% 7/1/2025</title>
        <cusip>13048T3X9</cusip>
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          <isin value="US13048T3X94"/>
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        <balance>410000.00000000</balance>
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        <valUSD>471225.30000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-07-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>SEMINOLE CNTY FL SCH BRD CTFS</name>
        <lei>N/A</lei>
        <title>SEMINOLE FL SCH 5% 7/1/25</title>
        <cusip>816692MR5</cusip>
        <identifiers>
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        <name>ST LOUIS MO ARPT REV</name>
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        <name>NEW HAMPSHIRE HEALTH and ED FACSAUTH REV MEMORIAL HOSP</name>
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        <name>ONONDAGA N Y CIVIC DEV CORP</name>
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        <name>NEW HAMPSHIRE HEALTH and ED FACSAUTH REV MEMORIAL HOSP</name>
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        <name>NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY</name>
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        <name>AKRON BATH COPLEY HSP DIST OH</name>
        <lei>N/A</lei>
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          <isin value="US009730NM07"/>
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      <invstOrSec>
        <name>CLARK CNTY NV SCHOOL DIST</name>
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          <isin value="US181059WV47"/>
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        <name>NEW ORLEANS LA AVIATION BOARD</name>
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        <name>WISCONSIN ST HEALTH and EDL FACS AUTH REV</name>
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        <name>CHAMPAIGN CNTY ILL CMNTY UNIT SCH DIST NO 004</name>
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        <name>CHICAGO IL OHARE INTL ARPT REV</name>
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        <name>TUCSON AZ WTR REV</name>
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        <name>SAN DIEGO CNTY CA REG ARPT AUTH ARPT REV</name>
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        <name>PORT SEATTLE WA REV</name>
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        <name>CONNECTICUT ST HEALTH and EDL FACS AUTH REV</name>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ST LOUIS MO ARPT REV</name>
        <lei>N/A</lei>
        <title>ST LOUIS MO AIR 5% 7/1/25@</title>
        <cusip>791638F53</cusip>
        <identifiers>
          <isin value="US791638F535"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>281487.50000000</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>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREATER ORLANDO AVIATION AUTH</name>
        <lei>N/A</lei>
        <title>GT ORLANDO FL ARPT 5% 10/1/25@</title>
        <cusip>392274V60</cusip>
        <identifiers>
          <isin value="US392274V604"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>344664.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</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>POWAY CA UNIFIED SCH DIST</name>
        <lei>N/A</lei>
        <title>POWAY CA USD 0% 8/1/2025</title>
        <cusip>738850QH2</cusip>
        <identifiers>
          <isin value="US738850QH25"/>
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        <balance>90000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83279.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KENTUCKY ST PTY and BLDGS COMMN</name>
        <lei>N/A</lei>
        <title>KY ST PROP 5% 10/1/2025</title>
        <cusip>49151FSM3</cusip>
        <identifiers>
          <isin value="US49151FSM31"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>118015.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</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>PENNSYLVANIA ST CTFS PARTN</name>
        <lei>N/A</lei>
        <title>PA ST COP 5% 07/01/25</title>
        <cusip>709144NJ4</cusip>
        <identifiers>
          <isin value="US709144NJ49"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>233450.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</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>WISCONSIN ST HEALTH and EDL FACS AUTH REV</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN ST HT 5% 9/1/2025</title>
        <cusip>97712DYB6</cusip>
        <identifiers>
          <isin value="US97712DYB62"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>114084.00000000</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>2025-09-01</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>NEW JERSEY ST TRANSN TR FD AUT</name>
        <lei>N/A</lei>
        <title>NJ TRANSP 5% 6/15/2025</title>
        <cusip>646136W80</cusip>
        <identifiers>
          <isin value="US646136W805"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53840.00000000</valUSD>
        <pctVal>0.230324279550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</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>MONROE CNTY PA HOSP AUTH REV</name>
        <lei>N/A</lei>
        <title>MONROE PA (POCONO MED CTR) 5% 7/1/25</title>
        <cusip>610773FY4</cusip>
        <identifiers>
          <isin value="US610773FY48"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57980.50000000</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>2025-07-01</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>DUTCHESS CNTY NY LOC DEV CORP REV</name>
        <lei>N/A</lei>
        <title>DUTCHESS NY LDC (HEALTH QUEST SYSTEMS) 5% 7/1/25</title>
        <cusip>267045FR8</cusip>
        <identifiers>
          <isin value="US267045FR89"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35397.60000000</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>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NIAGARA NY FRONTIER TRANSN</name>
        <lei>N/A</lei>
        <title>NIAGRA NY FRONT 5% 4/1/2025@</title>
        <cusip>653544DR4</cusip>
        <identifiers>
          <isin value="US653544DR47"/>
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        <balance>255000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>291865.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</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>ILLINOIS FIN AUTH RV</name>
        <lei>N/A</lei>
        <title>ILLINOIS FIN AT 5% 7/15/2025</title>
        <cusip>45204EZM3</cusip>
        <identifiers>
          <isin value="US45204EZM38"/>
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        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>236562.00000000</valUSD>
        <pctVal>1.011997998126</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-15</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>OHIO ST HIGHER EDL FAC COMMN</name>
        <lei>N/A</lei>
        <title>OH HI ED COM 2016 - XAVIER UNIV 5% 5/1/2025</title>
        <cusip>67756DKQ8</cusip>
        <identifiers>
          <isin value="US67756DKQ87"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114826.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHX CVC APT REV 5% 7/1/2025 @</title>
        <cusip>71883MKR4</cusip>
        <identifiers>
          <isin value="US71883MKR42"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>286527.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
        <lei>N/A</lei>
        <title>MASS DEVEL FIN 5% 7/1/2025</title>
        <cusip>57584YRN1</cusip>
        <identifiers>
          <isin value="US57584YRN12"/>
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        <balance>170000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>192037.10000000</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>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY</name>
        <lei>N/A</lei>
        <title>NJ ST EDU AUT 5% 7/1/25</title>
        <cusip>646066K41</cusip>
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          <isin value="US646066K411"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114703.05000000</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>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS ST DEV FIN AGY REV</name>
        <lei>N/A</lei>
        <title>MA DFA(CAREGRP, MA) 5% 7/1/25</title>
        <cusip>57584XDQ1</cusip>
        <identifiers>
          <isin value="US57584XDQ16"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>174103.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</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>
        <name>BROWARD CO FL ARPT</name>
        <lei>N/A</lei>
        <title>BROW CO FL ARPT 5% 10/1/2025 @</title>
        <cusip>114894XE3</cusip>
        <identifiers>
          <isin value="US114894XE39"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>570260.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
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      <invstOrSec>
        <name>METROPOLITAN PIER and EXPOSITION AUTH ILL DEDICATED ST TAX REV</name>
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      <invstOrSec>
        <name>INDIANA FIN AUTH HEALTH SYS REV</name>
        <lei>N/A</lei>
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          <isin value="US45470YEX58"/>
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      <invstOrSec>
        <name>HAMILTON CNTY OH HOSP FACS REV</name>
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          <isin value="US407272T605"/>
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      <invstOrSec>
        <name>OHIO ST HIGHER EDL FAC COMMN</name>
        <lei>N/A</lei>
        <title>OH HI ED COM 5% 5/1/2025</title>
        <cusip>67756DDG8</cusip>
        <identifiers>
          <isin value="US67756DDG88"/>
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        <balance>190000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
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        <title>MASS DEVEL FIN 5% 7/1/2025</title>
        <cusip>57584YSU4</cusip>
        <identifiers>
          <isin value="US57584YSU46"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ILLINOIS FIN AUTH RV</name>
        <lei>N/A</lei>
        <title>ILLINOIS FIN AT 5% 01/01/2025</title>
        <cusip>45204EQZ4</cusip>
        <identifiers>
          <isin value="US45204EQZ42"/>
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        <balance>145000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165565.35000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>BUTLER CO PA HOSP</name>
        <lei>N/A</lei>
        <title>BUTLER PA HOSP 5% 7/1/2025</title>
        <cusip>123592DJ3</cusip>
        <identifiers>
          <isin value="US123592DJ34"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22997.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>ATLANTA GA ARPT REV</name>
        <lei>N/A</lei>
        <title>ATLANTA GA ARPT 0% 7/1/2025</title>
        <cusip>04780MUJ6</cusip>
        <identifiers>
          <isin value="US04780MUJ60"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146111.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>WILL CO IL CMNTY USD#365 U VY</name>
        <lei>N/A</lei>
        <title>WILL CO IL USD 0% 11/1/25</title>
        <cusip>969078SQ8</cusip>
        <identifiers>
          <isin value="US969078SQ86"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>608080.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>WASHINGTON DC MET AREA TRAN AU</name>
        <lei>N/A</lei>
        <title>DC MET TRAN 5% 7/1/2025</title>
        <cusip>938782FE4</cusip>
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          <isin value="US938782FE46"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>INDIANA ST FIN AUTH REV</name>
        <lei>N/A</lei>
        <title>IN FIN REV 5% 9/1/25</title>
        <cusip>45506DZY4</cusip>
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          <isin value="US45506DZY48"/>
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        <balance>25000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PHILADELPHIA PA SCH DIST</name>
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        <cusip>717883QC9</cusip>
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          <isin value="US717883QC90"/>
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        <name>LAKELAND FL HOSP SYS REV</name>
        <lei>N/A</lei>
        <title>LAKELND MED CTR 5% 11/15/2025</title>
        <cusip>511665JY8</cusip>
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          <isin value="US511665JY86"/>
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        <name>GRAND TRAVERSE CNTY MI HOSP</name>
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          <isin value="US386523GK43"/>
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        <name>ONONDAGA N Y CIVIC DEV CORP</name>
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          <isin value="US682832CP32"/>
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        <name>DISTRICT COLUMBIA REV</name>
        <lei>N/A</lei>
        <title>DC WA REV 5% 10/1/2025</title>
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          <isin value="US25483VUA06"/>
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        <balance>75000.00000000</balance>
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      <invstOrSec>
        <name>SALT LAKE CITY UT ARPT REV</name>
        <lei>N/A</lei>
        <title>SLT LAKE U 5% 7/1/2025 @</title>
        <cusip>795576FJ1</cusip>
        <identifiers>
          <isin value="US795576FJ11"/>
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        <balance>30000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>OHIO ST HIGHER EDL FAC COMMN</name>
        <lei>N/A</lei>
        <title>OH HI ED COM 5% 7/1/2025</title>
        <cusip>67756DNP7</cusip>
        <identifiers>
          <isin value="US67756DNP77"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>230514.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RAILSPLITTER TOB SETTLEMENT AUTH ILL TOB SETTLEMENT REV</name>
        <lei>N/A</lei>
        <title>RAILSPLITTER IL 5% 6/1/25</title>
        <cusip>75076PAX3</cusip>
        <identifiers>
          <isin value="US75076PAX33"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>424192.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CONNECTICUT ST</name>
        <lei>N/A</lei>
        <title>CT ST 5% 6/15/2025</title>
        <cusip>20772JF31</cusip>
        <identifiers>
          <isin value="US20772JF315"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>202907.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BERKS CNTY PA MUN AUTH REV</name>
        <lei>N/A</lei>
        <title>BERKS PA MUN AU 5% 2/1/2025</title>
        <cusip>084538HS9</cusip>
        <identifiers>
          <isin value="US084538HS97"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>692472.00000000</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>2025-02-01</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>NH HEALTH and ED FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>NH HEFA 5% 10/1/2025</title>
        <cusip>6446147T0</cusip>
        <identifiers>
          <isin value="US6446147T08"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>82287.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</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>CONNECTICUT ST</name>
        <lei>N/A</lei>
        <title>CT ST 5% 8/15/2025</title>
        <cusip>20772J2P6</cusip>
        <identifiers>
          <isin value="US20772J2P68"/>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>384129.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</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>GRUNDY and WILL CNTYS ILL CMNTY UNIT SCH DIST NO 001</name>
        <lei>N/A</lei>
        <title>GRUNDY and WILL 5% 2/1/2025</title>
        <cusip>400208FG4</cusip>
        <identifiers>
          <isin value="US400208FG41"/>
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        <balance>230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>264870.30000000</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>2025-02-01</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>TOBACCO SETTLEMENT FIN CORP NJ</name>
        <lei>N/A</lei>
        <title>NJ TOBACCO 5% 06/01/25</title>
        <cusip>888808HA3</cusip>
        <identifiers>
          <isin value="US888808HA37"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21932.60000000</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>2025-06-01</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>OK DEV FIN AUTH HEALTH SYS REV</name>
        <lei>N/A</lei>
        <title>OK DEV FIN AUTH 5% 8/15/2025</title>
        <cusip>67884XBZ9</cusip>
        <identifiers>
          <isin value="US67884XBZ96"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28948.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</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>SALEM ECONOMIC DEVELOPMENT AUTHORITY</name>
        <lei>N/A</lei>
        <title>SALEM ECONOMIC 5% 4/1/2025</title>
        <cusip>794565AF8</cusip>
        <identifiers>
          <isin value="US794565AF81"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>135918.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>CHATANOOGA TN HEALTH ED and HSG FAC BRD REV</name>
        <lei>N/A</lei>
        <title>CHATANOOGA HLTH 5% 8/1/2025</title>
        <cusip>162410DW1</cusip>
        <identifiers>
          <isin value="US162410DW19"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>284195.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ATLANTA GA ARPT REV</name>
        <lei>N/A</lei>
        <title>ATLANTA GA ARPT 0% 7/1/2025 @</title>
        <cusip>04780MVF3</cusip>
        <identifiers>
          <isin value="US04780MVF30"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57439.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MAINE HLTH and HI ED FACS AU REV</name>
        <lei>N/A</lei>
        <title>ME HHEFA 5% 7/1/2025</title>
        <cusip>560427VT0</cusip>
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          <isin value="US560427VT00"/>
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        <balance>265000.00000000</balance>
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        <valUSD>288137.15000000</valUSD>
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      <invstOrSec>
        <name>CLACKAMAS CNTY OR HSP FAC AUTH</name>
        <lei>N/A</lei>
        <title>CLACKAMS HSP OR 4% 5/15/2025</title>
        <cusip>179027XJ1</cusip>
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          <isin value="US179027XJ11"/>
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        <balance>200000.00000000</balance>
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        <valUSD>204078.00000000</valUSD>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>METROPOLITAN WASH DC ARPTS ATH</name>
        <lei>N/A</lei>
        <title>MTRO WA DC ARPT 5% 10/1/25@</title>
        <cusip>592647HE4</cusip>
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          <isin value="US592647HE44"/>
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        <balance>300000.00000000</balance>
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      <invstOrSec>
        <name>ILLINOIS ST</name>
        <lei>N/A</lei>
        <title>IL ST 5.5% 7/1/25</title>
        <cusip>452152SS1</cusip>
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          <isin value="US452152SS15"/>
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        <balance>200000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-07-01</maturityDt>
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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% 7/1/25</title>
        <cusip>20774YB55</cusip>
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          <isin value="US20774YB558"/>
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        <balance>40000.00000000</balance>
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        <valUSD>46102.80000000</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>2025-07-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON TWP CA HEALTH CARE DIST REV</name>
        <lei>N/A</lei>
        <title>WA TWP CA HC 5% 7/1/25</title>
        <cusip>940204EN6</cusip>
        <identifiers>
          <isin value="US940204EN67"/>
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        <balance>270000.00000000</balance>
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        <name>SAGINAW MI HOSP FIN AUTH HOSP</name>
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          <isin value="US786744HQ81"/>
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        <name>NEW JERSEY EDA ST LEASE REV</name>
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        <cusip>64578EJB4</cusip>
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          <isin value="US64578EJB48"/>
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        <name>ST LOUIS MO ARPT REV</name>
        <lei>N/A</lei>
        <title>ST LOUIS MO AIR 5% 7/1/2025</title>
        <cusip>791638L23</cusip>
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          <isin value="US791638L236"/>
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        <name>MAINE HEALTH and HIGHER EDL FACS AUTH REV</name>
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          <isin value="US56042RLR11"/>
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          <couponKind>Fixed</couponKind>
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        <name>ROCKVILLE MD MAYOR and COUNCIL ECONOMIC DEV REV</name>
        <lei>N/A</lei>
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        <cusip>774223CA7</cusip>
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          <isin value="US774223CA72"/>
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      <invstOrSec>
        <name>CHICAGO IL TRAN AUTH CAP GRNT RCPTS REV</name>
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        <title>CHICAGO IL TRNST 5% 6/1/25</title>
        <cusip>167723GX7</cusip>
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          <isin value="US167723GX73"/>
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        <name>MAINE HEALTH and HIGHER EDL FACS AUTH REV</name>
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        <cusip>56042RFS6</cusip>
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          <isin value="US56042RFS67"/>
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        <name>KNOX CNY TN HL E HSC FCS BD RV</name>
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          <isin value="US49952MDY93"/>
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        <name>CONNECTICUT ST HEALTH and EDL FACS AUTH REVENUE</name>
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          <isin value="US20775DDL38"/>
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        <name>KNOX CNY TN HL E HSC FCS BD RV</name>
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        <name>DOYLESTOWN PA HOSP AUTH HOSP</name>
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        <name>MASSACHUSETTS ED LN AUTH ED LN</name>
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        <name>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</name>
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          <isin value="US57584YCR80"/>
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        <name>PHILADELPHIA PA SCH DIST</name>
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    <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>
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  <documents>XXXX</documents>
</edgarSubmission>
