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        <name>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
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      <invstOrSec>
        <name>ARIZONA BRD REGENTS CTFS PARTN</name>
        <lei>N/A</lei>
        <title>ARIZONA BRD REGENTS CTFS PARTNREF-UNIV ARIZ-SER C</title>
        <cusip>04048PJL5</cusip>
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          <isin value="US04048PJL58"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>GOODYEAR AZ PUB IMPT CORP MUN FACS REV</name>
        <lei>N/A</lei>
        <title>GOODYEAR AZ PUB 5% 7/1/2029</title>
        <cusip>382512EB3</cusip>
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          <isin value="US382512EB30"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>ARIZONA GAME and FISH DEPT and COMMN BENIFICAL INT CTFS</name>
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        <title>AZ GAME and FISH DEPT and COM CTFSAGF ADMIN BLDG PROJ</title>
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          <isin value="US04051JAP30"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>TEMPE AZ INDL DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>TEMPE IDA 6% 10/1/37</title>
        <cusip>87972MAW2</cusip>
        <identifiers>
          <isin value="US87972MAW29"/>
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        <curCd>USD</curCd>
        <valUSD>597245.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>NORTHERN AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>NORTHERN AZ U 5% 6/1/30</title>
        <cusip>6647543J5</cusip>
        <identifiers>
          <isin value="US6647543J52"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <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>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>YAVAPAI AZ REGL MED CTR 5.25% 8/1/33</title>
        <cusip>985900DH9</cusip>
        <identifiers>
          <isin value="US985900DH92"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2276740.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA CNTY AZ IDA REV</name>
        <lei>N/A</lei>
        <title>MARICOPA IDA 2017D V7</title>
        <cusip>56682HCP2</cusip>
        <identifiers>
          <isin value="US56682HCP29"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>150000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01200000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MCALLISTER ACADEMIC VLG AZ LLC</name>
        <lei>N/A</lei>
        <title>ARIZONA STATE UNIVERSITY 5% 07/01/2039</title>
        <cusip>579173CP8</cusip>
        <identifiers>
          <isin value="US579173CP86"/>
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        <balance>2270000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2776505.10000000</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>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SPL HEALTH CARE DIST</name>
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        <title>MARICOPA CN HLT 5% 7/1/2036</title>
        <cusip>56756TAS3</cusip>
        <identifiers>
          <isin value="US56756TAS33"/>
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        <balance>1000000.00000000</balance>
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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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        <name>PIMA CNTY AZ SWR REV</name>
        <lei>N/A</lei>
        <title>PIMA AZ SWR 5% 07/01/2025</title>
        <cusip>721876RX0</cusip>
        <identifiers>
          <isin value="US721876RX04"/>
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        <balance>1600000.00000000</balance>
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        <assetCat>DBT</assetCat>
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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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        <name>PIMA CNTY AZ CTFS PARTN</name>
        <lei>N/A</lei>
        <title>PIMA COUNTY AZ COPS SERIES A 5% 12/1/22</title>
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          <isin value="US721664DL18"/>
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      <invstOrSec>
        <name>GLENDALE ARIZ INDL DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>GLENDL AZ IDA 5% 7/1/33</title>
        <cusip>378286JR0</cusip>
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          <isin value="US378286JR05"/>
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        <name>PHOENIX UHSD #210</name>
        <lei>N/A</lei>
        <title>PHOENIX UHSD #2 5% 7/1/2032</title>
        <cusip>567505QP0</cusip>
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          <isin value="US567505QP01"/>
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        <name>ARIZONA BRD REGENTS AZ ST UNIV SYS REV</name>
        <lei>N/A</lei>
        <title>AZ BOR-AZ ST U 5% 7/1/2031</title>
        <cusip>04048RMG8</cusip>
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          <isin value="US04048RMG82"/>
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        <name>PHOENIX CIVIC IMPROVEMENT CORP</name>
        <lei>N/A</lei>
        <title>PHOENIX CIVIC I 5% 7/1/2035</title>
        <cusip>718846AW8</cusip>
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          <isin value="US718846AW80"/>
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          <maturityDt>2035-07-01</maturityDt>
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        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHOENIX AZ CIVIC 5% 7/1/2045</title>
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          <isin value="US71883MKD55"/>
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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>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>UNIV AZ 5% 8/1/2026</title>
        <cusip>040484XD4</cusip>
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          <isin value="US040484XD41"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>942168.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PIMA CNTY AZ CTFS PARTN</name>
        <lei>N/A</lei>
        <title>PIMA AZ COP 5% 12/1/2027</title>
        <cusip>721664EF3</cusip>
        <identifiers>
          <isin value="US721664EF31"/>
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        <balance>1745000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000049.20000000</valUSD>
        <pctVal>1.071825117099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</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>ARIZONA HEALTH FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>AZ BANNER HLTH 15B L=MB V1</title>
        <cusip>040507QA6</cusip>
        <identifiers>
          <isin value="US040507QA61"/>
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        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275000.00000000</valUSD>
        <pctVal>0.147372328241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01200000</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>TUCSON AZ WTR REV</name>
        <lei>N/A</lei>
        <title>TUCSON AZ WTR 5% 7/1/31</title>
        <cusip>898797CN3</cusip>
        <identifiers>
          <isin value="US898797CN39"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1205550.00000000</valUSD>
        <pctVal>0.646053492043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</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>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>YAVAPAI AZ IDA 5% 8/1/2024</title>
        <cusip>985900EK1</cusip>
        <identifiers>
          <isin value="US985900EK13"/>
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        <balance>325000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>380922.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</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>MCALLISTER ACADEMIC VLG AZ LLC</name>
        <lei>N/A</lei>
        <title>MCALLISTER ACAD 5% 7/1/37</title>
        <cusip>579173CM5</cusip>
        <identifiers>
          <isin value="US579173CM55"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2456060.00000000</valUSD>
        <pctVal>1.316201020007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</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>PHOENIX AZ INDL DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>PHOENIX IDA STU 5% 7/1/2036</title>
        <cusip>71885DEA6</cusip>
        <identifiers>
          <isin value="US71885DEA63"/>
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        <balance>1175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1438211.75000000</valUSD>
        <pctVal>0.770736778554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</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>UNIVERSITY AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>UNIV AZ SER A 5% 6/1/30</title>
        <cusip>040484ML8</cusip>
        <identifiers>
          <isin value="US040484ML85"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3001850.00000000</valUSD>
        <pctVal>1.608689540120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</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>PHOENIX ARIZ CIVIC IMPT CORP DISTR REV</name>
        <lei>N/A</lei>
        <title>PHOENIX ARIZ CIVIC IMPT CORP DISTR REV CONV CAP APPREC CIVIC PLAZA-B FGIC</title>
        <cusip>71884WBC4</cusip>
        <identifiers>
          <isin value="US71884WBC47"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3165840.00000000</valUSD>
        <pctVal>1.696571678696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Variable</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>SALT VERDE FINL CORP GAS REV AZ</name>
        <lei>N/A</lei>
        <title>SALT VERDE G=CG 5.5% 12/01/29</title>
        <cusip>79575EAQ1</cusip>
        <identifiers>
          <isin value="US79575EAQ17"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4011990.00000000</valUSD>
        <pctVal>2.150022935212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>YUMA AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>YUMA AZ HOSP 5% 8/1/2027</title>
        <cusip>988514CA1</cusip>
        <identifiers>
          <isin value="US988514CA19"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2340380.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCOTTSDALE AZ IDA HOSP REV</name>
        <lei>N/A</lei>
        <title>SCOTTSDALE HOSP AGC 5% 9/1/35</title>
        <cusip>810472GA2</cusip>
        <identifiers>
          <isin value="US810472GA29"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>428055.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</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>NORTHERN AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>N AZ UNI SPEED 5% 8/1/27</title>
        <cusip>664754Y36</cusip>
        <identifiers>
          <isin value="US664754Y360"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1130520.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA HEALTH FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>AZ HLTH REV 5% 12/1/2026</title>
        <cusip>040507PG4</cusip>
        <identifiers>
          <isin value="US040507PG41"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2370040.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CENTRAL ARIZ WTR CONSV DIST WTR DELIVERY O and M REV</name>
        <lei>N/A</lei>
        <title>CNTRL AZ WTR 5% 1/1/36</title>
        <cusip>15240AAV7</cusip>
        <identifiers>
          <isin value="US15240AAV70"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>603790.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GUAM POWER AUTH.</name>
        <lei>N/A</lei>
        <title>GUAM POWER AUTH 5% 10/1/21</title>
        <cusip>400653GG0</cusip>
        <identifiers>
          <isin value="US400653GG08"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>424924.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-01</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>TUCSON ARIZ CTFS PARTN</name>
        <lei>N/A</lei>
        <title>TUCSON AZ COP 5% 7/1/2023</title>
        <cusip>898735TA3</cusip>
        <identifiers>
          <isin value="US898735TA30"/>
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        <balance>555000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>628237.80000000</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>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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% 7/1/2030</title>
        <cusip>37828GAL0</cusip>
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        <name>ARIZONA BRD REGENTS AZ ST UNIV SYS REV</name>
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        <name>ARIZONA INDL DEV AUTH HOSP REV</name>
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        <name>TUCSON AZ WTR REV</name>
        <lei>N/A</lei>
        <title>TUCSON AZ WTR 5% 7/1/2028</title>
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          <isin value="US898797BS35"/>
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      <invstOrSec>
        <name>ARIZONA HEALTH FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>ARIZONA HEALTH FACS AUTH REV CATHOLIC HEALTHCARE WEST-B-1</title>
        <cusip>040507MT9</cusip>
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      <invstOrSec>
        <name>ARIZONA STATE COP</name>
        <lei>N/A</lei>
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          <isin value="US040588ZZ14"/>
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        <name>ARIZONA STATE COP</name>
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          <isin value="US040588G745"/>
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        <name>SALT RIVER PROJ AZ AGRIC and PWR</name>
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          <isin value="US79574CBB81"/>
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      <invstOrSec>
        <name>TUCSON ARIZ CTFS PARTN</name>
        <lei>N/A</lei>
        <title>TUCSON AZ COP 4% 7/1/2020</title>
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          <isin value="US898735SL04"/>
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        <name>BUCKEYE ARIZ EXCISE TAX REV</name>
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      <invstOrSec>
        <name>MCALLISTER ACADEMIC VLG AZ LLC</name>
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        <name>ARIZONA HEALTH FACS AUTH REV</name>
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          <isin value="US040507HN83"/>
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        <name>TUCSON AZ WTR REV</name>
        <lei>N/A</lei>
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        <name>PHOENIX AZ CVC IMP COR WSTWTR</name>
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        <name>UNIVERSITY MED CTR CORP ARIZ HOSP REV</name>
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          <isin value="US914062EB67"/>
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        <name>SCOTTSDALE</name>
        <lei>N/A</lei>
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        <cusip>810454AQ1</cusip>
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          <isin value="US810454AQ11"/>
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        <name>TEMPE AZ EXCISE TAX REV</name>
        <lei>N/A</lei>
        <title>TEMPE AZ EX TAX 5% 7/1/30</title>
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          <isin value="US87971HKE35"/>
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          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PHOENIX AZ INDL DEV AUTH STUDENT HSG REV</name>
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        <title>PHOENIX IDA STU 5% 07/01/42</title>
        <cusip>71885DDH2</cusip>
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          <isin value="US71885DDH26"/>
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        <curCd>USD</curCd>
        <valUSD>1816875.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>MARICOPA C 5% 9/1/2035</title>
        <cusip>56678PAN7</cusip>
        <identifiers>
          <isin value="US56678PAN78"/>
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        <curCd>USD</curCd>
        <valUSD>500184.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SALT RIVER PROJ AZ AGRIC and PWR</name>
        <lei>N/A</lei>
        <title>SALT RIVER AZ 5% 12/1/2034</title>
        <cusip>79574CAR4</cusip>
        <identifiers>
          <isin value="US79574CAR43"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1802475.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARICOPA CNTY AZ SCH DIST #28 KYRENE ELEM</name>
        <lei>N/A</lei>
        <title>KYRENE AZ SD 28 5% 7/1/2037</title>
        <cusip>567137P99</cusip>
        <identifiers>
          <isin value="US567137P992"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1281890.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA HEALTH FACS AUTH HOSP</name>
        <lei>N/A</lei>
        <title>PHOENIX AZ CHILD HSP 5% 2/1/2023</title>
        <cusip>040506MY0</cusip>
        <identifiers>
          <isin value="US040506MY01"/>
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        <balance>1285000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1377982.60000000</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>2023-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>TUCSON ARIZ CTFS PARTN</name>
        <lei>N/A</lei>
        <title>TUCSON AZ COP 5% 7/1/2028</title>
        <cusip>898735SU0</cusip>
        <identifiers>
          <isin value="US898735SU03"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1162600.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</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>
        <name>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>YAVAPAI AZ IDA 5% 8/1/2026</title>
        <cusip>985900EM7</cusip>
        <identifiers>
          <isin value="US985900EM78"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>741036.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHOENIX-MESA GATEWAY ARPT AUTH ARIZ SPL FAC REV</name>
        <lei>N/A</lei>
        <title>PHOENIX-MESA ARPT AZ 5 7/1/27@</title>
        <cusip>71910EAM1</cusip>
        <identifiers>
          <isin value="US71910EAM12"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>435564.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>PHOENIX AZ</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX 4% 7/1/2026</title>
        <cusip>718814P42</cusip>
        <identifiers>
          <isin value="US718814P424"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2268200.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHANDLER AZ INDL DEVE AUTH IDR</name>
        <lei>N/A</lei>
        <title>CHANDLER AZ IDR 5% MT @</title>
        <cusip>158862BZ4</cusip>
        <identifiers>
          <isin value="US158862BZ43"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2322760.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>UNIVERSITY AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>ARIZONA ST BRD OF RGTS UNIV SY SER A</title>
        <cusip>040484FY8</cusip>
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          <isin value="US040484FY89"/>
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        <balance>2225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2432948.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>UNIVERSITY AZ UNIV REVS</name>
        <lei>N/A</lei>
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          <isin value="US040484XB84"/>
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        <balance>800000.00000000</balance>
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        <valUSD>891072.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>MARICOPA CNTY AZ IDA SR LIVING</name>
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          <isin value="US56682PBU49"/>
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        <name>ARIZONA BRD REGENTS AZ ST UNIV SYS REV</name>
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        <title>AZ BOR-AZ ST U 5% 7/1/2026 PRE</title>
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          <isin value="US04048RTX43"/>
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        <name>NORTHERN ARIZ UNIV CTFS PARTN</name>
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        <title>NORTHERN AZ U COP 5% 9/1/20</title>
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          <isin value="US664751DD30"/>
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        <name>NORTHERN AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>NTHRN AZ UNIV NORTHERN ARIZONA UNIV</title>
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          <isin value="US664754W877"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>UNIVERSITY AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>UNIV AZ 5% 8/1/2022</title>
        <cusip>040484WZ6</cusip>
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          <isin value="US040484WZ61"/>
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        <balance>920000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>MARICOPA CNTY AZ IDA SR LIVING</name>
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      <invstOrSec>
        <name>SCOTTSDALE AZ MUN PRTY CORP TX</name>
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        <cusip>810489RW6</cusip>
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          <isin value="US810489RW62"/>
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      <invstOrSec>
        <name>WESTERN MARICOPA ED CTR DIST NO 402 MARICOPA CNTY ARIZ</name>
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          <isin value="US95855RDC79"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARIZONA BRD REGENTS AZ ST UNIV SYS REV</name>
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        <cusip>04048RNT9</cusip>
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          <isin value="US04048RNT94"/>
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        <fairValLevel>2</fairValLevel>
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        <name>NORTHERN AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>NTHRN AZ UNIV NORTHERN ARIZONA UNIV</title>
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          <isin value="US664754W794"/>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
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        <title>PHOENIX SR LIEN AIR 5% 7/1/26@</title>
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          <isin value="US71883MHZ05"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ARIZONA ST TRANSN BRD</name>
        <lei>N/A</lei>
        <title>AZ ST GARVEE 5% 7/1/2031</title>
        <cusip>040647EQ8</cusip>
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          <isin value="US040647EQ84"/>
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        <balance>385000.00000000</balance>
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        <valUSD>489631.45000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>PHOENIX UHSD #210</name>
        <lei>N/A</lei>
        <title>PHOENIX UHSD #2 5% 7/1/2034</title>
        <cusip>567505QR6</cusip>
        <identifiers>
          <isin value="US567505QR66"/>
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        <balance>585000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>ARIZONA HEALTH FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>AZ HLTH REV 5% 12/1/2042</title>
        <cusip>040507PS8</cusip>
        <identifiers>
          <isin value="US040507PS88"/>
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        <balance>2020000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>BUCKEYE ARIZ EXCISE TAX REV</name>
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        <title>BUCKEYE AZ TAX REV 5% 7/1/28</title>
        <cusip>118087BV6</cusip>
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          <isin value="US118087BV65"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>608190.00000000</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>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>ARIZONA ST TRANSN BRD</name>
        <lei>N/A</lei>
        <title>AZ ST GARVEE 5% 7/1/2032</title>
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          <isin value="US040647ER67"/>
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        <name>NORTHERN AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>NORTHERN AZ U 5% 6/1/29</title>
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          <isin value="US6647542K35"/>
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        <name>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
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          <isin value="US985900ER65"/>
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        <name>DYSART AZ SCH DISTRICT NO89</name>
        <lei>N/A</lei>
        <title>DYSART AZ SCH DISTRICT NO89</title>
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          <isin value="US567423MD73"/>
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        <name>GLENDALE ARIZ SR EXCISE TAX REV</name>
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        <title>GLENDALE AZ EX 5% 7/1/28</title>
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          <isin value="US378307AL62"/>
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      <invstOrSec>
        <name>UNIVERSITY AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>ARIZONA BOARD OF REGENTS 5% 06/01/2038</title>
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          <isin value="US040484NY97"/>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ INDL DEV AUTH EDL FACS REV</name>
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        <title>MARICOPA CNY A 5% 7/1/2047</title>
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          <isin value="US56678RAF01"/>
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          <maturityDt>2047-07-01</maturityDt>
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      <invstOrSec>
        <name>PHOENIX-MESA GATEWAY ARPT AUTH ARIZ SPL FAC REV</name>
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        <title>PHOENIX-MESA ARPT AZ 5 7/1/24@</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US71883MLE20"/>
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        <curCd>USD</curCd>
        <valUSD>2434620.00000000</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>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SALT RIVER PROJ AZ AGRIC and PWR</name>
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          <isin value="US79574CEB54"/>
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        <valUSD>2638060.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHX CVC APT REV 5% 7/1/2035 @</title>
        <cusip>71883MLB8</cusip>
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          <isin value="US71883MLB80"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>TEMPE AZ EXCISE TAX REV</name>
        <lei>N/A</lei>
        <title>TEMPE AZ EX TAX 5% 7/1/29</title>
        <cusip>87971HKD5</cusip>
        <identifiers>
          <isin value="US87971HKD51"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>623120.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WESTERN MARICOPA ED CTR DIST NO 402 MARICOPA CNTY ARIZ</name>
        <lei>N/A</lei>
        <title>WESTERN MARICOP 5% 7/1/2027</title>
        <cusip>95855RDB9</cusip>
        <identifiers>
          <isin value="US95855RDB96"/>
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        <curCd>USD</curCd>
        <valUSD>1281330.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TUCSON AZ WTR REV</name>
        <lei>N/A</lei>
        <title>TUCSON AZ WTR 5% 7/1/2027</title>
        <cusip>898797BR5</cusip>
        <identifiers>
          <isin value="US898797BR51"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1213530.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GUAM INTL ARPT AUTH REV</name>
        <lei>N/A</lei>
        <title>GUAM INTL ARPT 6.375% 10/1/43@</title>
        <cusip>40064RDK2</cusip>
        <identifiers>
          <isin value="US40064RDK23"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>233962.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06375000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>UNIVERSITY AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>UNIV AZ 5% 8/1/2028</title>
        <cusip>040484XF9</cusip>
        <identifiers>
          <isin value="US040484XF98"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1110456.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLENDALE AZ</name>
        <lei>N/A</lei>
        <title>CITY OF GLENDAL 5% 7/1/2032</title>
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          <isin value="US37828GAN60"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1252070.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>ARIZONA BRD REGENTS AZ ST UNIV SYS REV</name>
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        <title>AZ BOR-AZ ST U 5% 7/1/35</title>
        <cusip>04048RLP9</cusip>
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          <isin value="US04048RLP90"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>NORTHERN ARIZ UNIV CTFS PARTN</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-09-01</maturityDt>
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        <name>ARIZONA BRD REGENTS AZ ST UNIV SYS REV</name>
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        <title>AZ BOR-AZ ST U 5% 7/1/2041</title>
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          <isin value="US04048RNW24"/>
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        <name>UNIVERSITY AZ UNIV REVS</name>
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          <isin value="US040484LS48"/>
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      <invstOrSec>
        <name>GLENDALE ARIZ INDL DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>GLENDL AZ IDA 4% 7/1/28</title>
        <cusip>378286JQ2</cusip>
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          <isin value="US378286JQ22"/>
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      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHX CVC APT REV 5% 07/01/2029 AMT</title>
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          <isin value="US71883MJC91"/>
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        <name>MARICOPA CNTY AZ IDA REV</name>
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        <title>MARICOPA IDA AZ 5% 1/1/38</title>
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          <isin value="US56682HCC16"/>
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      <invstOrSec>
        <name>ARIZONA ST LOTTERY REV</name>
        <lei>N/A</lei>
        <title>AZ ST LOTTERY 5% 7/1/2029 Q</title>
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          <isin value="US040624BN79"/>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SALT VERDE FINL CORP GAS REV AZ</name>
        <lei>N/A</lei>
        <title>SALT VERDE AZ FINL CORP SR GASGUARANTOR CITIGROUP</title>
        <cusip>79575EAS7</cusip>
        <identifiers>
          <isin value="US79575EAS72"/>
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        <curCd>USD</curCd>
        <valUSD>2396992.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</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>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>YAVAPAI AZ IDA 5% 8/1/36</title>
        <cusip>985900EE5</cusip>
        <identifiers>
          <isin value="US985900EE52"/>
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        <curCd>USD</curCd>
        <valUSD>1570972.05000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TEMPE AZ EXCISE TAX REV</name>
        <lei>N/A</lei>
        <title>TEMPE AZ EX TAX 5% 7/1/31</title>
        <cusip>87971HKG8</cusip>
        <identifiers>
          <isin value="US87971HKG82"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>465307.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</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>
      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHX CVC APT REV 5% 7/1/2031</title>
        <cusip>71883MMQ4</cusip>
        <identifiers>
          <isin value="US71883MMQ41"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2529080.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</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>
      <invstOrSec>
        <name>BUCKEYE ARIZ EXCISE TAX REV</name>
        <lei>N/A</lei>
        <title>BUCKEYE AZ TAX REV 5% 7/1/29</title>
        <cusip>118087BW4</cusip>
        <identifiers>
          <isin value="US118087BW49"/>
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        <balance>455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>552160.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>UNIV AZ 5% 6/1/2041</title>
        <cusip>040484UA3</cusip>
        <identifiers>
          <isin value="US040484UA39"/>
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        <balance>1965000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2543947.95000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-01</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>TUCSON ARIZ CTFS PARTN</name>
        <lei>N/A</lei>
        <title>TUCSON AZ COP 5% 7/1/27</title>
        <cusip>898735TR6</cusip>
        <identifiers>
          <isin value="US898735TR64"/>
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        <balance>1245000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1537774.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</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>ARIZONA HEALTH FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>AZ HLTH REV 5% 1/1/43</title>
        <cusip>040507NA9</cusip>
        <identifiers>
          <isin value="US040507NA98"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2130620.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-01</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>
        <name>PIMA CNTY AZ SWR REV</name>
        <lei>N/A</lei>
        <title>Pima County Sewer 5% 7/1/2023</title>
        <cusip>721876RV4</cusip>
        <identifiers>
          <isin value="US721876RV48"/>
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        <balance>30000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32907.90000000</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>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>CHANDLER AZ INDL DEVE AUTH IDR</name>
        <lei>N/A</lei>
        <title>CHANDLER AZ IDR 2.7% MT @</title>
        <cusip>158862BY7</cusip>
        <identifiers>
          <isin value="US158862BY77"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2103680.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02700000</annualizedRt>
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      <invstOrSec>
        <name>ARIZONA STATE COP</name>
        <lei>N/A</lei>
        <title>ARIZ ST COP 5% 9/1/27</title>
        <cusip>040588D51</cusip>
        <identifiers>
          <isin value="US040588D510"/>
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        <balance>1500000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SCOTTSDALE AZ USD #48</name>
        <lei>N/A</lei>
        <title>MARICOPA USD 48 5% 7/1/2033</title>
        <cusip>567288UB9</cusip>
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          <isin value="US567288UB95"/>
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        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
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        <cusip>71883MPB4</cusip>
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          <isin value="US71883MPB45"/>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>MARICOPA C 5% 9/1/2033</title>
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          <isin value="US56678PAL13"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MARICOPA CNTY AZ IDA REV</name>
        <lei>N/A</lei>
        <title>MARICOPA IDA AZ 5% 1/1/34</title>
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          <isin value="US56682HBY45"/>
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        <balance>2900000.00000000</balance>
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      <invstOrSec>
        <name>TEMPE AZ EXCISE TAX REV</name>
        <lei>N/A</lei>
        <title>TEMPE AZ EXCISE TAX REVENUE REF</title>
        <cusip>87971HHL1</cusip>
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          <isin value="US87971HHL15"/>
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        <balance>1090000.00000000</balance>
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        <valUSD>1194323.90000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARICOPA CNTY AZ SCH DIST #28 KYRENE ELEM</name>
        <lei>N/A</lei>
        <title>KYRENE AZ SD 4% 7/1/29</title>
        <cusip>567137D92</cusip>
        <identifiers>
          <isin value="US567137D923"/>
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        <balance>650000.00000000</balance>
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        <valUSD>745920.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA BRD REGENTS AZ ST UNIV SYS REV</name>
        <lei>N/A</lei>
        <title>AZ BOR-AZ ST U 5% 7/1/2026</title>
        <cusip>04048RUM6</cusip>
        <identifiers>
          <isin value="US04048RUM68"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>602239.00000000</valUSD>
        <pctVal>0.322739503956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>DYSART AZ SCH DISTRICT NO89</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY AZ SCH DIST NO89 MARICOPA AZ 89 5% 07/01/23</title>
        <cusip>567423LY2</cusip>
        <identifiers>
          <isin value="US567423LY20"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>789908.00000000</valUSD>
        <pctVal>0.423311203843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</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>MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>MARICOPA C 5% 9/1/2034</title>
        <cusip>56678PAM9</cusip>
        <identifiers>
          <isin value="US56678PAM95"/>
        </identifiers>
        <balance>680000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>864613.20000000</valUSD>
        <pctVal>0.463345673864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-01</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>MESA AZ UTIL SYS REV</name>
        <lei>N/A</lei>
        <title>MESA AZ UTIL 4% 7/1/25</title>
        <cusip>590545XR5</cusip>
        <identifiers>
          <isin value="US590545XR53"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2326800.00000000</valUSD>
        <pctVal>1.246930666739</pctVal>
        <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>0.04000000</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>YAVAPAI CNTY AZ IDA SLD WST RV</name>
        <lei>N/A</lei>
        <title>YAVAPAI CNTY AZ VAR MT</title>
        <cusip>98521UAM9</cusip>
        <identifiers>
          <isin value="US98521UAM99"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
        <pctVal>0.535899375425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.01200000</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>MESA AZ UTIL SYS REV</name>
        <lei>N/A</lei>
        <title>MESA UTILITY SER A 5% 7/1/2043</title>
        <cusip>590545J42</cusip>
        <identifiers>
          <isin value="US590545J420"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2583760.00000000</valUSD>
        <pctVal>1.384635370248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>TEMPE AZ EXCISE TAX REV</name>
        <lei>N/A</lei>
        <title>TEMPE AZ EX TAX 5% 7/1/28</title>
        <cusip>87971HKC7</cusip>
        <identifiers>
          <isin value="US87971HKC78"/>
        </identifiers>
        <balance>315000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>393416.10000000</valUSD>
        <pctVal>0.210831442272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</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>2020-03-30</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>
</edgarSubmission>
