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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BALTIMORE CNTY MD</name>
        <lei>N/A</lei>
        <title>BATL CNTY MD 4% 3/1/2048</title>
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          <isin value="US05914F5F39"/>
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        <curCd>USD</curCd>
        <valUSD>2424341.08000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MARYLAND ECONOMIC DEV CORP ST</name>
        <lei>N/A</lei>
        <title>MD EDC STUD HSG 5% 7/1/29</title>
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          <isin value="US57420VPW71"/>
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        <curCd>USD</curCd>
        <valUSD>820177.33000000</valUSD>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARYLAND ECONOMIC DEV CORP ST</name>
        <lei>N/A</lei>
        <title>MD EDC STUD HSG 5% 7/1/32</title>
        <cusip>57420VQQ9</cusip>
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          <isin value="US57420VQQ94"/>
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        <balance>325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>367612.38000000</valUSD>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARYLAND ST HLTH and HI ED FACS</name>
        <lei>N/A</lei>
        <title>MD HEFA 5% 07/01/26</title>
        <cusip>574218TW3</cusip>
        <identifiers>
          <isin value="US574218TW37"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1118436.10000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MD ST ECON DEV CORP AIR CARGO</name>
        <lei>N/A</lei>
        <title>MD EDC AIR 5% 7/1/2029 @</title>
        <cusip>57420MAR4</cusip>
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          <isin value="US57420MAR43"/>
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        <balance>585000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>731561.98000000</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>
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      <invstOrSec>
        <name>MARYLAND ST CMNTY DEV ADMIN DEPT HSG and CMNTY DEV</name>
        <lei>N/A</lei>
        <title>MARYLAND ST CMN 5% 3/1/2030</title>
        <cusip>57419TDD0</cusip>
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          <isin value="US57419TDD00"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>875450.24000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BALTIMORE MD</name>
        <lei>N/A</lei>
        <title>BALT MD SPL OBL 5% 6/15/24</title>
        <cusip>05923TAR0</cusip>
        <identifiers>
          <isin value="US05923TAR05"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>555560.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARYLAND ST HLTH and HI ED FACS</name>
        <lei>N/A</lei>
        <title>MEDSTAR HEALTH ISSUE SERIES B 5% 8/15/38</title>
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        <identifiers>
          <isin value="US574218PJ61"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2154330.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARYLAND ST</name>
        <lei>1KB5EZVJRET62OYIKM77</lei>
        <title>MD ST 4% 8/1/2036</title>
        <cusip>574193UU0</cusip>
        <identifiers>
          <isin value="US574193UU01"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1245238.00000000</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>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ANNE ARUNDEL CNTY MD</name>
        <lei>N/A</lei>
        <title>ANNE ARUNDEL MD 5% 10/1/2035</title>
        <cusip>03588HUP9</cusip>
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          <isin value="US03588HUP99"/>
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        <balance>6400000.00000000</balance>
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        <valUSD>7903852.80000000</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>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>MARYLAND ST TRANSN AUTH TRANSN</name>
        <lei>N/A</lei>
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        <cusip>574300ME6</cusip>
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          <isin value="US574300ME68"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BALTIMORE MD</name>
        <lei>N/A</lei>
        <title>BALT CITY MD 5% 10/15/2034</title>
        <cusip>059189VA5</cusip>
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          <isin value="US059189VA51"/>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-15</maturityDt>
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        <name>GUAM INTL ARPT AUTH REV</name>
        <lei>N/A</lei>
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          <isin value="US40064RES40"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-10-01</maturityDt>
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      <invstOrSec>
        <name>MARYLAND ST</name>
        <lei>1KB5EZVJRET62OYIKM77</lei>
        <title>MD ST 5% 8/1/32</title>
        <cusip>574193TF5</cusip>
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          <isin value="US574193TF52"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BALTIMORE CNTY MD CREST VLG</name>
        <lei>N/A</lei>
        <title>BALTIMRE MD 4% 1/1/2050</title>
        <cusip>059151CM0</cusip>
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          <isin value="US059151CM05"/>
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        <balance>2400000.00000000</balance>
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      <invstOrSec>
        <name>MARYLAND ST CMNTY DEV ADMIN DEPT HSG and CMNTY DEV</name>
        <lei>N/A</lei>
        <title>MARYLAND ST CMN 5% 3/1/2031</title>
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          <isin value="US57419TDF57"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-03-01</maturityDt>
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      <invstOrSec>
        <name>MARYLAND ST ECON DEV CORP ECON</name>
        <lei>N/A</lei>
        <title>MD EDC ECON 5% 6/1/2029</title>
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          <isin value="US57420NBW02"/>
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        <fairValLevel>2</fairValLevel>
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        <name>MARYLAND ST CMNTY DEV ADMIN DEPT HSG and CMNTY DEV</name>
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      <invstOrSec>
        <name>WASHINGTON METROPOLITAN AREA TRANSIT AUTHORITY</name>
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          <isin value="US93878YBU29"/>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>BALTIMORE CNTY MD</name>
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      <invstOrSec>
        <name>MARYLAND ST TRANSN AUTH TRANSN</name>
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        <name>BALTIMORE CNTY MD CREST VLG</name>
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        <name>BALTIMORE MD</name>
        <lei>N/A</lei>
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        <cusip>059189VC1</cusip>
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          <isin value="US059189VC18"/>
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        <name>ANNE ARUNDEL CNTY MD</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MD ST ECON DEV CORP AIR CARGO</name>
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        <name>PRINCE GEORGES CTY MD CTF PART</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>BALTIMORE MD PROJ REV</name>
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        <name>MARYLAND ST STAD AUTH REV</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND HEALTH and HIGHER EDUCATIONAL FACILITIES AUTHORITY</name>
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        <name>BALTIMORE MD CONVENTION CTR HO REV</name>
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        <name>MARYLAND ST DEPT TRANSN SPL TRANSN PROJ REV</name>
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        <name>WESTMINSTER MD EDL FACS REV</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>BALTIMORE MD PROJ REV</name>
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      <invstOrSec>
        <name>MARYLAND HEALTH and HIGHER EDUCATIONAL FACILITIES AUTHORITY</name>
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      <invstOrSec>
        <name>PRINCE GEORGES COUNTY MD</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST DEPT TRANSN CONS</name>
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        <name>MARYLAND ST STAD AUTH REV</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MONTGOMERY CNTY MD REV</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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      <invstOrSec>
        <name>PRINCE GEORGES CTY MD CTF PART</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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      <invstOrSec>
        <name>MARYLAND ST DEPT TRANSN CONS</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>BALTIMORE MD PROJ REV</name>
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        <name>BALTIMORE MD PROJ REV</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>BALTIMORE MD PROJ REV</name>
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        <name>MARYLAND ST</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>WASHINGTON DC MET AREA TRAN AU</name>
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        <name>MARYLAND ST HLTH and HI ED FACS</name>
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        <name>MARYLAND ST CMNTY DEV ADMIN DEPT HSG and CMNTY DEV</name>
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      </invstOrSec>
      <invstOrSec>
        <name>MARYLAND ST HLTH and HI ED FACS</name>
        <lei>N/A</lei>
        <title>MD HEFA 5% 7/1/2024</title>
        <cusip>5742187S6</cusip>
        <identifiers>
          <isin value="US5742187S60"/>
        </identifiers>
        <balance>355000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>395196.51000000</valUSD>
        <pctVal>0.173036334499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</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>2021-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Laura M. Del Prato</ncom:nameOfApplicant>
      <ncom:signature>Laura M. Del Prato</ncom:signature>
      <ncom:signerName>Laura M. Del Prato</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
