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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA CNTY AZ IDA SR LIVING</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY AZ 6% 1/1/2048</title>
        <cusip>56682PBU4</cusip>
        <identifiers>
          <isin value="US56682PBU49"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>388512.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.06000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA CNTY AZ SD NO 1 PH EL</name>
        <lei>N/A</lei>
        <title>MARICOPA AZ SD1 5% 7/1/2041</title>
        <cusip>566865LR0</cusip>
        <identifiers>
          <isin value="US566865LR00"/>
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        <balance>1300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1355585.01000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BULLHEAD CITY ARIZ EXCISE TAXES REV</name>
        <lei>N/A</lei>
        <title>BULLHEAD CITY 2.55% 7/1/2046</title>
        <cusip>12022MBB5</cusip>
        <identifiers>
          <isin value="US12022MBB54"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1943279.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02550000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHX CVC APT REV 5% 7/1/2030 @</title>
        <cusip>71883MQN7</cusip>
        <identifiers>
          <isin value="US71883MQN73"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2129624.20000000</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>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIZONA ST UNIV REVS</name>
        <lei>N/A</lei>
        <title>ARIZONA ST UIV 5% 7/1/2043</title>
        <cusip>040664AT1</cusip>
        <identifiers>
          <isin value="US040664AT18"/>
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        <balance>2925000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2972131.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>YUMA AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>YUMA AZ HOSP 5.25% 8/1/2044</title>
        <cusip>988514DA0</cusip>
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          <isin value="US988514DA00"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1029306.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARIZONA HEALTH FACS AUTH REV</name>
        <lei>N/A</lei>
        <title>AZ BANNER HLTH SPMUV7DY+81 1/1/37</title>
        <cusip>040507HN8</cusip>
        <identifiers>
          <isin value="US040507HN83"/>
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        <balance>995000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>961998.93000000</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>2037-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.03750000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>PHX CHILDRENS HOSP 19B L=TD V1</title>
        <cusip>04052EAA6</cusip>
        <identifiers>
          <isin value="US04052EAA64"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1200000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.02150000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BUCKEYE ARIZ UN HIGH SCH DIST NO 201</name>
        <lei>N/A</lei>
        <title>BUCKEYE AZ SD 5% 7/1/2032</title>
        <cusip>118106KR3</cusip>
        <identifiers>
          <isin value="US118106KR34"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>888203.28000000</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>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PINAL CNTY AZ UNI SCH DIST NO 20 MARICOPA</name>
        <lei>N/A</lei>
        <title>PINAL CNTY AZ U 5% 7/1/2032</title>
        <cusip>72220EFA5</cusip>
        <identifiers>
          <isin value="US72220EFA55"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165539.87000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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>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"/>
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        <balance>315000.00000000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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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>
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          <isin value="US040484XF98"/>
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        <balance>900000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>TOLLESON AZ UHSD #214</name>
        <lei>N/A</lei>
        <title>TOLLESON AZ UHS 5% 7/1/2041</title>
        <cusip>567527WV4</cusip>
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          <isin value="US567527WV41"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>PINAL CNTY AZ UNI SCH DIST NO 20 MARICOPA</name>
        <lei>N/A</lei>
        <title>PINAL CNTY AZ U 5% 7/1/2035</title>
        <cusip>72220EFD9</cusip>
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          <isin value="US72220EFD94"/>
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        <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>
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          <isin value="US985900EM78"/>
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        <name>MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>MARI AZ HONORHLTH 24B L=JP V1</title>
        <cusip>56678PCQ8</cusip>
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          <isin value="US56678PCQ81"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-01</maturityDt>
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          <annualizedRt>0.03000000</annualizedRt>
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      <invstOrSec>
        <name>MESA AZ UTIL SYS REV</name>
        <lei>N/A</lei>
        <title>MESA AZ UTIL 3% 7/1/2040</title>
        <cusip>590545XC8</cusip>
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          <isin value="US590545XC84"/>
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        <balance>100000.00000000</balance>
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        <valUSD>79356.98000000</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>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
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      <invstOrSec>
        <name>SCOTTSDALE</name>
        <lei>N/A</lei>
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          <isin value="US810454AQ11"/>
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      <invstOrSec>
        <name>PUERTO RICO COMWLTH</name>
        <lei>N/A</lei>
        <title>PR ST 5.625% 7/1/2027</title>
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          <isin value="US74514L3G08"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PARADISE VLY USD AZ #69</name>
        <lei>N/A</lei>
        <title>PARADISE VLY SD 5% 7/1/2036</title>
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          <isin value="US567373S898"/>
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      <invstOrSec>
        <name>PIMA CNTY AZ INDL DEV AUTH REV</name>
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          <isin value="US721901KR65"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
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          <isin value="US71883MMQ41"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>SALT VERDE FINL CORP GAS REV AZ</name>
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          <isin value="US79575EAQ17"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CHANDLER ARIZ EXCISE TAX REV</name>
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        <title>CHANDLER AZ EXC 3% 7/1/2034</title>
        <cusip>158855DA1</cusip>
        <identifiers>
          <isin value="US158855DA15"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
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      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHX CVC APT REV 5% 7/1/2033 @</title>
        <cusip>71883MPR9</cusip>
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          <isin value="US71883MPR96"/>
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        <balance>280000.00000000</balance>
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        <invCountry>US</invCountry>
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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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      <invstOrSec>
        <name>QUEEN CREEK AZ EXCISE TAX and ST SHARED REV</name>
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        <title>QUEEN CRK AZ 5% 8/1/2038</title>
        <cusip>74823YGV1</cusip>
        <identifiers>
          <isin value="US74823YGV11"/>
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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>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>SALT RIVER PROJ AZ AGRIC and PWR</name>
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          <isin value="US79574CDX83"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <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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        <balance>2425000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>PARADISE VLY USD AZ #69</name>
        <lei>N/A</lei>
        <title>PARADISE VLY SD 5% 7/1/2031</title>
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          <isin value="US567373P829"/>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>NORTHERN AZ UNIV REVS</name>
        <lei>N/A</lei>
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          <isin value="US6647546B99"/>
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        <name>MESA AZ UTIL SYS REV</name>
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          <isin value="US590545YS28"/>
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        <name>SALT VERDE FINL CORP GAS REV AZ</name>
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        <title>SALT VERDE AZ FINL CORP SR GASGUARANTOR CITIGROUP</title>
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          <isin value="US79575EAS72"/>
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        <name>VIRGIN ISLANDS TRANSPORTATION and INFRASTRUCTURE CORP</name>
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        <title>VIRGIN ILSD TRI 5% 9/1/2042</title>
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          <isin value="US927686AT28"/>
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      <invstOrSec>
        <name>MESA AZ UTIL SYS REV</name>
        <lei>N/A</lei>
        <title>MESA AZ UTIL 3.25% 7/1/2041</title>
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          <isin value="US590545YT01"/>
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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>2041-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIVERSITY AZ UNIV REVS</name>
        <lei>N/A</lei>
        <title>UNIV AZ 5% 6/1/2031</title>
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          <isin value="US040484G358"/>
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        <fairValLevel>2</fairValLevel>
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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>
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          <isin value="US71884WBC47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>MARICOPA C 5% 9/1/2034</title>
        <cusip>56678PAM9</cusip>
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          <isin value="US56678PAM95"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MARANA USD NO 6</name>
        <lei>N/A</lei>
        <title>PIMA AZ USD6 5% 7/1/2043</title>
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          <isin value="US721812SM86"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA ST TRANSN BRD</name>
        <lei>N/A</lei>
        <title>AZ ST GARVEE 5% 7/1/2031</title>
        <cusip>040647EQ8</cusip>
        <identifiers>
          <isin value="US040647EQ84"/>
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        <balance>385000.00000000</balance>
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        <curCd>USD</curCd>
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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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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TEMPE AZ INDL DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>TEMPE IDA 4% 12/1/2046</title>
        <cusip>87972MBS0</cusip>
        <identifiers>
          <isin value="US87972MBS08"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>823504.60000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <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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        <valUSD>503319.20000000</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>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>PINAL CNTY AZ UNI SCH DIST NO 20 MARICOPA</name>
        <lei>N/A</lei>
        <title>PINAL CNTY AZ U 5% 7/1/2036</title>
        <cusip>72220EFE7</cusip>
        <identifiers>
          <isin value="US72220EFE77"/>
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        <balance>625000.00000000</balance>
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        <valUSD>687450.88000000</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>STUDENT and ACADEMIC SVCS LLC ARIZ LEASE REV</name>
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        <title>STUDENT and ACADEM 5% 6/1/2039</title>
        <cusip>86386TBK4</cusip>
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          <isin value="US86386TBK43"/>
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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>2039-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO INDL TOURIST EDL MED and ENVIRONMENTAL CTL FACS FING AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>PR AFICA HOSP 5% 7/1/2027</title>
        <cusip>74527EFH6</cusip>
        <identifiers>
          <isin value="US74527EFH62"/>
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        <balance>260000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>PIMA CNTY AZ USD NO 1 TUCSON</name>
        <lei>N/A</lei>
        <title>PIMA CO AZ USD 5% 7/1/2042</title>
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          <isin value="US721799J706"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
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        <cusip>985900EN5</cusip>
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          <isin value="US985900EN51"/>
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        <name>MARICOPA CNTY AZ CHANDLER UNIFIED SCHOOL DISTRICT#80</name>
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        <title>CHANDLER USD#80 3% 7/1/2038</title>
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          <isin value="US567389ZC89"/>
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        <name>GLENDALE AZ UN HI SCH DST 205</name>
        <lei>N/A</lei>
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        <cusip>378334PD2</cusip>
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        <name>PINAL CNTY AZ UNI SCH DIST NO 20 MARICOPA</name>
        <lei>N/A</lei>
        <title>PINAL CNTY AZ U 5% 7/1/2030</title>
        <cusip>72220EEY4</cusip>
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          <isin value="US72220EEY41"/>
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        <balance>340000.00000000</balance>
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        <name>SCOTTSDALE AZ USD #48</name>
        <lei>N/A</lei>
        <title>MARICOPA USD 48 5% 7/1/2033</title>
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      <invstOrSec>
        <name>GLENDALE AZ UN HI SCH DST 205</name>
        <lei>N/A</lei>
        <title>GLENDALE AZ SD 5% 7/1/2035</title>
        <cusip>378334QK5</cusip>
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          <isin value="US378334QK54"/>
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        <balance>500000.00000000</balance>
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      <invstOrSec>
        <name>PUERTO RICO COMWLTH</name>
        <lei>N/A</lei>
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        <cusip>74514L3J4</cusip>
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        <balance>365000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>MARICOPA C 4% 9/1/2051</title>
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          <isin value="US56678PBM86"/>
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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>
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          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>ARIZONA INDL DL 4% 2/1/2050</title>
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          <isin value="US04052EAY41"/>
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        <curCd>USD</curCd>
        <valUSD>1649514.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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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>
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          <isin value="US567137P992"/>
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        <curCd>USD</curCd>
        <valUSD>1024745.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>QUEEN CREEK AZ EXCISE TAX and ST SHARED REV</name>
        <lei>N/A</lei>
        <title>QUEEN CRK AZ 5% 8/1/2039</title>
        <cusip>74823YGW9</cusip>
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          <isin value="US74823YGW93"/>
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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>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TEMPE AZ EXCISE TAX REV</name>
        <lei>N/A</lei>
        <title>TEMPE AZ EX TAX 5% 7/1/30</title>
        <cusip>87971HKE3</cusip>
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          <isin value="US87971HKE35"/>
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        <curCd>USD</curCd>
        <valUSD>330142.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>QUEEN CREEK AZ EXCISE TAX and ST SHARED REV</name>
        <lei>N/A</lei>
        <title>QUEEN CRK AZ 5% 8/1/2040</title>
        <cusip>74823YGX7</cusip>
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          <isin value="US74823YGX76"/>
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        <curCd>USD</curCd>
        <valUSD>376329.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHOENIX CIVIC IMPROVEMENT CORP</name>
        <lei>N/A</lei>
        <title>PHOENIX CIVIC I 5% 7/1/2029</title>
        <cusip>718846AQ1</cusip>
        <identifiers>
          <isin value="US718846AQ13"/>
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        <balance>185000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>196535.79000000</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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      <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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        <curCd>USD</curCd>
        <valUSD>650416.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      <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>380694.64000000</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>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>MARICOPA CNTY AZ IDA REV</name>
        <lei>N/A</lei>
        <title>MARICOPA IDA(BANNER HLTH SYS) 3% 1/1/49</title>
        <cusip>56682HCZ0</cusip>
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          <isin value="US56682HCZ01"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</annualizedRt>
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      <invstOrSec>
        <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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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>ARIZONA INDL DEV AUTH HOSP REV</name>
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        <title>PHX CHILDRENS HOSP 19A L=TD V1</title>
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          <isin value="US04052EAC21"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-01</maturityDt>
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        <name>SCOTTSDALE AZ USD #48</name>
        <lei>N/A</lei>
        <title>SCOTTSDALE AZ U 4% 7/1/2034</title>
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          <isin value="US567288VS12"/>
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        <name>PHOENIX UHSD #210</name>
        <lei>N/A</lei>
        <title>PHOENIX UHSD #2 5% 7/1/2034</title>
        <cusip>567505QR6</cusip>
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          <isin value="US567505QR66"/>
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        <name>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>YAVAPAI AZ IDA 4% 8/1/2043</title>
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          <isin value="US985900ET22"/>
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        <name>MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>MARICOPA C 3% 9/1/2051</title>
        <cusip>56678PBL0</cusip>
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          <isin value="US56678PBL04"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PARADISE VLY USD AZ #69</name>
        <lei>N/A</lei>
        <title>PARADISE VLY SD 3% 7/1/2034</title>
        <cusip>567373J71</cusip>
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          <isin value="US567373J715"/>
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        <balance>265000.00000000</balance>
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        <valUSD>245474.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.03000000</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>PUERTO RICO INDL TOURIST EDL MED and ENVIRONMENTAL CTL FACS FING AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>PR AFICA HOSP 4% 7/1/2041</title>
        <cusip>74527EFX1</cusip>
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          <isin value="US74527EFX13"/>
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        <curCd>USD</curCd>
        <valUSD>42842.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA GAME and FISH DEPT and COMMN BENIFICAL INT CTFS</name>
        <lei>N/A</lei>
        <title>AZ GAME and FISH DEPT and COMMN BENIFICIAL INT CTFS AGF ADMINISTRATION BLDG PROJ</title>
        <cusip>04051JAZ1</cusip>
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          <isin value="US04051JAZ12"/>
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        <curCd>USD</curCd>
        <valUSD>470491.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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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>
        <cusip>56678PAL1</cusip>
        <identifiers>
          <isin value="US56678PAL13"/>
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        <balance>275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>285783.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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>508178.30000000</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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>ARIZONA INDL DA 4% 9/1/2046</title>
        <cusip>04052HBG5</cusip>
        <identifiers>
          <isin value="US04052HBG56"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>873108.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</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>APACHE CNTY ARIZ UNI SCH DISTNO 8 WINDOW ROCK IMPACT AID REV</name>
        <lei>N/A</lei>
        <title>APACH AZ 03745T 5% 7/1/2035</title>
        <cusip>03745TBH2</cusip>
        <identifiers>
          <isin value="US03745TBH23"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>530607.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</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>
        <name>BUCKEYE ARIZ UN HIGH SCH DIST NO 201</name>
        <lei>N/A</lei>
        <title>BUCKEYE AZ SD 5% 7/1/2029</title>
        <cusip>118106KN2</cusip>
        <identifiers>
          <isin value="US118106KN20"/>
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        <balance>425000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>456535.81000000</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>2029-07-01</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>MARICOPA CNTY ARIZ SPL HEALTH CARE DIST</name>
        <lei>N/A</lei>
        <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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        <curCd>USD</curCd>
        <valUSD>1030560.90000000</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLENDALE AZ UN HI SCH DST 205</name>
        <lei>N/A</lei>
        <title>GLENDALE AZ SD 4% 7/1/2039</title>
        <cusip>378334PE0</cusip>
        <identifiers>
          <isin value="US378334PE04"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>951037.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIRGIN ISLANDS TRANSPORTATION and INFRASTRUCTURE CORP</name>
        <lei>N/A</lei>
        <title>VIRGIN ILSD TRI 5% 9/1/2033</title>
        <cusip>927686AJ4</cusip>
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          <isin value="US927686AJ46"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>234813.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>MARICOPA CNTY AZ IDA SR LIVING</name>
        <lei>N/A</lei>
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          <isin value="US56682PBT75"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05750000</annualizedRt>
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      <invstOrSec>
        <name>APACHE CNTY ARIZ UNI SCH DISTNO 8 WINDOW ROCK IMPACT AID REV</name>
        <lei>N/A</lei>
        <title>APACH AZ 03745T 5% 7/1/2036</title>
        <cusip>03745TBJ8</cusip>
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          <isin value="US03745TBJ88"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <name>ARIZONA INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>ARIZONA INDL DL 3% 2/1/2045</title>
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          <isin value="US04052EAX67"/>
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        <name>SALT RIVER PROJ AZ AGRIC and PWR</name>
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          <isin value="US79574CFL28"/>
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        <fairValLevel>2</fairValLevel>
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        <name>PHOENIX-MESA GATEWAY ARPT AUTH ARIZ SPL FAC REV</name>
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        <title>PHOENIX-MESA ARPT AZ 5 7/1/27@</title>
        <cusip>71910EAM1</cusip>
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      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>ARIZONA INDL DA 4% 9/1/2035</title>
        <cusip>04052HBA8</cusip>
        <identifiers>
          <isin value="US04052HBA86"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      <invstOrSec>
        <name>ARIZONA ST UNIV REVS</name>
        <lei>N/A</lei>
        <title>ARIZONA ST UIV 5% 7/1/2039</title>
        <cusip>040664AP9</cusip>
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          <isin value="US040664AP95"/>
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        <valUSD>403677.96000000</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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      </invstOrSec>
      <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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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PHOENIX AZ INDL DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>PHOENIX IDA STU 5% 7/1/2036</title>
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          <isin value="US71885DEA63"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Fidelity Revere Street Trust</name>
        <lei>549300BDV45LJNXBZC55</lei>
        <title>Fidelity Municipal Cash Central Fund</title>
        <cusip>31635A204</cusip>
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          <isin value="US31635A2042"/>
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        <valUSD>1250281.20000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIZONA ST UNIV REVS</name>
        <lei>N/A</lei>
        <title>AZ ST UNIV 5% 7/1/2040</title>
        <cusip>0406636M3</cusip>
        <identifiers>
          <isin value="US0406636M37"/>
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        <balance>510000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>521682.77000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>2019064.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLENDALE ARIZ INDL DEV AUTH SR LIVING FACS REV</name>
        <lei>N/A</lei>
        <title>GLENDALE AZ ID 5% 5/15/2056</title>
        <cusip>378287BA3</cusip>
        <identifiers>
          <isin value="US378287BA35"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>832996.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOLLESON AZ UHSD #214</name>
        <lei>N/A</lei>
        <title>MARICOPA AZ SD4 5% 7/1/2031</title>
        <cusip>567527SL1</cusip>
        <identifiers>
          <isin value="US567527SL15"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>361842.32000000</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>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>
        <name>GOODYEAR ARIZ WTR and SWR REV</name>
        <lei>N/A</lei>
        <title>GOODY AZ 382900 5% 7/1/2036</title>
        <cusip>382900FX1</cusip>
        <identifiers>
          <isin value="US382900FX17"/>
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        <balance>1420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1580639.35000000</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>2036-07-01</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>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>YAVAPAI AZ IDA 5% 8/1/2025</title>
        <cusip>985900EL9</cusip>
        <identifiers>
          <isin value="US985900EL95"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400855.12000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MESA AZ UTIL SYS REV</name>
        <lei>N/A</lei>
        <title>MESA AZ UTIL 4% 7/1/2035</title>
        <cusip>590545T90</cusip>
        <identifiers>
          <isin value="US590545T908"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1007492.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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      <invstOrSec>
        <name>BULLHEAD CITY ARIZ EXCISE TAXES REV</name>
        <lei>N/A</lei>
        <title>BULLHEAD CITY 2.30% 7/1/2041</title>
        <cusip>12022MBA7</cusip>
        <identifiers>
          <isin value="US12022MBA71"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>682660.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02300000</annualizedRt>
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        <name>PHOENIX AZ CVC IMP COR WSTWTR</name>
        <lei>N/A</lei>
        <title>PHX CVC SWR 5% 7/1/33</title>
        <cusip>71883PKR7</cusip>
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          <isin value="US71883PKR72"/>
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        <balance>1000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>PUERTO RICO INDL TOURIST EDL MED and ENVIRONMENTAL CTL FACS FING AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>PR AFICA HOSP 5% 7/1/2032</title>
        <cusip>74527EFN3</cusip>
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          <isin value="US74527EFN31"/>
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      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>ARIZONA INDL DE 3.625% 5/20/2033</title>
        <cusip>04052ABH8</cusip>
        <identifiers>
          <isin value="US04052ABH86"/>
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        <valUSD>1501906.18000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-20</maturityDt>
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          <annualizedRt>0.03625000</annualizedRt>
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        <name>PINAL CNTY AZ UNI SCH DIST NO 20 MARICOPA</name>
        <lei>N/A</lei>
        <title>PINAL CNTY AZ U 5% 7/1/2031</title>
        <cusip>72220EEZ1</cusip>
        <identifiers>
          <isin value="US72220EEZ16"/>
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        <balance>225000.00000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO COMWLTH</name>
        <lei>N/A</lei>
        <title>PR ST 0% 7/1/2033</title>
        <cusip>74514L3R6</cusip>
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          <isin value="US74514L3R62"/>
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        <balance>435874.00000000</balance>
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        <valUSD>294915.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>QUEEN CREEK AZ EXCISE TAX and ST SHARED REV</name>
        <lei>N/A</lei>
        <title>QUEEN CRK AZ 5% 8/1/2037</title>
        <cusip>74823YGU3</cusip>
        <identifiers>
          <isin value="US74823YGU38"/>
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        <balance>135000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>148745.03000000</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>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH LEASE REV</name>
        <lei>N/A</lei>
        <title>ARIZONA INDL DA 4% 9/1/2036</title>
        <cusip>04052HBB6</cusip>
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          <isin value="US04052HBB69"/>
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        <curCd>USD</curCd>
        <valUSD>347088.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHX CVC APT REV 4% 7/1/2037 @</title>
        <cusip>71883MPV0</cusip>
        <identifiers>
          <isin value="US71883MPV09"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1674502.55000000</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>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>QUEEN CREEK AZ EXCISE TAX and ST SHARED REV</name>
        <lei>N/A</lei>
        <title>QUEEN CRK AZ 5% 8/1/2030</title>
        <cusip>74823YGT6</cusip>
        <identifiers>
          <isin value="US74823YGT64"/>
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        <balance>235000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>257728.21000000</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>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PHOENIX AZ CVC IMP CRP APR REV</name>
        <lei>N/A</lei>
        <title>PHX CVC APT REV 5% 7/1/2033 @</title>
        <cusip>71883MKZ6</cusip>
        <identifiers>
          <isin value="US71883MKZ67"/>
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        <balance>25000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25380.09000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>ARIZONA INDL DL 5% 2/1/2040</title>
        <cusip>04052EAW8</cusip>
        <identifiers>
          <isin value="US04052EAW84"/>
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        <balance>700000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>715897.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GLENDALE AZ USD #40</name>
        <lei>N/A</lei>
        <title>GLENDALE AZ USD 2% 7/1/2035</title>
        <cusip>567201PS1</cusip>
        <identifiers>
          <isin value="US567201PS14"/>
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        <balance>2050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1575365.55000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.02000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>
        <identifiers>
          <isin value="US378286JQ22"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>211590.83000000</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>0.04000000</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 INDL DEV AUTH STUDENT HSG REV</name>
        <lei>N/A</lei>
        <title>PHOENIX IDA STU 5% 07/01/42</title>
        <cusip>71885DDH2</cusip>
        <identifiers>
          <isin value="US71885DDH26"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1437979.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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        <securityLending>
          <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% 1/1/2035</title>
        <cusip>79574CDV2</cusip>
        <identifiers>
          <isin value="US79574CDV28"/>
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        <balance>395000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>421634.18000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>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"/>
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        <balance>2015000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2059019.29000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>PINAL CNTY AZ UNI SCH DIST NO 20 MARICOPA</name>
        <lei>N/A</lei>
        <title>PINAL CNTY AZ U 5% 7/1/2034</title>
        <cusip>72220EFC1</cusip>
        <identifiers>
          <isin value="US72220EFC12"/>
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        <balance>275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>304987.84000000</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>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>YAVAPAI CNTY AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>YAVAPAI AZ IDA 5% 8/1/36</title>
        <cusip>985900EE5</cusip>
        <identifiers>
          <isin value="US985900EE52"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>BUCKEYE ARIZ UN HIGH SCH DIST NO 201</name>
        <lei>N/A</lei>
        <title>BUCKEYE AZ SD 5% 7/1/2031</title>
        <cusip>118106KQ5</cusip>
        <identifiers>
          <isin value="US118106KQ50"/>
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        <balance>700000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>CHANDLER AZ INDL DEVE AUTH IDR</name>
        <lei>N/A</lei>
        <title>CHANDLER AZ IDR(INTEL) 5% 9/1/27MT@</title>
        <cusip>158862CB6</cusip>
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          <isin value="US158862CB65"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
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          <annualizedRt>0.05000000</annualizedRt>
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      <invstOrSec>
        <name>PINAL CNTY AZ UNI SCH DIST NO 20 MARICOPA</name>
        <lei>N/A</lei>
        <title>PINAL CNTY AZ U 5% 7/1/2033</title>
        <cusip>72220EFB3</cusip>
        <identifiers>
          <isin value="US72220EFB39"/>
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        <balance>225000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
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      <invstOrSec>
        <name>MARICOPA CNTY AZ SCH DIST #3 TEMPE ELEM</name>
        <lei>N/A</lei>
        <title>MARICOPA AZ SD3 5% 7/1/2039</title>
        <cusip>566880YF1</cusip>
        <identifiers>
          <isin value="US566880YF18"/>
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        <balance>400000.00000000</balance>
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          <maturityDt>2039-07-01</maturityDt>
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      <invstOrSec>
        <name>PIMA CNTY AZ INDL DEV AUTH REV</name>
        <lei>N/A</lei>
        <title>PIMA AZ IDA 4% 4/1/2046</title>
        <cusip>721901KW5</cusip>
        <identifiers>
          <isin value="US721901KW50"/>
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        <balance>3000000.00000000</balance>
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        <valUSD>2578827.00000000</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>2046-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.04000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MCALLISTER ACADEMIC VLG AZ LLC</name>
        <lei>N/A</lei>
        <title>MCALLISTER ACAD 5% 7/1/38</title>
        <cusip>579173CN3</cusip>
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          <isin value="US579173CN39"/>
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        <balance>3850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3880710.30000000</valUSD>
        <pctVal>3.333170439558</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>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>SALT RIVER PROJ AZ AGRIC and PWR</name>
        <lei>N/A</lei>
        <title>SALT RIVER AZ 5.25% 1/1/53</title>
        <cusip>79574CFR9</cusip>
        <identifiers>
          <isin value="US79574CFR97"/>
        </identifiers>
        <balance>1400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1452988.04000000</valUSD>
        <pctVal>1.247982046987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.05250000</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>COCONINO CNTY AZ POLL CTL CORP</name>
        <lei>N/A</lei>
        <title>COCONINO AZ PC 4.125% 9/1/2032 @</title>
        <cusip>191855BN4</cusip>
        <identifiers>
          <isin value="US191855BN47"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999254.60000000</valUSD>
        <pctVal>0.858267079176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.04125000</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>PUERTO RICO COMWLTH</name>
        <lei>N/A</lei>
        <title>PR ST 5.625% 7/1/2029</title>
        <cusip>74514L3H8</cusip>
        <identifiers>
          <isin value="US74514L3H80"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>157163.99000000</valUSD>
        <pctVal>0.134989299673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>0.05625000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="As of March 2025, monthly returns presented in Item B.5.a. have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-30</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>
