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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTHWEST TEX INDPT SCH DIST</name>
        <lei>N/A</lei>
        <title>Northwest Independent School District 5%, DUE 2/15/2043</title>
        <cusip>667826HB0</cusip>
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          <isin value="US667826HB08"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1149698.88000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PENNSYLVANIA HSG FIN AGY</name>
        <lei>549300JZVUPNWP77SP29</lei>
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        <cusip>708796U47</cusip>
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          <isin value="US708796U474"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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      <invstOrSec>
        <name>TEXAS ST DEPT HSG &amp; CMNTY AFFAIRS</name>
        <lei>549300J3RRLLZZN4WP77</lei>
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        <cusip>88275FRB7</cusip>
        <identifiers>
          <isin value="US88275FRB75"/>
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        <balance>915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>766241.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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      <invstOrSec>
        <name>GEORGIA ST HSG &amp; FIN AUTH</name>
        <lei>549300I628IMF9PWV724</lei>
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        <cusip>3735397Y5</cusip>
        <identifiers>
          <isin value="US3735397Y56"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>85319.15000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.60000000</annualizedRt>
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      <invstOrSec>
        <name>LOVE FIELD ARPT MODERNIZATION CORP</name>
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        <cusip>54714CBJ5</cusip>
        <identifiers>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Freddie Mac Structured Pass-Through Certificates 4.618%, Due 08/25/2041</title>
        <cusip>3137HC2E1</cusip>
        <identifiers>
          <isin value="US3137HC2E14"/>
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        <curCd>USD</curCd>
        <valUSD>5108114.27000000</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>2041-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.61700000</annualizedRt>
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      <invstOrSec>
        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Fin Auth WI Eductnl FAC Rev 5.625% Due 06/01/2050</title>
        <cusip>74443DGD7</cusip>
        <identifiers>
          <isin value="US74443DGD75"/>
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        <balance>5750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5632945.53000000</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>2050-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <name>SAN ANTONIO TEX</name>
        <lei>5493002G2FEH20Q4GQ04</lei>
        <title>SAN ANTONIO TEX ELEC &amp; GAS REV VAR Due 12/1/2045</title>
        <cusip>79625GDH3</cusip>
        <identifiers>
          <isin value="US79625GDH39"/>
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        <balance>1770000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1708810.57000000</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>2045-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.12500000</annualizedRt>
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      <invstOrSec>
        <name>NOBLESVILLE IND HIGH SCH BLDG CORP</name>
        <lei>N/A</lei>
        <title>NOBLESVILLE IND HIGH SCH BLDG CORP 6%, Due 1/15/2043</title>
        <cusip>655158HM8</cusip>
        <identifiers>
          <isin value="US655158HM81"/>
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        <balance>830000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>923049.72000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>CONNECTICUT ST HSG FIN AUTH</name>
        <lei>5493003DXX0NRJKSH186</lei>
        <title>Connecticut ST HSG Fin Auth. 3.50% Due 05/15/2040</title>
        <cusip>20775CCZ5</cusip>
        <identifiers>
          <isin value="US20775CCZ59"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>43664.31000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>WINK-LOVING TEX INDPT SCH DIST</name>
        <lei>N/A</lei>
        <title>Wink-Loving Independent School District 5%, Due 2/15/2034</title>
        <cusip>974170EU2</cusip>
        <identifiers>
          <isin value="US974170EU26"/>
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        <balance>375000.00000000</balance>
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        <valUSD>379452.86000000</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>2034-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW YORK ST HSG FIN AGY</name>
        <lei>5493000LS7KCDB02O506</lei>
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        <cusip>64987JGU9</cusip>
        <identifiers>
          <isin value="US64987JGU97"/>
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        <balance>500000.00000000</balance>
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        <valUSD>351384.90000000</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>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.35000000</annualizedRt>
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        <name>JACKSON CNTY MO CONS SCH DIST NO 4</name>
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        <cusip>467484SW2</cusip>
        <identifiers>
          <isin value="US467484SW24"/>
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        <valUSD>447363.36000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <name>EHOVE OHIO JT VOCATIONAL SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>282407BY0</cusip>
        <identifiers>
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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>5.50000000</annualizedRt>
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        <name>LEE CNTY FLA HSG FIN AUTH</name>
        <lei>N/A</lei>
        <title>Lee County Florida Housing Authority Due 12/01/2042</title>
        <cusip>52349HBH5</cusip>
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          <isin value="US52349HBH57"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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        <name>COLLEGE PK GA HSG AUTH</name>
        <lei>254900MBEB941P9KPB50</lei>
        <title>COLLEGE PK GA HSG AUTH MULTIFAMILY HSG VAR 04/01/2044</title>
        <cusip>194307AA2</cusip>
        <identifiers>
          <isin value="US194307AA25"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>3.44999880</annualizedRt>
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        <name>WASHINGTON ST HSG FIN COMMN</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>WASHINGTON ST HSG FIN COMMN SINGLE FAMIL 3.25% Due 12/1/2032</title>
        <cusip>93978TZC6</cusip>
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          <isin value="US93978TZC60"/>
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        <balance>885000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EHOVE OHIO JT VOCATIONAL SCH DIST</name>
        <lei>N/A</lei>
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        <cusip>282407BZ7</cusip>
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          <isin value="US282407BZ76"/>
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        <balance>880000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>938760.59000000</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>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH</name>
        <lei>5493006X47I9VG3DL112</lei>
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        <cusip>83704DAP1</cusip>
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          <isin value="US83704DAP15"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2994984.30000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-15</maturityDt>
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          <annualizedRt>3.70000080</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA ST DEPT VET AFFAIRS</name>
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        <cusip>130658NK9</cusip>
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          <isin value="US130658NK92"/>
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        <curCd>USD</curCd>
        <valUSD>87525.20000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SOUTHERN BOONE CNTY MO R-I SCH DIST</name>
        <lei>N/A</lei>
        <title>SOUTHERN BOONE CNTY MO R-I SCHDIST GO BLDG 6%, Due 3/1/2044</title>
        <cusip>842392FT4</cusip>
        <identifiers>
          <isin value="US842392FT45"/>
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        <balance>2520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2824554.35000000</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>2044-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LA PAZ CNTY ARIZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>LA PAZ CNTY INDL DEV AUTHARPT FACS 7.125% Due 11/15/2045</title>
        <cusip>50376GAD7</cusip>
        <identifiers>
          <isin value="US50376GAD79"/>
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        <balance>735000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>680545.91000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HARRIS CNTY TEX MUN UTIL DIST NO 504</name>
        <lei>N/A</lei>
        <title>Harris County Municipal Utility District No 504 3.125%, DUE 9/1/2049</title>
        <cusip>41423REQ2</cusip>
        <identifiers>
          <isin value="US41423REQ20"/>
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        <balance>225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>151599.58000000</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>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</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>NEBRASKA INVT FIN AUTH</name>
        <lei>549300OIIXIM3SRZWK33</lei>
        <title>NEBRASKA INVT FIN AUTH SINGLE FAMILY HSG 3.05%, Due 9/1/2042</title>
        <cusip>63968MUT4</cusip>
        <identifiers>
          <isin value="US63968MUT43"/>
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        <balance>635000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>494267.55000000</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>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.05000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OREGON COAST CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>Oregon Coast Community College District 0%, Due 6/15/2038</title>
        <cusip>68583NCF6</cusip>
        <identifiers>
          <isin value="US68583NCF69"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>109350.70000000</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>2038-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LONG IS PWR AUTH N Y</name>
        <lei>1R46U5SYJ63KQXF39168</lei>
        <title>LONG IS PWR AUTH N Y ELEC SYS REV .85%, Due 9/1/2050</title>
        <cusip>542691DM9</cusip>
        <identifiers>
          <isin value="US542691DM97"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>994550.60000000</valUSD>
        <pctVal>0.537149835200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.85000000</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>NOBLESVILLE IND HIGH SCH BLDG CORP</name>
        <lei>N/A</lei>
        <title>NOBLESVILLE IND HIGH SCH BLDG CORP 6%, Due 7/15/2038</title>
        <cusip>655158HK2</cusip>
        <identifiers>
          <isin value="US655158HK26"/>
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        <balance>375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>431404.31000000</valUSD>
        <pctVal>0.232998455806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>BARTOW CNTY GA DEV AUTH</name>
        <lei>5493006KLI0V8YELKW50</lei>
        <title>BARTOW CNTY GA DEV 1.800%, Due 09/01/2029</title>
        <cusip>069643BL7</cusip>
        <identifiers>
          <isin value="US069643BL77"/>
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        <balance>3900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3476823.48000000</valUSD>
        <pctVal>1.877808086691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THUNDERBIRD COLO WTR &amp; SANTN DIST</name>
        <lei>N/A</lei>
        <title>Thunderbird CO Water &amp; Sanitation District 5.25%, Due 12/1/2038</title>
        <cusip>886054BB0</cusip>
        <identifiers>
          <isin value="US886054BB03"/>
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        <balance>175000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183852.52000000</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>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>CHAFFEY CALIF UN HIGH SCH DIST</name>
        <lei>N/A</lei>
        <title>Chaffey Joint Union High School District 0%, Due 08/01/2037</title>
        <cusip>157411VS5</cusip>
        <identifiers>
          <isin value="US157411VS53"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>302444.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>NEW YORK N Y CITY HSG DEV CORP</name>
        <lei>549300SQWVHKBRF8D702</lei>
        <title>New York City Housing Development Corp 3%, Due 11/1/2039</title>
        <cusip>64972EHJ1</cusip>
        <identifiers>
          <isin value="US64972EHJ10"/>
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        <balance>395000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>324412.67000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>JACKSON CNTY MO CONS SCH DIST NO 4</name>
        <lei>N/A</lei>
        <title>Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2043</title>
        <cusip>467484SY8</cusip>
        <identifiers>
          <isin value="US467484SY89"/>
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        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275823.43000000</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>2043-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>FLORIDA ST MID-BAY BRIDGE AUTH</name>
        <lei>N/A</lei>
        <title>Mid-Bay Bridge Authority 5%, due 10/1/2035</title>
        <cusip>342814DF4</cusip>
        <identifiers>
          <isin value="US342814DF44"/>
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        <balance>1180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1185342.80000000</valUSD>
        <pctVal>0.640195370327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEBRASKA INVT FIN AUTH</name>
        <lei>549300OIIXIM3SRZWK33</lei>
        <title>Nebraska Investment Finance Authority 5%, DUE 3/1/2049</title>
        <cusip>63968M7F0</cusip>
        <identifiers>
          <isin value="US63968M7F04"/>
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        <balance>1750000.00000000</balance>
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        <name>KING CNTY WASH</name>
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        <name>PENNSYLVANIA ST HIGHER EDL FACS AUTH</name>
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        <name>TRAVIS CNTY TEX MUN UTIL DIST NO 21</name>
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        <name>FAYETTE CNTY GA DEV AUTH</name>
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        <fairValLevel>2</fairValLevel>
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        <cusip>20775HLT8</cusip>
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        <name>OSAGE CNTY MO REORG SCH DIST NO R-II</name>
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        <cusip>687654EP4</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-03-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>SUNFIELD MUN UTIL DIST NO 3 TEX</name>
        <lei>N/A</lei>
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        <cusip>867342HR1</cusip>
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          <isin value="US867342HR19"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PASADENA CALIF PUB FING AUTH </name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>GEORGIA ST HSG &amp; FIN AUTH</name>
        <lei>549300I628IMF9PWV724</lei>
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        <cusip>3735393E3</cusip>
        <identifiers>
          <isin value="US3735393E39"/>
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        <curCd>USD</curCd>
        <valUSD>236120.78000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-12-01</maturityDt>
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          <annualizedRt>3.35000000</annualizedRt>
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        <name>NEW MEXICO MTG FIN AUTH</name>
        <lei>N/A</lei>
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        <cusip>647201LH3</cusip>
        <identifiers>
          <isin value="US647201LH37"/>
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        <balance>195000.00000000</balance>
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        <valUSD>178425.92000000</valUSD>
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        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>1.70000000</annualizedRt>
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        <name>GROSSE ILE TWP MICH SCH DIST</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>MINNEWAUKAN N D PUB SCH DIST NO 5</name>
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        <name>SOUTHERN CALIF PUB PWR AUTH</name>
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        <name>LOUISVILLE &amp; JEFFERSON CNTY KY MET SWR DIST</name>
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        <cusip>546589ZR6</cusip>
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        <name>VIRGINIA ST HSG DEV AUTH</name>
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        <cusip>92812UG44</cusip>
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        <name>OREGON COAST CMNTY COLLEGE DIST</name>
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        <cusip>68583NCH2</cusip>
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        <name>HAMILTON CNTY &amp; CHATTANOOGA TENN SPORTS AUTH</name>
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        <cusip>407081AM0</cusip>
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        <name>FORT WORTH TEX</name>
        <lei>N/A</lei>
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        <issuerCat>MUN</issuerCat>
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        <name>WHITMAN CNTY WASH PUB HOSP DIST NO 1A PULLMAN</name>
        <lei>N/A</lei>
        <title>WHITMAN CNTY WASH PUB HOSP DIST NO 1A PULLMAN 5.5%, Due 12/1/2036</title>
        <cusip>966474EE4</cusip>
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      <invstOrSec>
        <name>KAUFMAN CNTY TEX MUN UTIL DIST NO 5</name>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <name>FEDERAL HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS RELATING TO MUN SECS</name>
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        <cusip>31350ADR6</cusip>
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        <name>TRIBOROUGH BRDG &amp; TUNL AUTH N Y</name>
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        <cusip>89602HAD9</cusip>
        <identifiers>
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        <name>PASADENA CALIF PUB FING AUTH </name>
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        <name>FORT WORTH TEX</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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          <maturityDt>2044-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <valUSD>245122.02000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>NORTHGLENN COLO URBAN RENEWAL AUTH</name>
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        <cusip>66644KAV0</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>JACKSON CNTY MO CONS SCH DIST NO 4</name>
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        <cusip>467484TA9</cusip>
        <identifiers>
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        <name>PENNSYLVANIA ST TPK COMMN</name>
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        <cusip>709223XV8</cusip>
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        <name>UTAH INFRASTRUCTURE AGY</name>
        <lei>549300LCGT5UXUJ1LP77</lei>
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        <cusip>917467CB6</cusip>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>VILLAGE CMNTY DEV DIST NO 7 FLA</name>
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        <cusip>92707VAP9</cusip>
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        <name>PORT GTR CINCINNATI DEV AUTH OHIO</name>
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        <cusip>734195AS9</cusip>
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        <name>INDIANA ST HSG &amp; CMNTY DEV AUTH</name>
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        <cusip>45505T2W0</cusip>
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        <name>NORTHGLENN COLO URBAN RENEWAL AUTH</name>
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        <cusip>66644KAU2</cusip>
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        <invCountry>US</invCountry>

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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>MISSOURI ST HSG DEV COMMN</name>
        <lei>5493007FBL7WCV3NKY25</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.10000000</annualizedRt>
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        <name>NEW MEXICO MTG FIN AUTH</name>
        <lei>N/A</lei>
        <title>NEW MEXICO MTG FIN AUTH MULTIFAMILY HSG REV BDS VAR, DUE 02/01/2042</title>
        <cusip>64719HEP1</cusip>
        <identifiers>
          <isin value="US64719HEP10"/>
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        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>900365.04000000</valUSD>
        <pctVal>0.486280871839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.72999960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNFIELD MUN UTIL DIST NO 3 TEX</name>
        <lei>N/A</lei>
        <title>SUNFIELD MUN UTIL 3.000%, Due 09/01/2035</title>
        <cusip>867342HQ3</cusip>
        <identifiers>
          <isin value="US867342HQ36"/>
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        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>465314.12000000</valUSD>
        <pctVal>0.251312907432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>PUBLIC FIN AUTH WIS REV AIR CARGO 5% Due 7/1/2025</title>
        <cusip>74442PYU3</cusip>
        <identifiers>
          <isin value="US74442PYU38"/>
        </identifiers>
        <balance>260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>260000.00000000</valUSD>
        <pctVal>0.140424184704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MINNESOTA ST HSG FIN AGY</name>
        <lei>549300R89XDTQBK4GE22</lei>
        <title>MINNESOTA ST HSG FIN AGY RESIDENTIAL 1.85%, Due 7/1/2032</title>
        <cusip>60416TGQ5</cusip>
        <identifiers>
          <isin value="US60416TGQ58"/>
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        <balance>470000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>402365.83000000</valUSD>
        <pctVal>0.217314975502</pctVal>
        <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>1.85000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ipmi 3 Llc</name>
        <lei>N/A</lei>
        <title>IPMI 3 LLC 3.900%, Due 12/01/2028</title>
        <cusip>44988XAA9</cusip>
        <identifiers>
          <isin value="US44988XAA90"/>
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        <balance>9000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8194523.94000000</valUSD>
        <pctVal>4.425805166595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COOL WTR MUN UTIL DIST TEX</name>
        <lei>N/A</lei>
        <title>Cool Water Municipal Utility District 7%, Due 08/15/2030</title>
        <cusip>21640ABJ7</cusip>
        <identifiers>
          <isin value="US21640ABJ79"/>
        </identifiers>
        <balance>380000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>434872.61000000</valUSD>
        <pctVal>0.234871660421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ADMINISTRATORS OF THE TULANE EDL FD LA</name>
        <lei>N/A</lei>
        <title>Administrators of the Tulane Educational Fund 5%, due 10/1/2047</title>
        <cusip>007110AB5</cusip>
        <identifiers>
          <isin value="US007110AB58"/>
        </identifiers>
        <balance>170000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>151341.29000000</valUSD>
        <pctVal>0.081738374078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HARRISONBURG VA REDEV &amp; HSG AUTH</name>
        <lei>N/A</lei>
        <title>HARRISONBURG VA REDEV &amp; HSG AUTH VAR 12/1/2027</title>
        <cusip>415690NX0</cusip>
        <identifiers>
          <isin value="US415690NX01"/>
        </identifiers>
        <balance>700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>701606.43000000</valUSD>
        <pctVal>0.378932734292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.99999960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RENDEZVOUS RESIDENTIAL MET DIST COLO</name>
        <lei>N/A</lei>
        <title>RENDEZVOUS RESIDENTIAL 2.250% Due 12/01/2031</title>
        <cusip>75969DAU6</cusip>
        <identifiers>
          <isin value="US75969DAU63"/>
        </identifiers>
        <balance>520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>461925.88000000</valUSD>
        <pctVal>0.249482942664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FLORIDA HSG FIN CORP</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLA HSG FIN CORP MULTIFAMILY VAR, DUE 5/1/2028</title>
        <cusip>34074HHJ4</cusip>
        <identifiers>
          <isin value="US34074HHJ41"/>
        </identifiers>
        <balance>360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>361322.57000000</valUSD>
        <pctVal>0.195147797336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.65000040</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK N Y</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>NEW YORK N Y GO BDS 2015 VAR 06/01/2044</title>
        <cusip>64966LU25</cusip>
        <identifiers>
          <isin value="US64966LU257"/>
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        <balance>8765000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8765000.00000000</valUSD>
        <pctVal>4.733915303590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.99999850</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>PUBLIC FIN AUTH WIS REV AIR CARGO 5% Due 7/1/2028</title>
        <cusip>74442PYX7</cusip>
        <identifiers>
          <isin value="US74442PYX76"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>517520.00000000</valUSD>
        <pctVal>0.279508938723</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHAMBERS CNTY TEX IMPT DIST NO 1</name>
        <lei>N/A</lei>
        <title>Chambers County Texas Impt Dist #1 2.0%, Due 09/01/2029</title>
        <cusip>157792MS8</cusip>
        <identifiers>
          <isin value="US157792MS87"/>
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        <balance>1455000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1318862.49000000</valUSD>
        <pctVal>0.712308422674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ORLANDO FLA UTILS COMMN</name>
        <lei>549300EJR7JVMRXL5D66</lei>
        <title>ORLANDO FLA UTILS COMMN UTIL VAR Due 10/1/2046</title>
        <cusip>686507JQ8</cusip>
        <identifiers>
          <isin value="US686507JQ88"/>
        </identifiers>
        <balance>1125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1008512.44000000</valUSD>
        <pctVal>0.544690527504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.24999920</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COLORADO EDL &amp; CULTURAL FACS AUTH</name>
        <lei>549300BJRX2FHSSZP042</lei>
        <title>Colorado Education &amp; Cultural Facilities Authorized Revenue</title>
        <cusip>19645RA76</cusip>
        <identifiers>
          <isin value="US19645RA765"/>
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        <balance>50000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44959.15000000</valUSD>
        <pctVal>0.024282123014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WAYNE CNTY MICH ARPT AUTH</name>
        <lei>N/A</lei>
        <title>WAYNE CNTY MICH ARPT AUTH REV BDS 2025 5.25%, DUE 12/01/2043</title>
        <cusip>944514S33</cusip>
        <identifiers>
          <isin value="US944514S339"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1057162.50000000</valUSD>
        <pctVal>0.570966085240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC Pass Through Due 05/25/2041</title>
        <cusip>3137HFP74</cusip>
        <identifiers>
          <isin value="US3137HFP749"/>
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        <balance>3470964.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3314789.98000000</valUSD>
        <pctVal>1.790294924644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.29900120</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WINK-LOVING TEX INDPT SCH DIST</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
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        <issuerCat>UST</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TRAVIS CNTY TEX MUN UTIL DIST NO 21</name>
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        <name>PUBLIC FIN AUTH WIS</name>
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        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
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        <cusip>74442PYV1</cusip>
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        <name>ILLINOIS HSG DEV AUTH</name>
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        <name>DOUGLAS CNTY NEB SAN &amp; IMPT DIST NO 425</name>
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        <name>PENNSYLVANIA HSG FIN AGY</name>
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        <name>LONG IS PWR AUTH N Y</name>
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        <name>SUNFIELD MUN UTIL DIST NO 3 TEX</name>
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        <name>BURKE CNTY GA DEV AUTH</name>
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        <name>PHARR TEX</name>
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        <name>PUBLIC FIN AUTH WIS</name>
        <lei>5493004S6D3NA627K012</lei>
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        <name>NEW YORK N Y CITY HSG DEV CORP</name>
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        <name>SOUTHERN CALIF PUB PWR AUTH</name>
        <lei>5493003B5TD5FWUKMD34</lei>
        <title>Southern California Power Auth Natural Gas Variable, Due 11/01/2038</title>
        <cusip>842471AZ7</cusip>
        <identifiers>
          <isin value="US842471AZ79"/>
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        <curCd>USD</curCd>
        <valUSD>5335809.96000000</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>2038-11-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GEORGIA ST HSG &amp; FIN AUTH</name>
        <lei>549300I628IMF9PWV724</lei>
        <title>Georgia Housing &amp; Finance Authority 5%, Due 12/1/2042</title>
        <cusip>37353PMD8</cusip>
        <identifiers>
          <isin value="US37353PMD86"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1280417.13000000</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>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COLUMBUS GA HSG AUTH</name>
        <lei>N/A</lei>
        <title>Columbus County Housing Authority 5%, Due 4/1/2028</title>
        <cusip>199123CN8</cusip>
        <identifiers>
          <isin value="US199123CN86"/>
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        <balance>900000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>929897.55000000</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>2028-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST HSG FIN AGY</name>
        <lei>5493000LS7KCDB02O506</lei>
        <title>NEW YORK ST HSG FIN AGY REV AFFORDABLE 1.8%, Due 11/1/2030</title>
        <cusip>64987D6B5</cusip>
        <identifiers>
          <isin value="US64987D6B56"/>
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        <balance>560000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>495350.91000000</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>2030-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.80000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury Notes</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Notes 4.875%, Due 11/30/2025</title>
        <cusip>91282CJL6</cusip>
        <identifiers>
          <isin value="US91282CJL63"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8016875.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.87500000</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>VIRGINIA SMALL BUSINESS FING AUTH</name>
        <lei>N/A</lei>
        <title>VIRGINIA SMALL BUSIN 5.000% Due 12/31/2057</title>
        <cusip>928104QL5</cusip>
        <identifiers>
          <isin value="US928104QL53"/>
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        <balance>400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>388088.52000000</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>2057-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JACKSON CNTY MO CONS SCH DIST NO 4</name>
        <lei>N/A</lei>
        <title>Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2044</title>
        <cusip>467484SZ5</cusip>
        <identifiers>
          <isin value="US467484SZ54"/>
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        <balance>525000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>577118.01000000</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>2044-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PACIFIC CNTY WASH PUB HEALTHCARE SVCS DIST NO 3</name>
        <lei>N/A</lei>
        <title>Pacific County Public Healthcare District No 3 5.25%, Due 12/1/2039</title>
        <cusip>694133CU1</cusip>
        <identifiers>
          <isin value="US694133CU10"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525931.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>WYOMING CMNTY DEV AUTH</name>
        <lei>549300UQ62NB8FGTHW65</lei>
        <title>WYOMING CMNTY DEV AUTH HSG 3.2%, Due 12/10/2041</title>
        <cusip>98322QLS4</cusip>
        <identifiers>
          <isin value="US98322QLS48"/>
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        <balance>1110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>914824.59000000</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>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.20000000</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>RHODE ISLAND HSG &amp; MTG FIN CORP</name>
        <lei>N/A</lei>
        <title>Rhode Island Housing &amp; Mortgage Finance Corp 5%, Due 4/1/2044</title>
        <cusip>76221SGH8</cusip>
        <identifiers>
          <isin value="US76221SGH85"/>
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        <balance>1450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1454859.10000000</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>2044-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KNOXVILLE TENN CMNTY DEV CORP</name>
        <lei>N/A</lei>
        <title>KNOXVILLE TENN CMNTY DEV CORP MULTIFAMILY REV  HSG VAR, DUE 12/01/2029</title>
        <cusip>499743CX8</cusip>
        <identifiers>
          <isin value="US499743CX88"/>
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        <balance>1375000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1384649.06000000</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>2029-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.49999920</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OREGON COAST CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>Oregon Coast Community College District 0%, Due 6/15/2027</title>
        <cusip>68583NBU4</cusip>
        <identifiers>
          <isin value="US68583NBU46"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103546.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>NEW YORK ST HSG FIN AGY</name>
        <lei>5493000LS7KCDB02O506</lei>
        <title>NY ST HSG FIN AGY REV AFFORDABLE 1%, Due 10/31/2061</title>
        <cusip>64987JRB9</cusip>
        <identifiers>
          <isin value="US64987JRB97"/>
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        <balance>320000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>308707.68000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.00000000</annualizedRt>
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      <invstOrSec>
        <name>ORANGE CNTY FLA HSG FIN AUTH</name>
        <lei>N/A</lei>
        <title>ORANGE CNTY FLA HSG FIN AUTH MULTIFAMILY VAR, Due 6/1/2028</title>
        <cusip>684906HV5</cusip>
        <identifiers>
          <isin value="US684906HV51"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3016587.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.35000160</annualizedRt>
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      <invstOrSec>
        <name>LEANDER TEX INDPT SCH DIST</name>
        <lei>N/A</lei>
        <title>Leander Independent School District TX 0%, DUE 08/15/2035</title>
        <cusip>521841GU4</cusip>
        <identifiers>
          <isin value="US521841GU48"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>241428.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-08-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>LA PAZ CNTY ARIZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>LA PAZ CNTY INDL DEV AUTHARPT FACS 7.000% Due 11/15/2038</title>
        <cusip>50376GAC9</cusip>
        <identifiers>
          <isin value="US50376GAC96"/>
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        <balance>1575000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1519781.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHAMBERS CNTY TEX IMPT DIST NO 1</name>
        <lei>N/A</lei>
        <title>Chambers County Texas Impt Dist #1 2.0%, Due 09/01/2027</title>
        <cusip>157792MQ2</cusip>
        <identifiers>
          <isin value="US157792MQ22"/>
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        <balance>1450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1381955.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>HAYS CNTY TEX DEV DIST NO 1</name>
        <lei>N/A</lei>
        <title>HAYS CNTY TEX DEV DIST NO 1 5%, Due 04/01/2036</title>
        <cusip>421025FU6</cusip>
        <identifiers>
          <isin value="US421025FU65"/>
        </identifiers>
        <balance>110000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>112570.27000000</valUSD>
        <pctVal>0.060798416871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHAFFEY CALIF UN HIGH SCH DIST</name>
        <lei>N/A</lei>
        <title>Chaffey Joint Union High School District 0%, Due 08/01/2036</title>
        <cusip>157411VR7</cusip>
        <identifiers>
          <isin value="US157411VR70"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>288893.75000000</valUSD>
        <pctVal>0.156029497345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CUMBERLAND CNTY N C INDL FACS &amp; POLLUTN CTL FING AUTH</name>
        <lei>N/A</lei>
        <title>CUMBERLAND CNTY N C INDL FACS  POLLUTN CTL FING VAR, DUE 12/01/2027</title>
        <cusip>230589AA1</cusip>
        <identifiers>
          <isin value="US230589AA18"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3001158.30000000</valUSD>
        <pctVal>1.620904644023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.75000120</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>KENTUCKY INC KY PUB ENERGY AUTH</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV VAR  06/01/2055</title>
        <cusip>74440DFN9</cusip>
        <identifiers>
          <isin value="US74440DFN93"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>528577.80000000</valUSD>
        <pctVal>0.285481179299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.24999880</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>NEVADA HSG DIV</name>
        <lei>N/A</lei>
        <title>NEVADA HSG DIV SINGLE FAMILY MTG REV 7%, Due 4/1/2049</title>
        <cusip>641279ZJ6</cusip>
        <identifiers>
          <isin value="US641279ZJ62"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2381134.20000000</valUSD>
        <pctVal>1.286033956563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DENVER COLO URBAN RENEWAL AUTH</name>
        <lei>54930040L61W75KRAG79</lei>
        <title>Denver Colorado Urban Renewal Authority Tax Incr 9th &amp; Co Urban Redevelopment Area</title>
        <cusip>249301FY3</cusip>
        <identifiers>
          <isin value="US249301FY38"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>871715.97000000</valUSD>
        <pctVal>0.470807709157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>PENNSYLVANIA HSG FIN AGY</name>
        <lei>549300JZVUPNWP77SP29</lei>
        <title>Pennsylvania Housing Finance Agency 3.45%, DUE 10/01/2032</title>
        <cusip>7087965V5</cusip>
        <identifiers>
          <isin value="US7087965V53"/>
        </identifiers>
        <balance>620000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>614694.97000000</valUSD>
        <pctVal>0.331992461554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.45000000</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>MARYLAND ST CMNTY DEV ADMIN DEPT HSG &amp; CMNTY DEV</name>
        <lei>549300Q5BSL77YR7NP93</lei>
        <title>MARYLAND ST CMNTY 1.0500% Due 3/1/2029</title>
        <cusip>57419TPU9</cusip>
        <identifiers>
          <isin value="US57419TPU96"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>448629.50000000</valUSD>
        <pctVal>0.242301660660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.05000000</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>JACKSON CNTY MO CONS SCH DIST NO 4</name>
        <lei>N/A</lei>
        <title>Jackson County Consolidated School District No 4 5.75%, DUE 3/1/2040</title>
        <cusip>467484SV4</cusip>
        <identifiers>
          <isin value="US467484SV41"/>
        </identifiers>
        <balance>490000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>551975.10000000</valUSD>
        <pctVal>0.298117897671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>ILLINOIS FIN AUTH</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority 5%, due 2/15/2045</title>
        <cusip>45204EPQ5</cusip>
        <identifiers>
          <isin value="US45204EPQ51"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98680.48000000</valUSD>
        <pctVal>0.053296638270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>SBH Municipal Bond Fund</ncom:nameOfApplicant>
      <ncom:signature>Daniel D. Bauer</ncom:signature>
      <ncom:signerName>Daniel D. Bauer</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
