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        <name>DENVER CITY &amp; CNTY CO</name>
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          <isin value="US249164PP33"/>
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        <name>FORT LAUDERDALE FL WTR &amp; SWR R</name>
        <lei>N/A</lei>
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          <isin value="US347658WB84"/>
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        <valUSD>1337069.80000000</valUSD>
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          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK CITY NY TRANSITIONAL</name>
        <lei>N/A</lei>
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        <cusip>64971XDL9</cusip>
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          <isin value="US64971XDL91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW YORK NY</name>
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          <maturityDt>2025-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>N TX TOLLWAY AUTH REVENUE</name>
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        <name>NEW YORK NY</name>
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          <isin value="US64966LS772"/>
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          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MAINE ST TURNPIKE AUTH</name>
        <lei>N/A</lei>
        <title>Maine Turnpike Authority</title>
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          <isin value="US560551GL13"/>
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        <name>WISCONSIN ST</name>
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          <isin value="US97705L6X01"/>
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        <name>ROBERTSON CNTY TN</name>
        <lei>N/A</lei>
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          <isin value="US770570Y866"/>
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        <name>MILWAUKEE WI SEWERAGE REVENUE</name>
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        <name>GILBERT AZ</name>
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        <name>HOUSTON TX UTILITY SYS REVENUE</name>
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          <isin value="US44244CXG76"/>
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        <name>BALTIMORE MD REVENUE</name>
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          <isin value="US059231L328"/>
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          <maturityDt>2042-09-01</maturityDt>
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        <name>COLUMBUS OH SWR REVENUE</name>
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          <isin value="US199561GF24"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2026-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US60412AGN72"/>
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        <balance>2000000.00000000</balance>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US57582RJT41"/>
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        <name>JOHNSON CNTY KS WTR DIST #1 WT</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CENTRL FL EXPRESSWAY AUTH SR L</name>
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          <isin value="US153476DT06"/>
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        <curCd>USD</curCd>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>HAMILTON OH WSTWTR SYS REVENUE</name>
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          <isin value="US407837ES83"/>
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        <valUSD>1412840.00000000</valUSD>
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          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>MESA AZ UTILITY SYS REVENUE</name>
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          <isin value="US590545XB02"/>
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        <name>MECKLENBURG CNTY NC</name>
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        <name>MESA AZ UTILITY SYS REVENUE</name>
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        <name>GREENWOOD SC MET DIST</name>
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      <invstOrSec>
        <name>ILLINOIS ST MUNI ELEC AGY PWR</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York NY</title>
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        <name>WISCONSIN ST ENVRNMNTL IMPT FU</name>
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        <title>State of Wisconsin Environmental Improvement Fund Revenue</title>
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        <curCd>USD</curCd>
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          <maturityDt>2022-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>FLORIDA ST BRD OF EDU PUBLIC E</name>
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        <curCd>USD</curCd>
        <valUSD>1096749.00000000</valUSD>
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          <maturityDt>2024-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>BIRMINGHAM AL WTRWKS BRD WTR R</name>
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        <title>Water Works Board of the City of Birmingham/The</title>
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          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CENTRL UT WTR CONSERVANCY DIST</name>
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        <title>Central Utah Water Conservancy District</title>
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          <isin value="US15567RBB87"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>614790.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>METRO OR</name>
        <lei>N/A</lei>
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        <balance>825000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-06-01</maturityDt>
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        <name>NORTHEAST OH REGL SWR DIST</name>
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          <maturityDt>2043-11-15</maturityDt>
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        <name>MANSFIELD TX INDEP SCH DIST</name>
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        <title>Mansfield Independent School District</title>
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          <maturityDt>2028-02-15</maturityDt>
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        <name>HONOLULU CITY &amp; CNTY HI</name>
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          <maturityDt>2040-08-01</maturityDt>
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        <name>BALTIMORE MD PROJ REVENUE</name>
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          <isin value="US05922KE548"/>
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          <maturityDt>2044-07-01</maturityDt>
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        <name>NEW YORK ST DORM AUTH SALES TA</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>MIAMI BEACH FL WTR &amp; SWR REVEN</name>
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        <name>FORSYTH CNTY GA WTR &amp; SEWERAGE</name>
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        <name>HONOLULU CITY &amp; CNTY HI</name>
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        <name>SAN ANTONIO TX WTR REVENUE</name>
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        <name>NEW YORK ST DORM AUTH ST PERSO</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <balance>2950000.00000000</balance>
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          <maturityDt>2028-02-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTHEAST OH REGL SWR DIST</name>
        <lei>N/A</lei>
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          <isin value="US663903HX31"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-11-15</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PORTLAND OR REVENUE</name>
        <lei>N/A</lei>
        <title>City of Portland OR</title>
        <cusip>736740TQ4</cusip>
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          <isin value="US736740TQ45"/>
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        <curCd>USD</curCd>
        <valUSD>5038960.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TEXAS CITY TX INDEP SCH DIST</name>
        <lei>N/A</lei>
        <title>Texas City Independent School District/TX</title>
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          <isin value="US882270VA64"/>
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        <curCd>USD</curCd>
        <valUSD>525780.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KNOXVILLE TN ELEC REVENUE</name>
        <lei>N/A</lei>
        <title>City of Knoxville TN Electric System Revenue</title>
        <cusip>499746YK5</cusip>
        <identifiers>
          <isin value="US499746YK50"/>
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        <balance>705000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>769105.65000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MIAMI-DADE CNTY FL WTR &amp; SWR R</name>
        <lei>N/A</lei>
        <title>County of Miami-Dade FL Water &amp; Sewer System Revenue</title>
        <cusip>59334DLV4</cusip>
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          <isin value="US59334DLV46"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1158040.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLEGHENY CNTY PA SAN AUTH</name>
        <lei>N/A</lei>
        <title>Allegheny County Sanitary Authority</title>
        <cusip>017357C36</cusip>
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          <isin value="US017357C362"/>
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        <balance>1200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1362660.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MET SAINT LOUIS MO SWR DIST WS</name>
        <lei>N/A</lei>
        <title>Metropolitan St Louis Sewer District</title>
        <cusip>592481JD8</cusip>
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          <isin value="US592481JD83"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2232400.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MONTGOMERY CNTY MD</name>
        <lei>549300GNX5SDUEBKPK13</lei>
        <title>County of Montgomery MD</title>
        <cusip>61334PAP8</cusip>
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          <isin value="US61334PAP80"/>
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        <balance>2365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3092426.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HARRIS CNTY TX</name>
        <lei>549300G9BRP25M0W1S40</lei>
        <title>County of Harris TX</title>
        <cusip>414005VC9</cusip>
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          <isin value="US414005VC90"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>684186.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DIST OF COLUMBIA WTR &amp; SWR AUT</name>
        <lei>549300OT2FIJQJ5PSH71</lei>
        <title>District of Columbia Water &amp; Sewer Authority</title>
        <cusip>254845QF0</cusip>
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          <isin value="US254845QF07"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2321560.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BALTIMORE CNTY MD</name>
        <lei>N/A</lei>
        <title>County of Baltimore MD</title>
        <cusip>05914F4E7</cusip>
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          <isin value="US05914F4E72"/>
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        <balance>665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>747859.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASON OH</name>
        <lei>N/A</lei>
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        <cusip>575294RG0</cusip>
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        <balance>680000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>713809.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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        <name>MAINE ST MUNI BOND BANK</name>
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        <title>Maine Municipal Bond Bank</title>
        <cusip>56045RHP7</cusip>
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          <isin value="US56045RHP73"/>
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        <balance>570000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>598215.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>YAVAPAI CNTY AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Industrial Development Authority of the County of Yavapai/The</title>
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          <isin value="US985900CR83"/>
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        <valUSD>465253.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KING CNTY WA SWR REVENUE</name>
        <lei>N/A</lei>
        <title>County of King WA Sewer Revenue</title>
        <cusip>495289Y20</cusip>
        <identifiers>
          <isin value="US495289Y206"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2162380.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MENTOR OH</name>
        <lei>N/A</lei>
        <title>City of Mentor OH</title>
        <cusip>587210Z32</cusip>
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          <isin value="US587210Z323"/>
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        <balance>810000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>862358.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MIDDLETOWN OH CITY SCH DIST</name>
        <lei>N/A</lei>
        <title>Middletown City School District/OH</title>
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        <identifiers>
          <isin value="US597137GS11"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1117680.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHARLOTTE NC</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>City of Charlotte NC</title>
        <cusip>161035KV1</cusip>
        <identifiers>
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        <name>NEW YORK CITY NY TRANSITIONAL</name>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission</title>
        <cusip>709224HA0</cusip>
        <identifiers>
          <isin value="US709224HA07"/>
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        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1359024.00000000</valUSD>
        <pctVal>0.538288626849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</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>AURORA IL WTRWKS &amp; SWR REVENUE</name>
        <lei>N/A</lei>
        <title>City of Aurora IL Waterworks &amp; Sewerage Revenue</title>
        <cusip>051690FD2</cusip>
        <identifiers>
          <isin value="US051690FD24"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>527230.00000000</valUSD>
        <pctVal>0.208827741624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-01</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>SCOTTSDALE AZ WTR &amp; SWR REVENU</name>
        <lei>N/A</lei>
        <title>City of Scottsdale AZ Water &amp; Sewer Revenue</title>
        <cusip>810526MU4</cusip>
        <identifiers>
          <isin value="US810526MU49"/>
        </identifiers>
        <balance>1130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1241531.00000000</valUSD>
        <pctVal>0.491751446023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</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>ALASKA ST MUNI BOND BANK AUTH</name>
        <lei>N/A</lei>
        <title>Alaska Municipal Bond Bank Authority</title>
        <cusip>01179P2U0</cusip>
        <identifiers>
          <isin value="US01179P2U02"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535860.00000000</valUSD>
        <pctVal>0.212245952671</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-09-01</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>TRIBOROUGH NY BRIDGE &amp; TUNNEL</name>
        <lei>54930020ZN4LQF7K3456</lei>
        <title>Triborough Bridge &amp; Tunnel Authority</title>
        <cusip>89602NH23</cusip>
        <identifiers>
          <isin value="US89602NH237"/>
        </identifiers>
        <balance>2805000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3130155.60000000</valUSD>
        <pctVal>1.239806772911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-15</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>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>649907QR6</cusip>
        <identifiers>
          <isin value="US649907QR66"/>
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        <balance>860000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>984657.00000000</valUSD>
        <pctVal>0.390007582241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>MARICOPA CNTY AZ UNIF SCH DIST</name>
        <lei>549300BQUWR69ZZ87I66</lei>
        <title>Maricopa County Unified School District No 89-Dysart/AZ</title>
        <cusip>567423MB1</cusip>
        <identifiers>
          <isin value="US567423MB18"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1170190.00000000</valUSD>
        <pctVal>0.463494366731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>N TX TOLLWAY AUTH REVENUE</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>North Texas Tollway Authority</title>
        <cusip>66285WUX2</cusip>
        <identifiers>
          <isin value="US66285WUX28"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2410300.00000000</valUSD>
        <pctVal>0.954682976382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</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>FRETE 2019-ML05 TRUST</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily ML Certificates</title>
        <cusip>30309HAC1</cusip>
        <identifiers>
          <isin value="US30309HAC16"/>
        </identifiers>
        <balance>488180.17770000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>552307.53000000</valUSD>
        <pctVal>0.218760567821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.40000000</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>SEATTLE WA DRAIN &amp; WSTWTR REVE</name>
        <lei>N/A</lei>
        <title>City of Seattle WA Drainage &amp; Wastewater Revenue</title>
        <cusip>812631MW6</cusip>
        <identifiers>
          <isin value="US812631MW60"/>
        </identifiers>
        <balance>2435000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2781305.70000000</valUSD>
        <pctVal>1.101632661455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BALTIMORE CNTY MD</name>
        <lei>N/A</lei>
        <title>County of Baltimore MD</title>
        <cusip>05914FY79</cusip>
        <identifiers>
          <isin value="US05914FY790"/>
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        <balance>450000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>464197.50000000</valUSD>
        <pctVal>0.183861532145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-01</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>NEW YORK CITY NY MUNI WTR FIN</name>
        <lei>N/A</lei>
        <title>New York City Water &amp; Sewer System</title>
        <cusip>64972GRD8</cusip>
        <identifiers>
          <isin value="US64972GRD87"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4349485.00000000</valUSD>
        <pctVal>1.722764504639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-15</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>MASON OH</name>
        <lei>N/A</lei>
        <title>City of Mason OH</title>
        <cusip>575294RD7</cusip>
        <identifiers>
          <isin value="US575294RD77"/>
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        <balance>640000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>643385.60000000</valUSD>
        <pctVal>0.254835198759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DIST OF COLUMBIA</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia</title>
        <cusip>25476FXW3</cusip>
        <identifiers>
          <isin value="US25476FXW30"/>
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        <balance>2750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3224595.00000000</valUSD>
        <pctVal>1.277212775268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-15</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>BEAVER AR WTR DIST BENTON &amp; WA</name>
        <lei>N/A</lei>
        <title>Beaver Water District of Benton &amp; Washington Counties</title>
        <cusip>075388ER5</cusip>
        <identifiers>
          <isin value="US075388ER58"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1013690.00000000</valUSD>
        <pctVal>0.401507109625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-11-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARLOTTE NC WTR &amp; SWR SYS REV</name>
        <lei>N/A</lei>
        <title>City of Charlotte NC Water &amp; Sewer System Revenue</title>
        <cusip>161045PF0</cusip>
        <identifiers>
          <isin value="US161045PF03"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2307040.00000000</valUSD>
        <pctVal>0.913783269233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIMA CNTY AZ SWR REVENUE</name>
        <lei>N/A</lei>
        <title>County of Pima AZ Sewer System Revenue</title>
        <cusip>721876TK6</cusip>
        <identifiers>
          <isin value="US721876TK64"/>
        </identifiers>
        <balance>530000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>554623.80000000</valUSD>
        <pctVal>0.219678006952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORFOLK VA WTR REVENUE</name>
        <lei>N/A</lei>
        <title>City of Norfolk VA Water Revenue</title>
        <cusip>656009LR6</cusip>
        <identifiers>
          <isin value="US656009LR63"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2595140.00000000</valUSD>
        <pctVal>1.027895274169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>
      <invstOrSec>
        <name>ANN ARBOR MI SWR DISP REVENUE</name>
        <lei>N/A</lei>
        <title>CITY OF ANN ARBOR MI SEWAGE DISPOSAL SYSTEM REVENUE</title>
        <cusip>035555QA2</cusip>
        <identifiers>
          <isin value="US035555QA21"/>
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        <balance>820000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>867617.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</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>
      <invstOrSec>
        <name>NEW YORK ST DORM AUTH ST PERSO</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>64990FJL9</cusip>
        <identifiers>
          <isin value="US64990FJL94"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3381000.00000000</valUSD>
        <pctVal>1.339162404327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-03-15</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>
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      </invstOrSec>
      <invstOrSec>
        <name>BRECKSVILLE-BROADVIEW HEIGHTSO</name>
        <lei>N/A</lei>
        <title>Brecksville-Broadview Heights City School District</title>
        <cusip>106691JQ2</cusip>
        <identifiers>
          <isin value="US106691JQ26"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1158770.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MASSACHUSETTS ST WTR RESOURCES</name>
        <lei>549300GBS2G3YGHOYO19</lei>
        <title>Massachusetts Water Resources Authority</title>
        <cusip>576049W55</cusip>
        <identifiers>
          <isin value="US576049W556"/>
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        <balance>970000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1408992.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>NEW YORK NY</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>City of New York NY</title>
        <cusip>64966KYW7</cusip>
        <identifiers>
          <isin value="US64966KYW79"/>
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        <balance>950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1079247.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AURORA IL WTRWKS &amp; SWR REVENUE</name>
        <lei>N/A</lei>
        <title>City of Aurora IL Waterworks &amp; Sewerage Revenue</title>
        <cusip>051690FE0</cusip>
        <identifiers>
          <isin value="US051690FE07"/>
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        <balance>625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>670587.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>MET TRANSPRTN AUTH NY REVENUE</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority</title>
        <cusip>59261AG35</cusip>
        <identifiers>
          <isin value="US59261AG351"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2217620.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>ORLANDO FL UTILITIES COMMISSIO</name>
        <lei>549300EJR7JVMRXL5D66</lei>
        <title>Orlando Utilities Commission</title>
        <cusip>686507EN0</cusip>
        <identifiers>
          <isin value="US686507EN03"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>847080.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-01</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK ST URBAN DEV CORP REV</name>
        <lei>54930039Y2EMGXN6LM88</lei>
        <title>New York State Urban Development Corp</title>
        <cusip>650035B80</cusip>
        <identifiers>
          <isin value="US650035B806"/>
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        <balance>765000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>857702.70000000</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>2024-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CULLMAN AL UTILITIES BRD WTR R</name>
        <lei>N/A</lei>
        <title>Cullman Utilities Board Water Division</title>
        <cusip>230138GZ6</cusip>
        <identifiers>
          <isin value="US230138GZ68"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1146740.00000000</valUSD>
        <pctVal>0.454206180283</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>GARFIELD/PITKIN/EAGLE CO SCH D</name>
        <lei>N/A</lei>
        <title>Garfield Pitkin &amp; Eagle Counties School District No Re-1 Roaring Fork</title>
        <cusip>365892LV8</cusip>
        <identifiers>
          <isin value="US365892LV81"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>533965.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARKANSAS ST</name>
        <lei>N/A</lei>
        <title>State of Arkansas</title>
        <cusip>041042VB5</cusip>
        <identifiers>
          <isin value="US041042VB55"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>548667.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>E-470 CO PUBLIC HIGHWAY AUTH</name>
        <lei>549300164ZV2301BC703</lei>
        <title>E-470 Public Highway Authority</title>
        <cusip>26822LMN1</cusip>
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          <isin value="US26822LMN19"/>
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        <curCd>USD</curCd>
        <valUSD>1241060.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DIST OF COLUMBIA WTR &amp; SWR AUT</name>
        <lei>549300OT2FIJQJ5PSH71</lei>
        <title>District of Columbia Water &amp; Sewer Authority</title>
        <cusip>254845MC1</cusip>
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          <isin value="US254845MC12"/>
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        <curCd>USD</curCd>
        <valUSD>1072665.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK CITY NY TRANSITIONALF</name>
        <lei>N/A</lei>
        <title>NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY FUTURE TAX SECURED REVENUE</title>
        <cusip>64971WH37</cusip>
        <identifiers>
          <isin value="US64971WH376"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2037-02-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>HONOLULU CITY &amp; CNTY HI WSTWTR</name>
        <lei>N/A</lei>
        <title>City &amp; County Honolulu HI Wastewater System Revenue</title>
        <cusip>438701A95</cusip>
        <identifiers>
          <isin value="US438701A952"/>
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        <balance>1750000.00000000</balance>
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        <valUSD>1989942.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ATLANTA GA WTR &amp; WSTWTR REVENU</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US047870RZ57"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>573063.75000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2036-11-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>DALLAS CNTY IA</name>
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        <name>NEW YORK ST DORM AUTH ST PERSO</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NORTH CAROLINA ST MED CARE COM</name>
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          <isin value="US65820HH714"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK CITY NY TRANSITIONAL</name>
        <lei>N/A</lei>
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          <isin value="US64971WAY66"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1159220.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CINCINNATI OH WTR SYS REVENUE</name>
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        <title>City of Cincinnati OH Water System Revenue</title>
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          <isin value="US172311MF67"/>
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        <curCd>USD</curCd>
        <valUSD>1236710.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>KNOXVILLE TN ELEC REVENUE</name>
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        <title>City of Knoxville TN Electric System Revenue</title>
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          <isin value="US499746E351"/>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>AUSTIN TX ELEC UTILITY SYS REV</name>
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        <title>City of Austin TX Electric Utility Revenue</title>
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          <isin value="US052414PD58"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>554080.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WASHINGTON MD SUBURBAN SAN DIS</name>
        <lei>549300EZUWNTQF827C24</lei>
        <title>Washington Suburban Sanitary Commission</title>
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          <isin value="US940157TL44"/>
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        <balance>2885000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2956836.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>JOHNSTON IA</name>
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        <title>City of Johnston IA</title>
        <cusip>479370J66</cusip>
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          <isin value="US479370J668"/>
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        <balance>520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>589872.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2023-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>AURORA CO WTR REVENUE</name>
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        <title>City of Aurora CO Water Revenue</title>
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          <isin value="US051595BH87"/>
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        <curCd>USD</curCd>
        <valUSD>2226340.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
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        <name>MISSOURI JT MUNI ELEC UTILITYC</name>
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          <isin value="US606092LN29"/>
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          <maturityDt>2027-01-01</maturityDt>
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        <name>DIST OF COLUMBIA</name>
        <lei>549300HWFOZXPKGOX654</lei>
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          <isin value="US25476FUW66"/>
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        <name>MADISON WI WTR UTILITY REVENUE</name>
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          <isin value="US558614KE23"/>
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        <name>DIST OF COLUMBIA</name>
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        <name>KANSAS CITY MO SANTN SWR SYS R</name>
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          <isin value="US48507TFJ79"/>
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        <name>NORTH READING MA</name>
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          <isin value="US661802WH79"/>
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          <maturityDt>2035-05-15</maturityDt>
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          <isin value="US59334DHW74"/>
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        <name>ALBUQUERQUE BERNALILLO CNTY NM</name>
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          <isin value="US013493GM70"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CINCINNATI OH WTR SYS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Cincinnati OH Water System Revenue</title>
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          <isin value="US172311NM00"/>
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        <curCd>USD</curCd>
        <valUSD>738925.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
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          <isin value="US649906QA58"/>
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        <curCd>USD</curCd>
        <valUSD>420000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2020-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PORTLAND ME</name>
        <lei>N/A</lei>
        <title>City of Portland ME</title>
        <cusip>736560RM7</cusip>
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          <isin value="US736560RM71"/>
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        <curCd>USD</curCd>
        <valUSD>1450802.60000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DIST OF COLUMBIA WTR &amp; SWR AUT</name>
        <lei>549300OT2FIJQJ5PSH71</lei>
        <title>District of Columbia Water &amp; Sewer Authority</title>
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          <isin value="US254845KG44"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1104390.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FAIRFAX CNTY VA SWR REVENUE</name>
        <lei>N/A</lei>
        <title>County of Fairfax VA Sewer Revenue</title>
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          <isin value="US303867JM88"/>
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        <curCd>USD</curCd>
        <valUSD>1288087.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MEMPHIS TN</name>
        <lei>549300J2762HBWE6MQ22</lei>
        <title>City of Memphis TN</title>
        <cusip>586145U36</cusip>
        <identifiers>
          <isin value="US586145U364"/>
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        <balance>1095000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1214541.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BALTIMORE MD REVENUE</name>
        <lei>N/A</lei>
        <title>City of Baltimore MD</title>
        <cusip>059231U57</cusip>
        <identifiers>
          <isin value="US059231U576"/>
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        <balance>555000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>644393.85000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OREGON ST HSG &amp; CMNTY SVCS DEP</name>
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        <title>State of Oregon Housing &amp; Community Services Department</title>
        <cusip>686087PY7</cusip>
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          <isin value="US686087PY70"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>215000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.95000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WASHINGTON CNTY OR SCH DIST #4</name>
        <lei>N/A</lei>
        <title>Washington &amp; Multnomah Counties School District No 48J Beaverton</title>
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          <isin value="US938429E940"/>
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        <curCd>USD</curCd>
        <valUSD>1035570.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2021-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PORTLAND OR SWR SYS REVENUE</name>
        <lei>N/A</lei>
        <title>CITY OF PORTLAND OR SEWER SYSTEM REVENUE</title>
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          <isin value="US736742YT84"/>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>DIST OF COLUMBIA</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia</title>
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          <isin value="US25476FMU92"/>
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        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>FRETE 2019-ML05 TRUST</name>
        <lei>N/A</lei>
        <title>Freddie Mac Multifamily ML Certificates</title>
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          <isin value="US30309HAA59"/>
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        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <debtSec>
          <maturityDt>2033-11-25</maturityDt>
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          <annualizedRt>3.35000000</annualizedRt>
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        <name>SAN ANTONIO TX WTR REVENUE</name>
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        <title>San Antonio Water System</title>
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          <isin value="US79642GHQ82"/>
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      <invstOrSec>
        <name>DIST OF COLUMBIA</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia</title>
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          <isin value="US25476FUS54"/>
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        <name>NEW YORK NY</name>
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          <maturityDt>2024-09-01</maturityDt>
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          <annualizedRt>2.50000000</annualizedRt>
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        <name>MARYLAND ST</name>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>WASHINGTON ST</name>
        <lei>549300X3TODFMUKLQ364</lei>
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        <cusip>93974DN87</cusip>
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        <curCd>USD</curCd>
        <valUSD>3205475.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BOULDER CNTY CO OPEN SPACE CAP</name>
        <lei>N/A</lei>
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          <isin value="US10146RHZ01"/>
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        <valUSD>1256260.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BALTIMORE CNTY MD</name>
        <lei>N/A</lei>
        <title>County of Baltimore MD</title>
        <cusip>05914F4F4</cusip>
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          <isin value="US05914F4F48"/>
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        <balance>730000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>852902.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DIST OF COLUMBIA INCOME TAX SE</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>District of Columbia</title>
        <cusip>25477GNG6</cusip>
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          <isin value="US25477GNG63"/>
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        <balance>515000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>549577.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-12-01</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>BALTIMORE MD REVENUE</name>
        <lei>N/A</lei>
        <title>City of Baltimore MD</title>
        <cusip>059231U40</cusip>
        <identifiers>
          <isin value="US059231U402"/>
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        <balance>765000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>891179.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>NEW ORLEANS LA SEWAGE SVC REVE</name>
        <lei>N/A</lei>
        <title>City of New Orleans LA Sewerage Service Revenue</title>
        <cusip>647719NK5</cusip>
        <identifiers>
          <isin value="US647719NK50"/>
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        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>624528.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CINCINNATI OH WTR SYS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Cincinnati OH Water System Revenue</title>
        <cusip>172311LZ3</cusip>
        <identifiers>
          <isin value="US172311LZ31"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>634160.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KNOXVILLE TN ELEC REVENUE</name>
        <lei>N/A</lei>
        <title>City of Knoxville TN Electric System Revenue</title>
        <cusip>499746YH2</cusip>
        <identifiers>
          <isin value="US499746YH22"/>
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        <balance>800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>874424.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLORIDA ST</name>
        <lei>5493004G5XFOOUT0LQ57</lei>
        <title>State of Florida</title>
        <cusip>3411505M8</cusip>
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          <isin value="US3411505M81"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2297840.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</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>
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      <invstOrSec>
        <name>OHIO ST TURNPIKE COMMISSION</name>
        <lei>N/A</lei>
        <title>Ohio Turnpike &amp; Infrastructure Commission</title>
        <cusip>67760HJF9</cusip>
        <identifiers>
          <isin value="US67760HJF91"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>771810.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CEDAR FALLS IA MUNI ELEC UTILI</name>
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        <title>City of Cedar Falls IA Electric Utility Revenue</title>
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        <identifiers>
          <isin value="US150260FQ52"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2311000.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TULSA OK MET UTILITY AUTH</name>
        <lei>N/A</lei>
        <title>Tulsa Metropolitan Utility Authority</title>
        <cusip>899656NW8</cusip>
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          <isin value="US899656NW82"/>
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        <balance>1020000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1114982.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>TOLEDO OH</name>
        <lei>549300I365GIDPR4BM68</lei>
        <title>City of Toledo OH</title>
        <cusip>889278SC2</cusip>
        <identifiers>
          <isin value="US889278SC23"/>
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        <balance>610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>621407.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TOLEDO OH WTRWKS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Toledo OH Water System Revenue</title>
        <cusip>889396MM6</cusip>
        <identifiers>
          <isin value="US889396MM65"/>
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        <balance>610000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>648240.90000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2022-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N TX MUNI WTR DIST REGL WSTWTR</name>
        <lei>N/A</lei>
        <title>NORTH TEXAS MUNICIPAL WATER DISTRICT</title>
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          <isin value="US66283AEQ58"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>OMAHA NE</name>
        <lei>N/A</lei>
        <title>City of Omaha NE</title>
        <cusip>6817124B8</cusip>
        <identifiers>
          <isin value="US6817124B80"/>
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        <balance>760000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>800530.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PORT SAINT LUCIE FL UTILITY RE</name>
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        <title>City of Port St Lucie FL Utility System Revenue</title>
        <cusip>735352LQ7</cusip>
        <identifiers>
          <isin value="US735352LQ77"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>574325.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-08-20</ncom:dateSigned>
      <ncom:nameOfApplicant>Manning &amp; Napier Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Troy M. Statczar</ncom:signature>
      <ncom:signerName>Troy M. Statczar</ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
