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        <name>Las Cruces School District No 2</name>
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        <name>Lea County Public School District No 8 Eunice</name>
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        <name>University of New Mexico/The</name>
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        <name>University of New Mexico/The</name>
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        <name>New Mexico Hospital Equipment Loan Council</name>
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        <name>Central New Mexico Community College</name>
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        <name>Bernalillo Municipal School District No 1</name>
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      <invstOrSec>
        <name>City of Las Cruces NM Joint Utility Revenue</name>
        <lei>N/A</lei>
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          <isin value="US517496DN20"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
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          <isin value="US01354MGV72"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>University of New Mexico/The</name>
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        <curCd>USD</curCd>
        <valUSD>500000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
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      <invstOrSec>
        <name>City of Las Cruces NM Joint Utility Revenue</name>
        <lei>N/A</lei>
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          <isin value="US517496DK80"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Las Cruces NM Joint Utility Revenue</name>
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          <isin value="US517496DL63"/>
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      <invstOrSec>
        <name>City of Santa Fe NM Gross Receipts Tax Revenue</name>
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          <isin value="US802072RV22"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Village of Los Ranchos de Albuquerque NM</name>
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          <isin value="US545610BC01"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Mexico Finance Authority</name>
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          <isin value="US64711RMA13"/>
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        <fairValLevel>2</fairValLevel>
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        <name>New Mexico Institute of Mining &amp; Technology</name>
        <lei>N/A</lei>
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        <name>State of New Mexico Severance Tax Permanent Fund</name>
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        <name>New Mexico State University</name>
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        <name>New Mexico Finance Authority</name>
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        <name>County of Santa Fe NM</name>
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        <name>New Mexico Municipal Energy Acquisition Authority</name>
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        <name>County of San Juan NM</name>
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      <invstOrSec>
        <name>New Mexico Finance Authority</name>
        <lei>549300L6217Y7X40SP94</lei>
        <title>NEW MEXICO FIN AUTH REVENUE</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State of New Mexico Severance Tax Permanent Fund</name>
        <lei>N/A</lei>
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          <isin value="US6473103K52"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>903369.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Albuquerque NM</name>
        <lei>549300MV7H0GASZUCG39</lei>
        <title>ALBUQUERQUE NM GROSS RECPTS TAX REVENUE</title>
        <cusip>01354PEH3</cusip>
        <identifiers>
          <isin value="US01354PEH38"/>
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        <balance>540000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>561649.14000000</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>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST MTGE FIN AUTH</title>
        <cusip>647201FT4</cusip>
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          <isin value="US647201FT49"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>452242.80000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.85000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New Mexico Hospital Equipment Loan Council</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE</title>
        <cusip>647370JM8</cusip>
        <identifiers>
          <isin value="US647370JM88"/>
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        <balance>955000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1083680.52000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Mexico Hospital Equipment Loan Council</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL 1ST MTGE REVENUE</title>
        <cusip>647377AF7</cusip>
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          <isin value="US647377AF71"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1007689.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Roswell NM Joint Water &amp; Sewer Revenue</name>
        <lei>N/A</lei>
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        <cusip>778561KK5</cusip>
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          <isin value="US778561KK55"/>
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        <balance>640000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>695662.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Mexico Hospital Equipment Loan Council</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE</title>
        <cusip>647370KF1</cusip>
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          <isin value="US647370KF19"/>
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        <balance>525000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>609878.33000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Mexico Hospital Equipment Loan Council</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE</title>
        <cusip>647370EM3</cusip>
        <identifiers>
          <isin value="US647370EM34"/>
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        <balance>1560000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1560000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.34000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Bernalillo NM Gross Receipts Tax Revenue</name>
        <lei>549300HH7LOB1GPMU667</lei>
        <title>BERNALILLO CNTY NM GROSS RECPTS TAX REVENUE</title>
        <cusip>08527NBZ8</cusip>
        <identifiers>
          <isin value="US08527NBZ87"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3348405.00000000</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>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Bernalillo NM</name>
        <lei>549300HH7LOB1GPMU667</lei>
        <title>BERNALILLO CNTY NM</title>
        <cusip>085275L29</cusip>
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          <isin value="US085275L299"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101107.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Santa Fe NM Gasoline Tax</name>
        <lei>N/A</lei>
        <title>SANTA FE NM GASOLINE TAX GROSS RCPTS TAX IMPT REVENUE</title>
        <cusip>80208CAH8</cusip>
        <identifiers>
          <isin value="US80208CAH88"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>334729.20000000</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>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Mexico Hospital Equipment Loan Council</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE</title>
        <cusip>647370HM0</cusip>
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          <isin value="US647370HM07"/>
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        <balance>1150000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-08-01</maturityDt>
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      <invstOrSec>
        <name>City of Santa Fe NM Gasoline Tax</name>
        <lei>N/A</lei>
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        <cusip>80208CAJ4</cusip>
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          <isin value="US80208CAJ45"/>
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        <balance>300000.00000000</balance>
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      <invstOrSec>
        <name>New Mexico Finance Authority</name>
        <lei>549300L6217Y7X40SP94</lei>
        <title>NEW MEXICO FIN AUTH REVENUE</title>
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          <isin value="US64711PBW95"/>
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        <balance>860000.00000000</balance>
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          <maturityDt>2032-06-01</maturityDt>
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      <invstOrSec>
        <name>New Mexico Institute of Mining &amp; Technology</name>
        <lei>N/A</lei>
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        <cusip>647157KW5</cusip>
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          <isin value="US647157KW58"/>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US647201JF09"/>
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          <maturityDt>2039-07-01</maturityDt>
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          <annualizedRt>2.85000000</annualizedRt>
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      <invstOrSec>
        <name>New Mexico Hospital Equipment Loan Council</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE</title>
        <cusip>647370KG9</cusip>
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          <isin value="US647370KG91"/>
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        <balance>690000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Santa Fe NM</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Mexico State University</name>
        <lei>N/A</lei>
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          <isin value="US6474293Z04"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-04-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Village of Los Ranchos de Albuquerque NM</name>
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          <isin value="US545610AZ05"/>
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        <curCd>USD</curCd>
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          <maturityDt>2029-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>State of New Mexico</name>
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        <cusip>647293SD2</cusip>
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          <isin value="US647293SD25"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2362012.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Region III Housing Authority New Mexico Inc</name>
        <lei>N/A</lei>
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        <cusip>647132AE9</cusip>
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          <isin value="US647132AE94"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5011.44000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Las Cruces School District No 2</name>
        <lei>N/A</lei>
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          <isin value="US517534XR91"/>
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        <curCd>USD</curCd>
        <valUSD>1118425.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Albuquerque Bernalillo County Water Utility Authority</name>
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          <isin value="US013493HE46"/>
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        <curCd>USD</curCd>
        <valUSD>26634.15000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-07-01</maturityDt>
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      <invstOrSec>
        <name>Albuquerque Municipal School District No 12</name>
        <lei>N/A</lei>
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          <isin value="US013595UX92"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Mexico Municipal Energy Acquisition Authority</name>
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          <isin value="US647207AY58"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-05-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Albuquerque NM Refuse Removal &amp; Disposal Revenue</name>
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          <isin value="US013630EK03"/>
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        <fairValLevel>2</fairValLevel>
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        <name>University of New Mexico/The</name>
        <lei>549300WZXG6PIBC7KB43</lei>
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        <name>Bernalillo Municipal School District No 1</name>
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        <name>New Mexico Finance Authority</name>
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          <isin value="US64711PGR55"/>
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        <name>City of Albuquerque NM</name>
        <lei>549300MV7H0GASZUCG39</lei>
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          <isin value="US01354PFK57"/>
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        <name>City of Santa Fe NM Gross Receipts Tax Revenue</name>
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          <isin value="US802072RW05"/>
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        <name>City of Albuquerque NM</name>
        <lei>549300MV7H0GASZUCG39</lei>
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        <cusip>01354MFR7</cusip>
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          <isin value="US01354MFR79"/>
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        <name>City of Roswell NM Joint Water &amp; Sewer Revenue</name>
        <lei>N/A</lei>
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          <isin value="US778561KJ82"/>
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        <balance>580000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
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          <isin value="US802072SN96"/>
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      <invstOrSec>
        <name>New Mexico Finance Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Albuquerque Municipal School District No 12</name>
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          <isin value="US013595WL37"/>
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        <name>Albuquerque Bernalillo County Water Utility Authority</name>
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          <isin value="US013493GV79"/>
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        <name>Santa Fe Public School District</name>
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        <name>New Mexico State University</name>
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        <name>New Mexico Institute of Mining &amp; Technology</name>
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        <name>Bernalillo Municipal School District No 1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Albuquerque NM Refuse Removal &amp; Disposal Revenue</name>
        <lei>N/A</lei>
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        <cusip>013630EJ3</cusip>
        <identifiers>
          <isin value="US013630EJ30"/>
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        <balance>825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>962861.63000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>
      <invstOrSec>
        <name>Bernalillo Municipal School District No 1</name>
        <lei>N/A</lei>
        <title>BERNALILLO NM MUNI SCH DIST #1</title>
        <cusip>085279VN4</cusip>
        <identifiers>
          <isin value="US085279VN45"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>62611.38000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New Mexico Finance Authority</name>
        <lei>549300L6217Y7X40SP94</lei>
        <title>NEW MEXICO ST FIN AUTH ST TRANSPRTN REVENUE</title>
        <cusip>64711RKV7</cusip>
        <identifiers>
          <isin value="US64711RKV77"/>
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        <balance>1220000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1300602.96000000</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>2026-06-15</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 Mexico Educational Assistance Foundation</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST EDUCTNL ASSISTANCE FNDTN</title>
        <cusip>647110FT7</cusip>
        <identifiers>
          <isin value="US647110FT72"/>
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        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2043499.50000000</valUSD>
        <pctVal>1.522672595880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>Bernalillo Municipal School District No 1</name>
        <lei>N/A</lei>
        <title>BERNALILLO NM MUNI SCH DIST #1</title>
        <cusip>085279VQ7</cusip>
        <identifiers>
          <isin value="US085279VQ75"/>
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        <balance>60000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>64278.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Albuquerque NM Refuse Removal &amp; Disposal Revenue</name>
        <lei>N/A</lei>
        <title>ALBUQUERQUE NM REFUSE REMOVAL &amp; DISP REVENUE</title>
        <cusip>013630EB0</cusip>
        <identifiers>
          <isin value="US013630EB04"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>269153.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>Las Cruces School District No 2</name>
        <lei>N/A</lei>
        <title>LAS CRUCES NM SCH DIST #2</title>
        <cusip>517534XS7</cusip>
        <identifiers>
          <isin value="US517534XS74"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1142188.00000000</valUSD>
        <pctVal>0.851078440167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>Santa Fe Public School District</name>
        <lei>54930082JUO16DJWGD91</lei>
        <title>SANTA FE NM PUBLIC SCH DIST</title>
        <cusip>802088QF4</cusip>
        <identifiers>
          <isin value="US802088QF41"/>
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        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>405137.95000000</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>2034-08-01</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>
      <invstOrSec>
        <name>City of Farmington NM</name>
        <lei>N/A</lei>
        <title>FARMINGTON NM POLL CONTROL REVENUE</title>
        <cusip>311450FS4</cusip>
        <identifiers>
          <isin value="US311450FS41"/>
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        <balance>3500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3452015.00000000</valUSD>
        <pctVal>2.572199621809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>New Mexico Finance Authority</name>
        <lei>549300L6217Y7X40SP94</lei>
        <title>NEW MEXICO ST FIN AUTH REVENUE</title>
        <cusip>64711NV93</cusip>
        <identifiers>
          <isin value="US64711NV939"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>151203.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Albuquerque Bernalillo County Water Utility Authority</name>
        <lei>N/A</lei>
        <title>ALBUQUERQUE BERNALILLO CNTY NM WTR UTILITY AUTH JT WTR &amp; SWR</title>
        <cusip>013493HU8</cusip>
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          <isin value="US013493HU87"/>
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        <balance>40000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41552.68000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST MTGE FIN AUTH MF HSG REVENUE</title>
        <cusip>64719HEK2</cusip>
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          <isin value="US64719HEK23"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>484725.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.53000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Sandoval NM</name>
        <lei>N/A</lei>
        <title>SANDOVAL CNTY NM</title>
        <cusip>80004PEZ1</cusip>
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          <isin value="US80004PEZ18"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lea County Public School District No 8 Eunice</name>
        <lei>N/A</lei>
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        <cusip>521513DJ7</cusip>
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          <isin value="US521513DJ76"/>
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        <balance>650000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Albuquerque NM</name>
        <lei>549300MV7H0GASZUCG39</lei>
        <title>ALBUQUERQUE NM GROSS RECPTS TAX REVENUE</title>
        <cusip>01354PFL3</cusip>
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          <isin value="US01354PFL31"/>
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        <balance>1200000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2034-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>County of Bernalillo NM Gross Receipts Tax Revenue</name>
        <lei>549300HH7LOB1GPMU667</lei>
        <title>BERNALILLO CNTY NM GROSS RECPTS TAX REVENUE</title>
        <cusip>08527NHA7</cusip>
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          <isin value="US08527NHA72"/>
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        <balance>3850000.00000000</balance>
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        <valUSD>4266596.95000000</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>2025-10-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Bernalillo NM Gross Receipts Tax Revenue</name>
        <lei>549300HH7LOB1GPMU667</lei>
        <title>BERNALILLO CNTY NM GROSS RECPTS TAX REVENUE</title>
        <cusip>08527NFL5</cusip>
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          <isin value="US08527NFL55"/>
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        <balance>815000.00000000</balance>
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        <valUSD>908914.90000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>New Mexico Finance Authority</name>
        <lei>549300L6217Y7X40SP94</lei>
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        <cusip>64711NXL4</cusip>
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          <isin value="US64711NXL45"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1088973.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-06-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Santa Fe NM</name>
        <lei>N/A</lei>
        <title>SANTA FE NM RETMNT FAC REVENUE</title>
        <cusip>802170AG5</cusip>
        <identifiers>
          <isin value="US802170AG54"/>
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        <balance>3275000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3280544.58000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Mexico Hospital Equipment Loan Council</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL HOSP REVENUE</title>
        <cusip>647370GU3</cusip>
        <identifiers>
          <isin value="US647370GU32"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>653219.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Santa Fe NM Gasoline Tax</name>
        <lei>N/A</lei>
        <title>SANTA FE NM GASOLINE TAX GROSS RCPTS TAX IMPT REVENUE</title>
        <cusip>80208CAK1</cusip>
        <identifiers>
          <isin value="US80208CAK18"/>
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        <balance>225000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>261894.83000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Mexico Finance Authority</name>
        <lei>549300L6217Y7X40SP94</lei>
        <title>NEW MEXICO ST FIN AUTH REVENUE</title>
        <cusip>64711N6V2</cusip>
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          <isin value="US64711N6V22"/>
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        <balance>695000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>795704.81000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Santa Fe NM Gross Receipts Tax Revenue</name>
        <lei>N/A</lei>
        <title>SANTA FE NM GROSS RECPTS TAX REVENUE</title>
        <cusip>802072SR0</cusip>
        <identifiers>
          <isin value="US802072SR01"/>
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        <balance>395000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>444762.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Zuni Public School District</name>
        <lei>N/A</lei>
        <title>ZUNI NM PUBLIC SCH DIST TEACHER HSG REVENUE</title>
        <cusip>98981RAS6</cusip>
        <identifiers>
          <isin value="US98981RAS67"/>
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        <balance>1600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1615945.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</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>
      <invstOrSec>
        <name>Village of Los Ranchos de Albuquerque NM</name>
        <lei>N/A</lei>
        <title>LOS RANCHOS DE ALBUQUERQUE NM EDUCTNL FACS REVENUE</title>
        <cusip>545610BB2</cusip>
        <identifiers>
          <isin value="US545610BB28"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>353056.50000000</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>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <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>County of Bernalillo NM Gross Receipts Tax Revenue</name>
        <lei>549300HH7LOB1GPMU667</lei>
        <title>BERNALILLO CNTY NM GROSS RECPTS TAX REVENUE</title>
        <cusip>08527NEB8</cusip>
        <identifiers>
          <isin value="US08527NEB82"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>329011.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Guam Government Waterworks Authority</name>
        <lei>N/A</lei>
        <title>GUAM GOVT WTRWKS AUTH WTR &amp; WSTWTR SYS REVENUE</title>
        <cusip>40065FDB7</cusip>
        <identifiers>
          <isin value="US40065FDB76"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1100204.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Albuquerque Bernalillo County Water Utility Authority</name>
        <lei>N/A</lei>
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        <cusip>013493GW5</cusip>
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          <isin value="US013493GW52"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1089642.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST MTGE FIN AUTH</title>
        <cusip>647201JJ2</cusip>
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          <isin value="US647201JJ21"/>
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        <balance>800000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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      <invstOrSec>
        <name>Albuquerque Municipal School District No 12</name>
        <lei>N/A</lei>
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        <cusip>013595WK5</cusip>
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          <isin value="US013595WK53"/>
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        <balance>350000.00000000</balance>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Santa Fe NM Gasoline Tax</name>
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        <cusip>80208CAG0</cusip>
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          <isin value="US80208CAG06"/>
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        <name>New Mexico State University</name>
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          <isin value="US647429Y379"/>
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      <invstOrSec>
        <name>County of Sandoval NM</name>
        <lei>N/A</lei>
        <title>SANDOVAL CNTY NM</title>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-08-01</maturityDt>
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      <invstOrSec>
        <name>New Mexico State University</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST UNIV</title>
        <cusip>647429Y29</cusip>
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          <isin value="US647429Y296"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>New Mexico Mortgage Finance Authority</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST MTGE FIN AUTH</title>
        <cusip>647201JE3</cusip>
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          <isin value="US647201JE34"/>
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        <balance>535000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>532621.93000000</valUSD>
        <pctVal>0.396872530076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.60000000</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>Albuquerque Municipal School District No 12</name>
        <lei>N/A</lei>
        <title>ALBUQUERQUE NM MUNI SCH DIST #12</title>
        <cusip>013595VW0</cusip>
        <identifiers>
          <isin value="US013595VW01"/>
        </identifiers>
        <balance>1260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1431199.98000000</valUSD>
        <pctVal>1.066429910440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</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>State of New Mexico Severance Tax Permanent Fund</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST SEVERANCE TAX</title>
        <cusip>647310U82</cusip>
        <identifiers>
          <isin value="US647310U825"/>
        </identifiers>
        <balance>2040000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2229766.92000000</valUSD>
        <pctVal>1.661466021540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Albuquerque NM</name>
        <lei>549300MV7H0GASZUCG39</lei>
        <title>ALBUQUERQUE NM GROSS RECPTS/LODGERS TAX REVENUE</title>
        <cusip>01354MHF1</cusip>
        <identifiers>
          <isin value="US01354MHF14"/>
        </identifiers>
        <balance>2070000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2256556.68000000</valUSD>
        <pctVal>1.681427872963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>New Mexico Hospital Equipment Loan Council</name>
        <lei>N/A</lei>
        <title>NEW MEXICO ST HOSP EQUIPMENT LOAN COUNCIL 1ST MTGE REVENUE</title>
        <cusip>647377AK6</cusip>
        <identifiers>
          <isin value="US647377AK66"/>
        </identifiers>
        <balance>360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>389839.68000000</valUSD>
        <pctVal>0.290481205169</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>City of Santa Fe NM Gross Receipts Tax Revenue</name>
        <lei>N/A</lei>
        <title>SANTA FE NM GROSS RECPTS TAX REVENUE</title>
        <cusip>802072SM1</cusip>
        <identifiers>
          <isin value="US802072SM14"/>
        </identifiers>
        <balance>420000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>478577.40000000</valUSD>
        <pctVal>0.356602334371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-01</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>New Mexico Finance Authority</name>
        <lei>549300L6217Y7X40SP94</lei>
        <title>NEW MEXICO FIN AUTH REVENUE</title>
        <cusip>64711PDB3</cusip>
        <identifiers>
          <isin value="US64711PDB31"/>
        </identifiers>
        <balance>1150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1332135.85000000</valUSD>
        <pctVal>0.992614264297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-06-01</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-04-14</ncom:dateSigned>
      <ncom:nameOfApplicant>THORNBURG INVESTMENT TRUST</ncom:nameOfApplicant>
      <ncom:signature>Christopher Luckham</ncom:signature>
      <ncom:signerName>Christopher Luckham</ncom:signerName>
      <ncom:title>Manager - Fund Admin</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
