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      <invstOrSec>
        <name>PHILADELPHIA PA AUTH FOR INDL</name>
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        <title>Philadelphia Authority for Industrial Development</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>TEXAS ST PRIV ACTIVITY BOND SU</name>
        <lei>N/A</lei>
        <title>Texas Private Activity Bond Surface Transportation Corp</title>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>SAN BUENAVENTURA CA REDEV AGY</name>
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          <maturityDt>2028-08-01</maturityDt>
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          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH PWR</name>
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        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526QU751"/>
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        <curCd>USD</curCd>
        <valUSD>3571475.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUERTO RICO CMWLTH</name>
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        <title>Commonwealth of Puerto Rico</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>FAIRFIELD AL</name>
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        <curCd>USD</curCd>
        <valUSD>6788000.00000000</valUSD>
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          <maturityDt>2037-06-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BEXAR CNTY TX HLTH FACS DEV CO</name>
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        <title>Bexar County Health Facilities Development Corp</title>
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          <isin value="US088354FM22"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IOWA ST FIN AUTH REVENUE</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority</title>
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          <isin value="US46246K2S01"/>
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        <balance>2425000.00000000</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>2036-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>SAINT LOUIS MO MUNI FIN CORP</name>
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        <title>St Louis Municipal Finance Corp</title>
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          <isin value="US79165TPN53"/>
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        <balance>2250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1382355.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO SALES TAX FING COR</name>
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        <balance>5484000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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        <name>KENTON CNTY KY ARPT BRD</name>
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        <title>Kenton County Airport Board</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MICHIGAN ST FIN AUTH REVENUE</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
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          <isin value="US59447TXJ77"/>
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          <maturityDt>2049-12-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FOOTHILL ESTRN TRANSPRTN CORRI</name>
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      <invstOrSec>
        <name>CENTRL TX REGL MOBILITY AUTH R</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-01-01</maturityDt>
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      <invstOrSec>
        <name>FLORIDA ST DEV FIN CORP</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp</title>
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          <isin value="US340618CC99"/>
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        <name>RENO NV CAPITAL IMPT REVENUE</name>
        <lei>549300M4R5WWSUWY8D52</lei>
        <title>City of Reno NV</title>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>SAN MATEO CALIF SPL TAX</name>
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      <invstOrSec>
        <name>FLORIDA ST DEV FIN CORP</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp</title>
        <cusip>340618DD6</cusip>
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        <name>ERIE CNTY NY TOBACCO ASSET SEC</name>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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        <name>DIST OF COLUMBIA TOBACCO SETTL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MONTGOMERY CNTY TX TOLL ROAD A</name>
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        <name>BURKE CNTY GA DEV AUTH POLL CO</name>
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          <isin value="US79165TPP02"/>
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        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
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        <name>CALIFORNIA ST EDUCTNL FACS AUT</name>
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        <name>LAKESIDE 370 MO LEVEE DIST-SUB</name>
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          <maturityDt>2055-04-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>PUERTO RICO ELEC PWR AUTH PWR</name>
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          <isin value="US74526QV668"/>
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        <name>KENTUCKY ST PUBLIC ENERGY AUTH</name>
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        <name>UAB MEDICINE FIN AUTH AL REVEN</name>
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        <name>CALIFORNIA ST EDUCTNL FACS AUT</name>
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        <name>NEW HOPE CULTURAL EDU FACS FIN</name>
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        <name>CALIFORNIA ST SCH FIN AUTH CHR</name>
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        <name>CSCDA CMNTY IMPT AUTH CA ESSEN</name>
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      <invstOrSec>
        <name>GRAND PARKWAY TRANSPRTN CORP T</name>
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        <name>NEW JERSEY ST TURNPIKE AUTH TU</name>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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          <maturityDt>2031-08-15</maturityDt>
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        <name>CALIFORNIA ST SCH FIN AUTH CHR</name>
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          <isin value="US13058TGA25"/>
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          <maturityDt>2053-06-01</maturityDt>
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          <maturityDt>2033-04-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>DALLAS-FORT WORTH TX INTERNATI</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-09-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>BUCKEYE OH TOBACCO SETTLEMENT</name>
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        <name>CALIFORNIA ST MUNI FIN AUTH RE</name>
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          <isin value="US13048VCA44"/>
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        <name>CALIFORNIA ST SCH FIN AUTH CHR</name>
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        <name>GAINESVILLE &amp; HALL CNTY GA HOS</name>
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        <name>UNIV OF VIRGINIA VA UNIV REVEN</name>
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          <isin value="US13080SSJ41"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-11-01</maturityDt>
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        <name>MISSISSIPPI ST BUSINESS FIN CO</name>
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          <isin value="US60528ACD46"/>
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        <balance>600000.00000000</balance>
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        <invCountry>US</invCountry>
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          <maturityDt>2035-11-01</maturityDt>
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          <couponKind>Fixed</couponKind>
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        <name>CALIFORNIA ST SCH FIN AUTH CHR</name>
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          <isin value="US13058TAC45"/>
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        <name>NEW YORK CITY NY INDL DEV AGY</name>
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        <valUSD>839840.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>CALIFORNIA ST MUNI FIN AUTH RE</name>
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        <title>California Municipal Finance Authority</title>
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          <isin value="US13048VCD82"/>
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        <name>MIDA GOLF &amp; EQUESTRIAN CTR PUB</name>
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      <invstOrSec>
        <name>WHITING IN REDEV DIST TAX INCR</name>
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      <invstOrSec>
        <name>KIRKWOOD MO INDL DEV AUTH RETM</name>
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          <isin value="US497609BD80"/>
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      <invstOrSec>
        <name>SANGER TX INDL DEV CORP DEV RE</name>
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          <isin value="US800888AC30"/>
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          <maturityDt>2038-07-01</maturityDt>
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        <name>ARLINGTON TX HGR EDU FIN CORP</name>
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          <isin value="US041806F213"/>
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        <name>CALIFORNIA STWD CMNTYS DEV AUT</name>
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          <isin value="US13080SAS32"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-11-01</maturityDt>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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          <isin value="US74529JRL16"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ALABAMA ECON SETTLEMENT AUTH B</name>
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          <isin value="US01026CAB72"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-09-15</maturityDt>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
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        <name>MASSACHUSETTS ST</name>
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        <name>MAIN STREET NATURAL GAS INC GA</name>
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        <name>MICHIGAN ST FIN AUTH REVENUE</name>
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        <name>CPR CUSTODIAL RCPT</name>
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        <name>NASSAU CNTY NY INDL DEV AGY CC</name>
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      <invstOrSec>
        <name>LEES SUMMIT MO INDL DEV AUTH I</name>
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        <cusip>54640TAB5</cusip>
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          <isin value="US54640TAB52"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH ECON</name>
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          <isin value="US040523AF98"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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      <invstOrSec>
        <name>SAN DIEGO CA TOBACCO SETTLEMEN</name>
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          <isin value="US797330AP29"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTH CAROLINA ST TURNPIKE AUT</name>
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        <title>North Carolina Turnpike Authority</title>
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          <isin value="US65830RCU14"/>
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        <curCd>USD</curCd>
        <valUSD>1051790.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JEFFERSON CNTY AL SWR REVENUE</name>
        <lei>N/A</lei>
        <title>County of Jefferson AL Sewer Revenue</title>
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          <isin value="US472682RM76"/>
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        <curCd>USD</curCd>
        <valUSD>11662533.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARLINGTON TX HGR EDU FIN CORP</name>
        <lei>N/A</lei>
        <title>Arlington Higher Education Finance Corp</title>
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          <isin value="US041806FU90"/>
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        <curCd>USD</curCd>
        <valUSD>4780779.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOBACCO SECURITIZATION AUTH ST</name>
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          <isin value="US888804CT68"/>
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        <curCd>USD</curCd>
        <valUSD>1056773.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH SENIO</name>
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        <title>Arizona Industrial Development Authority</title>
        <cusip>04052TCX1</cusip>
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          <isin value="US04052TCX19"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1475544.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Institutional US Government Money Market Fund</name>
        <lei>549300BZ5TGIFZUZDZ37</lei>
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          <isin value="US8574927062"/>
          <ticker value="GVMXX"/>
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        <curCd>USD</curCd>
        <valUSD>12899688.16000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DETROIT MI</name>
        <lei>549300BQRJP7MKKHOY28</lei>
        <title>City of Detroit MI</title>
        <cusip>251093X88</cusip>
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          <isin value="US251093X885"/>
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        <balance>220100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>220419.15000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>E DUNDEE IL TAX INCR REVENUE</name>
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          <isin value="US272104AT72"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <name>CHICAGO IL O'HARE INTERNATIONA</name>
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        <title>Chicago O'Hare International Airport</title>
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          <isin value="US167590FA14"/>
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        <curCd>USD</curCd>
        <valUSD>1100200.00000000</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>2048-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>TARRANT CNTY TX CULTURAL EDU F</name>
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        <title>Tarrant County Cultural Education Facilities Finance Corp</title>
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          <isin value="US87638RHJ95"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WISCONSIN ST HLTH &amp; EDUCTNL FA</name>
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          <isin value="US97712D7D23"/>
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        <valUSD>2567430.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-01</maturityDt>
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        <name>PUBLIC FIN AUTH WI EDU REVENUE</name>
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          <isin value="US74442EBK55"/>
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        <invCountry>US</invCountry>
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          <maturityDt>2046-02-01</maturityDt>
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        <name>STONE CANYON MO CMNTY IMPT DIS</name>
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          <isin value="US861585AH09"/>
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        <valUSD>325000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
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        <name>OKLAHOMA ST DEV FIN AUTH HLTHS</name>
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          <isin value="US67884XCN57"/>
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          <maturityDt>2057-08-15</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FLORIDA ST DEV FIN CORP EDUCTN</name>
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          <maturityDt>2035-06-15</maturityDt>
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        <name>NATIONAL FIN AUTH NH REVENUE</name>
        <lei>N/A</lei>
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          <isin value="US63607YAJ91"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-01</maturityDt>
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        <name>ARKANSAS RIVER PWR AUTH CO PWR</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-01</maturityDt>
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        <name>PUERTO RICO ELEC PWR AUTH PWR</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PUBLIC FIN AUTH WI EDU REVENUE</name>
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        <name>MET PIER &amp; EXPOSITION AUTH IL</name>
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        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
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        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
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        <name>SALEM OR HOSP FAC AUTH REVENUE</name>
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          <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>CALIFORNIA STWD CMNTYS DEV AUT</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SAT1</cusip>
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          <isin value="US13080SAT15"/>
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        <balance>1890000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1965222.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>LENEXA KS HLTH CARE FAC REVENU</name>
        <lei>N/A</lei>
        <title>City of Lenexa KS</title>
        <cusip>526039DL3</cusip>
        <identifiers>
          <isin value="US526039DL35"/>
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        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1597395.00000000</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>2039-05-15</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
        <lei>N/A</lei>
        <title>New York Counties Tobacco Trust V</title>
        <cusip>649441AE2</cusip>
        <identifiers>
          <isin value="US649441AE21"/>
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        <balance>322800000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11410980.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>CALIFORNIA STWD CMNTYS DEV AUT</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority</title>
        <cusip>13080SML5</cusip>
        <identifiers>
          <isin value="US13080SML50"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2733850.00000000</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>2056-12-01</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>
      <invstOrSec>
        <name>INLAND EMPIRE CA TOBACCO SECUR</name>
        <lei>N/A</lei>
        <title>Inland Empire Tobacco Securitization Corp</title>
        <cusip>45734TAH7</cusip>
        <identifiers>
          <isin value="US45734TAH77"/>
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        <balance>158420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8204571.80000000</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>2057-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>ARIZONA ST INDL DEV AUTH ECON</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>040523AL6</cusip>
        <identifiers>
          <isin value="US040523AL66"/>
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        <balance>5350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5557098.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>CALIFORNIA CNTY CA TOBACCO SEC</name>
        <lei>N/A</lei>
        <title>California County Tobacco Securitization Agency</title>
        <cusip>13016NCW2</cusip>
        <identifiers>
          <isin value="US13016NCW20"/>
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        <balance>6250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>437000.00000000</valUSD>
        <pctVal>0.050714805565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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 MEXICO ST HOSP EQUIPMENT L</name>
        <lei>N/A</lei>
        <title>New Mexico Hospital Equipment Loan Council</title>
        <cusip>647370FS9</cusip>
        <identifiers>
          <isin value="US647370FS94"/>
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        <balance>4750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4788332.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>PUERTO RICO CMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3D7</cusip>
        <identifiers>
          <isin value="US74514L3D76"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2481250.00000000</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>2022-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.01000000</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>CENTRL TX REGL MOBILITY AUTH R</name>
        <lei>N/A</lei>
        <title>Central Texas Regional Mobility Authority</title>
        <cusip>155498BE7</cusip>
        <identifiers>
          <isin value="US155498BE79"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1526425.00000000</valUSD>
        <pctVal>0.177144959004</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>GRANDVIEW MO INDL DEV AUTH TAX</name>
        <lei>N/A</lei>
        <title>Grandview Industrial Development Authority</title>
        <cusip>386781AX6</cusip>
        <identifiers>
          <isin value="US386781AX66"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300000.00000000</valUSD>
        <pctVal>0.034815655994</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CAPITAL TRUST AGY FL EDUCTNL F</name>
        <lei>549300F49UWS7X0OGQ59</lei>
        <title>Capital Trust Agency Inc</title>
        <cusip>14054CDJ5</cusip>
        <identifiers>
          <isin value="US14054CDJ53"/>
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        <balance>330000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>342414.60000000</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>2041-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</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>SAVANNAH GA ECON DEV AUTH</name>
        <lei>549300Q7LO1N6BCXOD30</lei>
        <title>Savannah Economic Development Authority</title>
        <cusip>80483CLM1</cusip>
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          <isin value="US80483CLM19"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4356440.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHILADELPHIA PA AUTH FOR INDL</name>
        <lei>549300DIY68KQZEW7M79</lei>
        <title>Philadelphia Authority for Industrial Development</title>
        <cusip>7178188A9</cusip>
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          <isin value="US7178188A98"/>
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        <balance>3500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3626350.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.62500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHESTER PA ECON DEV AUTH LEASE</name>
        <lei>N/A</lei>
        <title>Chester Economic Development Authority</title>
        <cusip>16617CAC8</cusip>
        <identifiers>
          <isin value="US16617CAC82"/>
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        <balance>12000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12064080.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUERTO RICO CMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3R6</cusip>
        <identifiers>
          <isin value="US74514L3R62"/>
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        <balance>2953405.37077400</balance>
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        <curCd>USD</curCd>
        <valUSD>1710198.91000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>
      <invstOrSec>
        <name>TOBACCO SETTLEMENT FING CORP N</name>
        <lei>N/A</lei>
        <title>Tobacco Settlement Financing Corp</title>
        <cusip>888808HT2</cusip>
        <identifiers>
          <isin value="US888808HT28"/>
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        <balance>6000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6480600.00000000</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>2046-06-01</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>
      <invstOrSec>
        <name>GOLDEN ST TOBACCO SECURITIZATI</name>
        <lei>N/A</lei>
        <title>Golden State Tobacco Securitization Corp</title>
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          <isin value="US38122NZD73"/>
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        <curCd>USD</curCd>
        <valUSD>1423287.50000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH SENIO</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052TCT0</cusip>
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          <isin value="US04052TCT07"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2785120.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDEN ST TOBACCO SECURITIZATI</name>
        <lei>N/A</lei>
        <title>Golden State Tobacco Securitization Corp</title>
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          <isin value="US38122NYL09"/>
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        <balance>6265000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6834551.15000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BRANSON MO INDL DEV AUTH TAX I</name>
        <lei>N/A</lei>
        <title>Branson Industrial Development Authority</title>
        <cusip>10544RAU6</cusip>
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          <isin value="US10544RAU68"/>
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        <balance>635000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>613918.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.90000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>Massachusetts Development Finance Agency</title>
        <cusip>57583RWD3</cusip>
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          <isin value="US57583RWD33"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.35000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIRGINIA SMALL BUSINESS FING A</name>
        <lei>N/A</lei>
        <title>Virginia Small Business Financing Authority</title>
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          <isin value="US928097AD68"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4427360.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>CALIFORNIA ST MUNI FIN AUTH CH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>13048DBQ0</cusip>
        <identifiers>
          <isin value="US13048DBQ07"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1860337.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH PWR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QS29</cusip>
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          <isin value="US74526QS292"/>
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        <balance>2635000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2523012.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TARRANT CNTY TX CULTURAL EDU F</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>Tarrant County Cultural Education Facilities Finance Corp</title>
        <cusip>87638RJE8</cusip>
        <identifiers>
          <isin value="US87638RJE80"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2661475.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MASSACHUSETTS ST DEV FIN AGY R</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>Massachusetts Development Finance Agency</title>
        <cusip>57584YN54</cusip>
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          <isin value="US57584YN545"/>
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        <balance>1970000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2539605.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>WILKES-BARRE PA AREA SCH DIST</name>
        <lei>N/A</lei>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2649625.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-04-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <title>New York Transportation Development Corp</title>
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          <isin value="US650116CQ76"/>
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        <valUSD>1022820.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MISSISSIPPI ST BUSINESS FIN CO</name>
        <lei>549300DYV074JUDKBQ77</lei>
        <title>Mississippi Business Finance Corp</title>
        <cusip>60528AAT1</cusip>
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          <isin value="US60528AAT16"/>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>WYANDOTTE CNTY KS KANSAS CITY</name>
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        <title>Wyandotte County-Kansas City Unified Government</title>
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          <isin value="US98267VDG59"/>
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        <name>ORANGE CNTY NY FUNDING CORP AS</name>
        <lei>N/A</lei>
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          <isin value="US684593AB27"/>
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        <name>PUERTO RICO CMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
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        <name>CALIFORNIA ST MUNI FIN AUTH RE</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
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          <isin value="US13048T5S81"/>
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        <balance>750000.00000000</balance>
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        <name>SAN BUENAVENTURA CA REDEV AGY</name>
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        <balance>1500000.00000000</balance>
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        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>TERRE HAUTE IN REVENUE</name>
        <lei>N/A</lei>
        <title>City of Terre Haute IN</title>
        <cusip>881093AS7</cusip>
        <identifiers>
          <isin value="US881093AS74"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4014560.00000000</valUSD>
        <pctVal>0.465898466430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>NORTH CAROLINA ST MED CARE COM</name>
        <lei>549300FH6KOXGCHQYG81</lei>
        <title>North Carolina Medical Care Commission</title>
        <cusip>65821DWL1</cusip>
        <identifiers>
          <isin value="US65821DWL18"/>
        </identifiers>
        <balance>8500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7847625.00000000</valUSD>
        <pctVal>0.910734041244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.12500000</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>MICHIGAN ST FIN AUTH LTD OBLIG</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority</title>
        <cusip>594479AJ6</cusip>
        <identifiers>
          <isin value="US594479AJ60"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3001080.00000000</valUSD>
        <pctVal>0.348281896306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA ST TURNPIKE COMMI</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>Pennsylvania Turnpike Commission</title>
        <cusip>709223XW6</cusip>
        <identifiers>
          <isin value="US709223XW69"/>
        </identifiers>
        <balance>13500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16349850.00000000</valUSD>
        <pctVal>1.897435843869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</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 YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
        <cusip>64990C2D2</cusip>
        <identifiers>
          <isin value="US64990C2D21"/>
        </identifiers>
        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55158.40000000</valUSD>
        <pctVal>0.006401252932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-01</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="Beginning February 2022, the returns for Class A, Class C are calculated without deducting any applicable sales loads or redemption fees. Prior periods are shown with load." noteItem="B.5.b"/>
      <explntrNote note="Beginning in February 2022, the returns represented are shown as percentages due to a change in accounting provider. The returns for the prior periods are shown as raw calculated returns." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-04-01</ncom:dateSigned>
      <ncom:nameOfApplicant>IVY FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
