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      </invstOrSec>
      <invstOrSec>
        <name>MESA ARIZ</name>
        <lei>549300L1QYAKFHSIGE94</lei>
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        <cusip>590536DZ8</cusip>
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          <isin value="US590536DZ82"/>
          <ticker value="MESTRN"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1131660</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TUCSON ARIZ</name>
        <lei>N/A</lei>
        <title>TUCSON ARIZ SYS OBLI 2019</title>
        <cusip>898797GR0</cusip>
        <identifiers>
          <isin value="US898797GR07"/>
          <ticker value="TUCWTR"/>
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        <balance>615000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>645694.65</valUSD>
        <pctVal>0.4717460386</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>3.000000000000</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>ARIZONA BRD REGENTS ARIZ ST UNIV</name>
        <lei>N/A</lei>
        <title>ARIZONA BRD REGENTS ARIZ ST UNIV REV AND REF BDS 2015</title>
        <cusip>04048RLR5</cusip>
        <identifiers>
          <isin value="US04048RLR56"/>
          <ticker value="AZSHGR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1162500</valUSD>
        <pctVal>0.8493252497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ INDL DEV AUTH BDS 2019A</title>
        <cusip>56678PAT4</cusip>
        <identifiers>
          <isin value="US56678PAT49"/>
          <ticker value="MARMED"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4751120</valUSD>
        <pctVal>3.4711795101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>NORTHERN ARIZ UNIV</name>
        <lei>N/A</lei>
        <title>NORTHERN ARIZ UNIV REF SYS BDS 2020 B</title>
        <cusip>6647546C7</cusip>
        <identifiers>
          <isin value="US6647546C72"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2514320</valUSD>
        <pctVal>1.8369681393</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>5.000000000000</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>
        <name>GOODYEAR ARIZ</name>
        <lei>N/A</lei>
        <title>GOODYEAR ARIZ SUB LIEN OBLIGS SERIES 2011</title>
        <cusip>382900CD8</cusip>
        <identifiers>
          <isin value="US382900CD89"/>
          <ticker value="GOOUTL"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1057650</valUSD>
        <pctVal>0.7727215917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ UNI SCH DIST NO 80 CHANDLER</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ UNI SCH DIST NO 80 CHANDLER SCH IMPT GO BDS 2011 SERIES A-1</title>
        <cusip>567389ST9</cusip>
        <identifiers>
          <isin value="US567389ST97"/>
          <ticker value="MARSCD"/>
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        <balance>1040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1085375.2</valUSD>
        <pctVal>0.7929776884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLENDALE ARIZ UN HIGH SCH DIST NO 205</name>
        <lei>N/A</lei>
        <title>GLENDALE ARIZ UN HIGH SCH DIST NO 205 SCH IMPT BDS 2019 C</title>
        <cusip>378334NH5</cusip>
        <identifiers>
          <isin value="US378334NH52"/>
          <ticker value="GLESCD"/>
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        <balance>1225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1236074</valUSD>
        <pctVal>0.9030785882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</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>PIMA CNTY ARIZ</name>
        <lei>N/A</lei>
        <title>PIMA CNTY ARIZ SWR SYS REV BDS 2014</title>
        <cusip>721876ST8</cusip>
        <identifiers>
          <isin value="US721876ST82"/>
          <ticker value="PIMUTL"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1132760</valUSD>
        <pctVal>0.8275971354</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>5.000000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARIZONA BRD REGENTS ARIZ ST UNIV</name>
        <lei>N/A</lei>
        <title>ARIZONA BRD REGENTS ARIZ ST UNIV REF BDS 2017 B</title>
        <cusip>04048RTA4</cusip>
        <identifiers>
          <isin value="US04048RTA40"/>
          <ticker value="AZSHGR"/>
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        <balance>495000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>603825.75</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ UN HIGH SCH DIST NO 210 PHOENIX</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ UN HIGH SCH DIST NO 210 PHOENIX SCH IMPT BDS 2019 B</title>
        <cusip>567505QB1</cusip>
        <identifiers>
          <isin value="US567505QB15"/>
          <ticker value="MARSCD"/>
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        <balance>1650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1681812</valUSD>
        <pctVal>1.2287358253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>PIMA CNTY ARIZ</name>
        <lei>N/A</lei>
        <title>PIMA CNTY ARIZ REV OBLIG BDS 2010</title>
        <cusip>721876PZ7</cusip>
        <identifiers>
          <isin value="US721876PZ79"/>
          <ticker value="PIMUTL"/>
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        <balance>1350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1375758</valUSD>
        <pctVal>1.0051320490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PINAL CNTY ARIZ UNI SCH DIST NO 43 APACHE JCT</name>
        <lei>N/A</lei>
        <title>PINAL CNTY ARIZ UNI SCH DIST NO 43 APACHE JCT GO BDS 2007</title>
        <cusip>722195MN1</cusip>
        <identifiers>
          <isin value="US722195MN11"/>
          <ticker value="PINSCD"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1093060</valUSD>
        <pctVal>0.7985922215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ ELEM SCH DIST NO 68 ALHAMBRA</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ ELEM SCH DIST NO 68 ALHAMBRA IMPT BDS 2019 B</title>
        <cusip>56733EGD1</cusip>
        <identifiers>
          <isin value="US56733EGD13"/>
          <ticker value="MARSCD"/>
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        <balance>350000</balance>
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        <curCd>USD</curCd>
        <valUSD>391030.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <name>MARICOPA CNTY ARIZ ELEM SCH DIST NO 68 ALHAMBRA</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ ELEM SCH DIST NO 68 ALHAMBRA IMPT BDS 2019 B</title>
        <cusip>56733EGB5</cusip>
        <identifiers>
          <isin value="US56733EGB56"/>
          <ticker value="MARSCD"/>
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        <balance>650000</balance>
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        <curCd>USD</curCd>
        <valUSD>730437.5</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ ELEM SCH DIST NO 68 ALHAMBRA</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ ELEM SCH DIST NO 68 ALHAMBRA IMPT BDS 2019 B</title>
        <cusip>56733EGC3</cusip>
        <identifiers>
          <isin value="US56733EGC30"/>
          <ticker value="MARSCD"/>
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        <balance>350000</balance>
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        <curCd>USD</curCd>
        <valUSD>392017.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PHOENIX ARIZ CIVIC IMPT CORP</name>
        <lei>N/A</lei>
        <title>PHOENIX ARIZ CIVIC IMPT CORP REF BDS 2017 B</title>
        <cusip>71883MLV4</cusip>
        <identifiers>
          <isin value="US71883MLV45"/>
          <ticker value="PHOAPT"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4894040</valUSD>
        <pctVal>3.5755972001</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>
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        <name>QUEEN CREEK ARIZ EXCISE TAX &amp; ST SHARED REV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MARICOPA CNTY ARIZ SCH DIST NO 31 BALSZ</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARIZONA BRD REGENTS ARIZ ST UNIV</name>
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          <ticker value="AZSHGR"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARIZONA BRD REGENTS ARIZ ST UNIV</name>
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          <isin value="US04048RLP90"/>
          <ticker value="AZSHGR"/>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SCH DIST NO 31 BALSZ</name>
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        <cusip>567150FA0</cusip>
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          <isin value="US567150FA09"/>
          <ticker value="MARSCD"/>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ UNI SCH DIST NO 95 QUEEN CREEK</name>
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        <cusip>567430PP2</cusip>
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          <isin value="US567430PP28"/>
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      <invstOrSec>
        <name>ARIZONA HEALTH FACS AUTH</name>
        <lei>N/A</lei>
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          <isin value="US040507MZ58"/>
          <ticker value="AZSMED"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH</name>
        <lei>N/A</lei>
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          <isin value="US04052FAX33"/>
          <ticker value="AZSEDU"/>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SCH DIST NO 3 TEMPE ELEM</name>
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        <cusip>566880WD8</cusip>
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          <isin value="US566880WD87"/>
          <ticker value="MARSCD"/>
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      <invstOrSec>
        <name>ARIZONA SCH DIST</name>
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          <isin value="US040577AQ17"/>
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        <name>PIMA CNTY ARIZ UNI SCH DIST NO 10 AMPHITHEATER</name>
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          <ticker value="PIMSCD"/>
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        <name>MARICOPA CNTY ARIZ UNI SCH DIST NO 95 QUEEN CREEK</name>
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        <name>MARICOPA CNTY ARIZ INDL DEV AUTH</name>
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          <ticker value="MARDEV"/>
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        <name>MARICOPA CNTY ARIZ SCH DIST NO 28 KYRENE ELEM</name>
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        <cusip>567137P32</cusip>
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          <isin value="US567137P323"/>
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        <name>MARICOPA CNTY ARIZ SCH DIST NO 28 KYRENE ELEM</name>
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        <cusip>567137P40</cusip>
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      <invstOrSec>
        <name>PINAL CNTY ARIZ</name>
        <lei>N/A</lei>
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          <isin value="US72205REN89"/>
          <ticker value="PINREV"/>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SCH DIST NO 28 KYRENE ELEM</name>
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        <cusip>567137C77</cusip>
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          <isin value="US567137C776"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ ELEM SCH DIST NO 33 BUCKEYE</name>
        <lei>N/A</lei>
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        <cusip>567167HP9</cusip>
        <identifiers>
          <isin value="US567167HP92"/>
          <ticker value="MARSCD"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SCH DIST NO 28 KYRENE ELEM</name>
        <lei>54930076HGOXEKIIH691</lei>
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        <cusip>567137C93</cusip>
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          <ticker value="MARSCD"/>
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        <curCd>USD</curCd>
        <valUSD>431970</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
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      <invstOrSec>
        <name>ARIZONA ST TRANSN BRD</name>
        <lei>N/A</lei>
        <title>ARIZONA ST TRANSN BRD GRANT ANTIC NTS 2019 A</title>
        <cusip>040647EV7</cusip>
        <identifiers>
          <isin value="US040647EV79"/>
          <ticker value="AZSTRN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1132390</valUSD>
        <pctVal>0.8273268125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PIMA CNTY ARIZ UN SCH DIST NO 20 VAIL</name>
        <lei>N/A</lei>
        <title>PIMA CNTY ARIZ UN SCH DIST NO 20 VAIL SCH IMPT BDS 2019</title>
        <cusip>721893GF6</cusip>
        <identifiers>
          <isin value="US721893GF65"/>
          <ticker value="PIMSCD"/>
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        <balance>420000</balance>
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        <curCd>USD</curCd>
        <valUSD>431100.6</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SCH DIST NO 28 KYRENE ELEM</name>
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        <cusip>567137C85</cusip>
        <identifiers>
          <isin value="US567137C859"/>
          <ticker value="MARSCD"/>
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        <balance>485000</balance>
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        <curCd>USD</curCd>
        <valUSD>558681.2</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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          <couponKind>Variable</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
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      <invstOrSec>
        <name>PIMA CNTY ARIZ UN SCH DIST NO 20 VAIL</name>
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        <cusip>721893GZ2</cusip>
        <identifiers>
          <isin value="US721893GZ20"/>
          <ticker value="PIMSCD"/>
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        <balance>1685000</balance>
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        <curCd>USD</curCd>
        <valUSD>2061664.9</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>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>TUCSON ARIZ</name>
        <lei>N/A</lei>
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        <cusip>8987966L6</cusip>
        <identifiers>
          <isin value="US8987966L62"/>
          <ticker value="TUCWTR"/>
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        <balance>1825000</balance>
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        <curCd>USD</curCd>
        <valUSD>1931616.5</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>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>PIMA CNTY ARIZ</name>
        <lei>N/A</lei>
        <title>PIMA CNTY ARIZ REV BDS 2011 B</title>
        <cusip>721876RH5</cusip>
        <identifiers>
          <isin value="US721876RH53"/>
          <ticker value="PIMUTL"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1056880</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SCH DIST NO 4 MESA UNI</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ SCH DIST NO 4 MESA UNI SCH IMPT BDS 2019A</title>
        <cusip>566897WM2</cusip>
        <identifiers>
          <isin value="US566897WM20"/>
          <ticker value="MARSCD"/>
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        <balance>1375000</balance>
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        <curCd>USD</curCd>
        <valUSD>1506175</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-07-01</maturityDt>
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          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>PIMA CNTY ARIZ</name>
        <lei>N/A</lei>
        <title>PIMA CNTY ARIZ 2019</title>
        <cusip>721664FT2</cusip>
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          <isin value="US721664FT26"/>
          <ticker value="PIMCTF"/>
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        <balance>650000</balance>
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        <curCd>USD</curCd>
        <valUSD>721207.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>PIMA CNTY ARIZ</name>
        <lei>N/A</lei>
        <title>PIMA CNTY ARIZ 2019</title>
        <cusip>721664FR6</cusip>
        <identifiers>
          <isin value="US721664FR69"/>
          <ticker value="PIMCTF"/>
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        <balance>1040000</balance>
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        <curCd>USD</curCd>
        <valUSD>1076275.2</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>MARICOPA CNTY ARIZ SPL HEALTH CARE DIST</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ SPL HEALTH CARE DIST GO BDS 2018 C</title>
        <cusip>56756TAR5</cusip>
        <identifiers>
          <isin value="US56756TAR59"/>
          <ticker value="MARMED"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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          <annualizedRt>5.000000000000</annualizedRt>
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        <name>SALT RIV PROJ ARIZ AGRIC IMPT &amp; PWR DIST</name>
        <lei>SHB8HO6GKXJ83RX5OV39</lei>
        <title>SALT RIV PROJ ARIZ AGRIC IMPT &amp; PWR DIST BDS 2017A</title>
        <cusip>79574CCQ4</cusip>
        <identifiers>
          <isin value="US79574CCQ42"/>
          <ticker value="SALAGR"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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          <maturityDt>2031-01-01</maturityDt>
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      <invstOrSec>
        <name>PIMA CNTY ARIZ</name>
        <lei>N/A</lei>
        <title>PIMA CNTY ARIZ BDS 2019</title>
        <cusip>721882GA0</cusip>
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          <isin value="US721882GA06"/>
          <ticker value="PIMTRN"/>
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        <balance>620000</balance>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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          <maturityDt>2025-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SCH DIST NO 8 OSBORN</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ SCH DIST NO 8 OSBORN SCH IMPT BDS 2019 B</title>
        <cusip>56674MDA3</cusip>
        <identifiers>
          <isin value="US56674MDA36"/>
          <ticker value="MARSCD"/>
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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>2035-07-01</maturityDt>
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        <securityLending>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SCH DIST NO 8 OSBORN</name>
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        <cusip>56674MDB1</cusip>
        <identifiers>
          <isin value="US56674MDB19"/>
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        <balance>1175000</balance>
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        <curCd>USD</curCd>
        <valUSD>1445473.25</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-01</maturityDt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SALT RIV PROJ ARIZ AGRIC IMPT &amp; PWR DIST</name>
        <lei>SHB8HO6GKXJ83RX5OV39</lei>
        <title>SALT RIV PROJ ARIZ AGRIC IMPT &amp; PWR DIST REV BDS 2015A</title>
        <cusip>79574CAT0</cusip>
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          <isin value="US79574CAT09"/>
          <ticker value="SALAGR"/>
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        <balance>1105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1292673.2</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>2036-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>ARIZONA INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>ARIZONA INDL DEV AUTH VAR RATE DEMAND REF BDS 2019B</title>
        <cusip>04052EAA6</cusip>
        <identifiers>
          <isin value="US04052EAA64"/>
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        <balance>1300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1300000</valUSD>
        <pctVal>0.9497830750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.590000000000</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>MARICOPA CNTY ARIZ SPL HEALTH CARE DIST</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ SPL HEALTH CARE DIST GO BDS 2018 C</title>
        <cusip>56756TAU8</cusip>
        <identifiers>
          <isin value="US56756TAU88"/>
          <ticker value="MARMED"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2779850</valUSD>
        <pctVal>2.0309649853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</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>GILA CNTY ARIZ</name>
        <lei>N/A</lei>
        <title>GILA CNTY ARIZ PLEDGE REF 2019</title>
        <cusip>37524PBS1</cusip>
        <identifiers>
          <isin value="US37524PBS11"/>
          <ticker value="GILGEN"/>
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        <balance>715000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>842191.35</valUSD>
        <pctVal>0.6153069924</pctVal>
        <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>4.000000000000</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>GILA CNTY ARIZ</name>
        <lei>N/A</lei>
        <title>GILA CNTY ARIZ PLEDGE REF 2019</title>
        <cusip>37524PBR3</cusip>
        <identifiers>
          <isin value="US37524PBR38"/>
          <ticker value="GILGEN"/>
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        <balance>380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>486973.8</valUSD>
        <pctVal>0.3557842101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>MOHAVE CNTY ARIZONA UNI SCH DIST NO 1 LAKE HAVASU</name>
        <lei>N/A</lei>
        <title>MOHAVE CNTY ARIZONA UNI SCH DIST NO 1 LAKE HAVASU PROJ OF 2016 IMPT BDS 2019 B</title>
        <cusip>608106GS3</cusip>
        <identifiers>
          <isin value="US608106GS39"/>
          <ticker value="MOHSCD"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>281347.5</valUSD>
        <pctVal>0.2055531490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ UNI SCH DIST NO 41 GILBERT</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ UNI SCH DIST NO 41 GILBERT SCH IMPT BDS 2018 B</title>
        <cusip>567219YC8</cusip>
        <identifiers>
          <isin value="US567219YC86"/>
          <ticker value="MARSCD"/>
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        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>807241.5</valUSD>
        <pctVal>0.5897725493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>PHOENIX ARIZ CIVIC IMPT CORP</name>
        <lei>N/A</lei>
        <title>PHOENIX ARIZ CIVIC IMPT CORP REV BDS 2014</title>
        <cusip>71883RNL3</cusip>
        <identifiers>
          <isin value="US71883RNL32"/>
          <ticker value="PHOWTR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1113090</valUSD>
        <pctVal>0.8132261869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA CNTY ARIZ SCH DIST NO 1 PHOENIX ELEM</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ SCH DIST NO 1 PHOENIX ELEM SCH IMPT BDS 2018C</title>
        <cusip>566865KE0</cusip>
        <identifiers>
          <isin value="US566865KE06"/>
          <ticker value="MARSCD"/>
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        <balance>1100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1332133</valUSD>
        <pctVal>0.9732595208</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>5.000000000000</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>MARICOPA CNTY ARIZ UNI SCH DIST NO 41 GILBERT</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ UNI SCH DIST NO 41 GILBERT SCH IMPT BDS 2018 B</title>
        <cusip>567219YB0</cusip>
        <identifiers>
          <isin value="US567219YB04"/>
          <ticker value="MARSCD"/>
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        <balance>525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>656255.25</valUSD>
        <pctVal>0.4794616379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ UNI SCH DIST NO 41 GILBERT</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ UNI SCH DIST NO 41 GILBERT SCH IMPT BDS 2018 B</title>
        <cusip>567219YE4</cusip>
        <identifiers>
          <isin value="US567219YE43"/>
          <ticker value="MARSCD"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>615805</valUSD>
        <pctVal>0.4499085896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>GILBERT ARIZ</name>
        <lei>N/A</lei>
        <title>GILBERT ARIZ BDS 2018</title>
        <cusip>37530ABG2</cusip>
        <identifiers>
          <isin value="US37530ABG22"/>
          <ticker value="GBTWTR"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>612925</valUSD>
        <pctVal>0.4478044548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PHOENIX ARIZ CIVIC IMPT CORP</name>
        <lei>N/A</lei>
        <title>PHOENIX ARIZ CIVIC IMPT CORP REV BDS 2014</title>
        <cusip>71883RMX8</cusip>
        <identifiers>
          <isin value="US71883RMX88"/>
          <ticker value="PHOWTR"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1141650</valUSD>
        <pctVal>0.8340921904</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GILBERT ARIZ</name>
        <lei>N/A</lei>
        <title>GILBERT ARIZ BDS 2018</title>
        <cusip>37530ABK3</cusip>
        <identifiers>
          <isin value="US37530ABK34"/>
          <ticker value="GBTWTR"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>729654</valUSD>
        <pctVal>0.5330869383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MESA ARIZ</name>
        <lei>N/A</lei>
        <title>MESA ARIZ REF BDS 2019 B</title>
        <cusip>590545K73</cusip>
        <identifiers>
          <isin value="US590545K733"/>
          <ticker value="MESUTL"/>
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        <balance>290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>376544.7</valUSD>
        <pctVal>0.2751044485</pctVal>
        <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>5.000000000000</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>GILBERT ARIZ</name>
        <lei>N/A</lei>
        <title>GILBERT ARIZ BDS 2018</title>
        <cusip>37530ABH0</cusip>
        <identifiers>
          <isin value="US37530ABH05"/>
          <ticker value="GBTWTR"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>918810</valUSD>
        <pctVal>0.6712847593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GILBERT ARIZ</name>
        <lei>N/A</lei>
        <title>GILBERT ARIZ BDS 2018</title>
        <cusip>37530ABJ6</cusip>
        <identifiers>
          <isin value="US37530ABJ60"/>
          <ticker value="GBTWTR"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>610000</valUSD>
        <pctVal>0.4456674429</pctVal>
        <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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SALT RIV PROJ ARIZ AGRIC IMPT &amp; PWR DIST</name>
        <lei>SHB8HO6GKXJ83RX5OV39</lei>
        <title>SALT RIV PROJ ARIZ AGRIC IMPT &amp; PWR DIST BDS 2019 A</title>
        <cusip>79574CEC3</cusip>
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          <isin value="US79574CEC38"/>
          <ticker value="SALAGR"/>
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        <curCd>USD</curCd>
        <valUSD>1009520</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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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MESA ARIZ</name>
        <lei>N/A</lei>
        <title>MESA ARIZ BDS 2019A</title>
        <cusip>590545G78</cusip>
        <identifiers>
          <isin value="US590545G780"/>
          <ticker value="MESUTL"/>
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        <balance>1220000</balance>
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        <curCd>USD</curCd>
        <valUSD>1290711.2</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MESA ARIZ</name>
        <lei>N/A</lei>
        <title>MESA ARIZ REF BDS 2019C</title>
        <cusip>590545L98</cusip>
        <identifiers>
          <isin value="US590545L988"/>
          <ticker value="MESUTL"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1131660</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>2023-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MESA ARIZ</name>
        <lei>N/A</lei>
        <title>MESA ARIZ REF BDS 2019C</title>
        <cusip>590545L72</cusip>
        <identifiers>
          <isin value="US590545L723"/>
          <ticker value="MESUTL"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1057960</valUSD>
        <pctVal>0.7729480784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MESA ARIZ</name>
        <lei>N/A</lei>
        <title>MESA ARIZ REF BDS 2019C</title>
        <cusip>590545L80</cusip>
        <identifiers>
          <isin value="US590545L806"/>
          <ticker value="MESUTL"/>
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        <balance>675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>739395</valUSD>
        <pctVal>0.5402037359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ UNI SCH DIST NO 69 PARADISE VY</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ UNI SCH DIST NO 69 PARADISE VY SCH IMPT BDS 2014D</title>
        <cusip>567373ZV0</cusip>
        <identifiers>
          <isin value="US567373ZV01"/>
          <ticker value="MARSCD"/>
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        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1885521</valUSD>
        <pctVal>1.3775661025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ UNI SCH DIST NO 80 CHANDLER</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ UNI SCH DIST NO 80 CHANDLER SCH IMPT-PROJ 2015-SER C 2018C</title>
        <cusip>567389XG1</cusip>
        <identifiers>
          <isin value="US567389XG12"/>
          <ticker value="MARSCD"/>
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        <balance>1335000</balance>
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        <curCd>USD</curCd>
        <valUSD>1693020.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHOENIX ARIZ CIVIC IMPT CORP</name>
        <lei>N/A</lei>
        <title>PHOENIX ARIZ CIVIC IMPT CORP JR LIEN BDS 2019 A</title>
        <cusip>71883MNZ3</cusip>
        <identifiers>
          <isin value="US71883MNZ31"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1986100</valUSD>
        <pctVal>1.4510493578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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          <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>TEMPE ARIZ</name>
        <lei>N/A</lei>
        <title>TEMPE ARIZ GO BDS 2019</title>
        <cusip>8797096Y4</cusip>
        <identifiers>
          <isin value="US8797096Y48"/>
          <ticker value="TEM"/>
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        <balance>1125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1448516.25</valUSD>
        <pctVal>1.0582893985</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>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PHOENIX ARIZ CIVIC IMPT CORP</name>
        <lei>N/A</lei>
        <title>PHOENIX ARIZ CIVIC IMPT CORP JR LIEN BDS 2019 A</title>
        <cusip>71883MPA6</cusip>
        <identifiers>
          <isin value="US71883MPA61"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2224300</valUSD>
        <pctVal>1.6250788413</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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      <invstOrSec>
        <name>PHOENIX ARIZ CIVIC IMPT CORP</name>
        <lei>N/A</lei>
        <title>PHOENIX ARIZ CIVIC IMPT CORP BDS 2019 A</title>
        <cusip>718846AU2</cusip>
        <identifiers>
          <isin value="US718846AU25"/>
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        <balance>2515000</balance>
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        <curCd>USD</curCd>
        <valUSD>3133388.2</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>MARICOPA CNTY ARIZ UNI SCH DIST NO 41 GILBERT</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ UNI SCH DIST NO 41 GILBERT IMPT BDS 2019 C</title>
        <cusip>567219YL8</cusip>
        <identifiers>
          <isin value="US567219YL85"/>
          <ticker value="MARSCD"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1168080</valUSD>
        <pctVal>0.8534020109</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>GOODYEAR ARIZ</name>
        <lei>N/A</lei>
        <title>GOODYEAR ARIZ REF BDS 2018</title>
        <cusip>38251UBJ7</cusip>
        <identifiers>
          <isin value="US38251UBJ79"/>
          <ticker value="GOOTRN"/>
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        <balance>870000</balance>
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        <curCd>USD</curCd>
        <valUSD>955677.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.350000000000</annualizedRt>
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      <invstOrSec>
        <name>ARIZONA BRD REGENTS ARIZ ST UNIV</name>
        <lei>N/A</lei>
        <title>ARIZONA BRD REGENTS ARIZ ST UNIV SYS REV BDS 2017 A</title>
        <cusip>04048RSE7</cusip>
        <identifiers>
          <isin value="US04048RSE70"/>
          <ticker value="AZSHGR"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>856087.5</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA ST</name>
        <lei>N/A</lei>
        <title>ARIZONA ST REF COPS 2015</title>
        <cusip>040588D69</cusip>
        <identifiers>
          <isin value="US040588D692"/>
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        <balance>650000</balance>
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        <curCd>USD</curCd>
        <valUSD>666555.5</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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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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      <invstOrSec>
        <name>ARIZONA BRD REGENTS ARIZ ST UNIV</name>
        <lei>N/A</lei>
        <title>ARIZONA BRD REGENTS ARIZ ST UNIV REF BDS 2017 B</title>
        <cusip>04048RSV9</cusip>
        <identifiers>
          <isin value="US04048RSV95"/>
          <ticker value="AZSHGR"/>
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        <balance>1000000</balance>
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        <valUSD>1233980</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ARIZONA BRD REGENTS ARIZ ST UNIV</name>
        <lei>N/A</lei>
        <title>ARIZONA BRD REGENTS ARIZ ST UNIV SYS REV BDS 2017 A</title>
        <cusip>04048RSA5</cusip>
        <identifiers>
          <isin value="US04048RSA58"/>
          <ticker value="AZSHGR"/>
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        <balance>550000</balance>
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        <curCd>USD</curCd>
        <valUSD>631658.5</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PINAL CNTY ARIZ CMNTY COLLEGE DIST</name>
        <lei>N/A</lei>
        <title>PINAL CNTY ARIZ CMNTY COLLEGE DIST REV BDS 2017</title>
        <cusip>722042GR3</cusip>
        <identifiers>
          <isin value="US722042GR36"/>
          <ticker value="PINHGR"/>
        </identifiers>
        <balance>175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>211020.25</valUSD>
        <pctVal>0.1541718938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>ARIZONA BRD REGENTS ARIZ ST UNIV</name>
        <lei>N/A</lei>
        <title>ARIZONA BRD REGENTS ARIZ ST UNIV SYS REV BDS 2017 A</title>
        <cusip>04048RSD9</cusip>
        <identifiers>
          <isin value="US04048RSD97"/>
          <ticker value="AZSHGR"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>857400</valUSD>
        <pctVal>0.6264184681</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>5.000000000000</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>MARICOPA CNTY ARIZ UNI SCH DIST NO 69 PARADISE VY</name>
        <lei>N/A</lei>
        <title>MARICOPA CNTY ARIZ UNI SCH DIST NO 69 PARADISE VY SCH IMPT BDS 2012 A</title>
        <cusip>567373YX7</cusip>
        <identifiers>
          <isin value="US567373YX75"/>
          <ticker value="MARSCD"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1062210</valUSD>
        <pctVal>0.7760531385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Funds</ncom:nameOfApplicant>
      <ncom:signature>Randal E. Rein </ncom:signature>
      <ncom:signerName>Randal E. Rein </ncom:signerName>
      <ncom:title>Treasurer and Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
