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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF PHOENIX CIV 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX CIV 5.00%</title>
        <cusip>71883MMS0</cusip>
        <identifiers>
          <isin value="US71883MMS07"/>
          <ticker value="PHOAPT"/>
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        <balance>840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>861902.5</valUSD>
        <pctVal>1.5879319216</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</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>OHIO HOUSING FIN. A 5.50%</name>
        <lei>549300K10X7VPG6JVX38</lei>
        <title>OHIO HOUSING FIN. A 5.50%</title>
        <cusip>67756Q7F8</cusip>
        <identifiers>
          <isin value="US67756Q7F83"/>
          <ticker value="OHSHSG"/>
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        <balance>160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>173240.18</valUSD>
        <pctVal>0.3191702216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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>CITY OF SEDONA AZ E 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SEDONA AZ E 5.00%</title>
        <cusip>81567LEH7</cusip>
        <identifiers>
          <isin value="US81567LEH78"/>
          <ticker value="SEDGEN"/>
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        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>105840.21</valUSD>
        <pctVal>0.1949954294</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</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 WATER RESOU 5.00%</name>
        <lei>N/A</lei>
        <title>GILBERT WATER RESOU 5.00%</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>503177.7</valUSD>
        <pctVal>0.9270328512</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</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 COUNTY IND 4.25%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY IND 4.25%</title>
        <cusip>56681NJA6</cusip>
        <identifiers>
          <isin value="US56681NJA63"/>
          <ticker value="MAREDU"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>265044.69</valUSD>
        <pctVal>0.4883068838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</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>CITY OF PHOENIX CIV 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX CIV 5.00%</title>
        <cusip>71883MNX8</cusip>
        <identifiers>
          <isin value="US71883MNX82"/>
          <ticker value="PHOAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1031285.4</valUSD>
        <pctVal>1.8999956572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>GLENDALE INDUSTRIAL 5.00%</name>
        <lei>N/A</lei>
        <title>GLENDALE INDUSTRIAL 5.00%</title>
        <cusip>378286KP2</cusip>
        <identifiers>
          <isin value="US378286KP20"/>
          <ticker value="GLEDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>536437.85</valUSD>
        <pctVal>0.9883099144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF PHOENIX CIV 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX CIV 5.00%</title>
        <cusip>71883PLD7</cusip>
        <identifiers>
          <isin value="US71883PLD77"/>
          <ticker value="PHOUTL"/>
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        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>732346.3</valUSD>
        <pctVal>1.3492431771</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</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 BOARD OF RE 5.00%</name>
        <lei>N/A</lei>
        <title>ARIZONA BOARD OF RE 5.00%</title>
        <cusip>040484P27</cusip>
        <identifiers>
          <isin value="US040484P276"/>
          <ticker value="AZSHGR"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>412477.28</valUSD>
        <pctVal>0.7599303168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>GILBERT WATER RESOU 5.00%</name>
        <lei>N/A</lei>
        <title>GILBERT WATER RESOU 5.00%</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>603737.28</valUSD>
        <pctVal>1.1122994761</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</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>CHANDLER INDL. DEV. A VAR</name>
        <lei>N/A</lei>
        <title>CHANDLER INDL. DEV. A VAR</title>
        <cusip>158862CE0</cusip>
        <identifiers>
          <isin value="US158862CE05"/>
          <ticker value="CHADEV"/>
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        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>556996.88</valUSD>
        <pctVal>1.0261869828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</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>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JHM1</cusip>
        <identifiers>
          <isin value="US13013JHM18"/>
          <ticker value="CCEDEV"/>
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        <balance>155000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>160966</valUSD>
        <pctVal>0.2965568028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOWN OF QUEEN CREEK 5.00%</name>
        <lei>N/A</lei>
        <title>TOWN OF QUEEN CREEK 5.00%</title>
        <cusip>74823YHD0</cusip>
        <identifiers>
          <isin value="US74823YHD04"/>
          <ticker value="QUEGEN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1021755.7</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>MARICOPA COUNTY IND 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY IND 5.00%</title>
        <cusip>56681NJE8</cusip>
        <identifiers>
          <isin value="US56681NJE85"/>
          <ticker value="MAREDU"/>
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        <balance>965000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006645.83</valUSD>
        <pctVal>1.8546007782</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SALT VERDE FINL. CO 5.00%</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>SALT VERDE FINL. CO 5.00%</title>
        <cusip>79575EAS7</cusip>
        <identifiers>
          <isin value="US79575EAS72"/>
          <ticker value="SLTPWR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1055113.2</valUSD>
        <pctVal>1.9438949663</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>MARICOPA COUNTY IND 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY IND 5.00%</title>
        <cusip>56678PCH8</cusip>
        <identifiers>
          <isin value="US56678PCH82"/>
          <ticker value="MARMED"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>533108.45</valUSD>
        <pctVal>0.9821759717</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>PINAL COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>PINAL COUNTY SCHOOL 5.00%</title>
        <cusip>72220EFM9</cusip>
        <identifiers>
          <isin value="US72220EFM93"/>
          <ticker value="PINSCD"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210851.48</valUSD>
        <pctVal>0.3884636555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 BOARD OF RE 5.00%</name>
        <lei>N/A</lei>
        <title>ARIZONA BOARD OF RE 5.00%</title>
        <cusip>04048RYE0</cusip>
        <identifiers>
          <isin value="US04048RYE07"/>
          <ticker value="AZSHGR"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>531241.65</valUSD>
        <pctVal>0.9787366600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>SALT RIVER PROJECT 5.25%</name>
        <lei>SHB8HO6GKXJ83RX5OV39</lei>
        <title>SALT RIVER PROJECT 5.25%</title>
        <cusip>79574CFR9</cusip>
        <identifiers>
          <isin value="US79574CFR97"/>
          <ticker value="SALAGR"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>627667.92</valUSD>
        <pctVal>1.1563882531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>MARICOPA COUNTY SCH 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY SCH 5.00%</title>
        <cusip>566880YC8</cusip>
        <identifiers>
          <isin value="US566880YC86"/>
          <ticker value="MARSCD"/>
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        <balance>725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>809420.02</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>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF TEMPE AZ EX 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF TEMPE AZ EX 5.00%</title>
        <cusip>87971HLY8</cusip>
        <identifiers>
          <isin value="US87971HLY89"/>
          <ticker value="TEMGEN"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>557013.3</valUSD>
        <pctVal>1.0262172343</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>5</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 INDL. DEV. 5.00%</name>
        <lei>549300UXW2QG1W1XXQ37</lei>
        <title>ARIZONA INDL. DEV. 5.00%</title>
        <cusip>04052FFG5</cusip>
        <identifiers>
          <isin value="US04052FFG54"/>
          <ticker value="AZSEDU"/>
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        <balance>625000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>678042.25</valUSD>
        <pctVal>1.2491957419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>GUTHRIE COUNTY HOSP 4.50%</name>
        <lei>N/A</lei>
        <title>GUTHRIE COUNTY HOSP 4.50%</title>
        <cusip>40341HAA4</cusip>
        <identifiers>
          <isin value="US40341HAA41"/>
          <ticker value="GTEMED"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>199947.02</valUSD>
        <pctVal>0.3683737496</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>CITY OF LAKE HAVASU 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LAKE HAVASU 5.00%</title>
        <cusip>50989RAV2</cusip>
        <identifiers>
          <isin value="US50989RAV24"/>
          <ticker value="LKHUTL"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>546163.3</valUSD>
        <pctVal>1.0062276632</pctVal>
        <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</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 COUNTY ELE 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY ELE 5.00%</title>
        <cusip>566865LS8</cusip>
        <identifiers>
          <isin value="US566865LS82"/>
          <ticker value="MARSCD"/>
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        <balance>540000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>581194.28</valUSD>
        <pctVal>1.0707672270</pctVal>
        <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</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>PINAL COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>PINAL COUNTY SCHOOL 5.00%</title>
        <cusip>72220EFA5</cusip>
        <identifiers>
          <isin value="US72220EFA55"/>
          <ticker value="PINSCD"/>
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        <balance>150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>165970.53</valUSD>
        <pctVal>0.3057769326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>ARIZONA INDL. DEV. 5.00%</name>
        <lei>549300UXW2QG1W1XXQ37</lei>
        <title>ARIZONA INDL. DEV. 5.00%</title>
        <cusip>04052FFU4</cusip>
        <identifiers>
          <isin value="US04052FFU49"/>
          <ticker value="AZSEDU"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>526225.15</valUSD>
        <pctVal>0.9694944772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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</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>ARIZONA INDL. DEV. 5.00%</name>
        <lei>549300UXW2QG1W1XXQ37</lei>
        <title>ARIZONA INDL. DEV. 5.00%</title>
        <cusip>04052FFA8</cusip>
        <identifiers>
          <isin value="US04052FFA84"/>
          <ticker value="AZSEDU"/>
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        <balance>545000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>575310.77</valUSD>
        <pctVal>1.0599277024</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOWN OF QUEEN CREEK 4.00%</name>
        <lei>N/A</lei>
        <title>TOWN OF QUEEN CREEK 4.00%</title>
        <cusip>74823YEK7</cusip>
        <identifiers>
          <isin value="US74823YEK73"/>
          <ticker value="QUEGEN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>965580.9</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARICOPA COUNTY IND 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY IND 5.00%</title>
        <cusip>56678RAF0</cusip>
        <identifiers>
          <isin value="US56678RAF01"/>
          <ticker value="MARHGR"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1005140.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INDUSTRIAL DEVELOPM 3.00%</name>
        <lei>549300QDTQ25545R4K19</lei>
        <title>INDUSTRIAL DEVELOPM 3.00%</title>
        <cusip>721901KX3</cusip>
        <identifiers>
          <isin value="US721901KX34"/>
          <ticker value="PIMDEV"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>688562.5</valUSD>
        <pctVal>1.2685777959</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>MARICOPA COUNTY SPE 4.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY SPE 4.00%</title>
        <cusip>56756TAU8</cusip>
        <identifiers>
          <isin value="US56756TAU88"/>
          <ticker value="MARMED"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000585</valUSD>
        <pctVal>1.8434345669</pctVal>
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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</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UNIVERSITY OF ARIZ 3.125%</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF ARIZ 3.125%</title>
        <cusip>040484WX1</cusip>
        <identifiers>
          <isin value="US040484WX14"/>
          <ticker value="AZSHGR"/>
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        <balance>430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>382042.1</valUSD>
        <pctVal>0.7038578563</pctVal>
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        <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>3.125</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>NI US GOV T PORTFOLIO</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>NI US GOV T PORTFOLIO</title>
        <cusip>665278404</cusip>
        <identifiers>
          <isin value="US6652784041"/>
          <ticker value="BNGXX"/>
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        <balance>468596.11</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>468596.11</valUSD>
        <pctVal>0.8633212242</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA INDL. DEV. 4.00%</name>
        <lei>N/A</lei>
        <title>ARIZONA INDL. DEV. 4.00%</title>
        <cusip>04052BQF4</cusip>
        <identifiers>
          <isin value="US04052BQF49"/>
          <ticker value="AZSEDU"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>449414</valUSD>
        <pctVal>0.8279809336</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>4</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 BOARD OF RE 5.00%</name>
        <lei>N/A</lei>
        <title>ARIZONA BOARD OF RE 5.00%</title>
        <cusip>040484L88</cusip>
        <identifiers>
          <isin value="US040484L887"/>
          <ticker value="AZSHGR"/>
        </identifiers>
        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>420295</valUSD>
        <pctVal>0.7743333463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 COUNTY IND 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY IND 5.00%</title>
        <cusip>56678RAD5</cusip>
        <identifiers>
          <isin value="US56678RAD52"/>
          <ticker value="MARHGR"/>
        </identifiers>
        <balance>1285000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1324756.87</valUSD>
        <pctVal>2.4406748121</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>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF PHOENIX CIV 3.25%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX CIV 3.25%</title>
        <cusip>71883MQB3</cusip>
        <identifiers>
          <isin value="US71883MQB36"/>
          <ticker value="PHOAPT"/>
        </identifiers>
        <balance>1330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>975538.24</valUSD>
        <pctVal>1.7972894986</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>3.25</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>CITY OF NEW YORK NY VAR</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>CITY OF NEW YORK NY VAR</title>
        <cusip>64966MSD2</cusip>
        <identifiers>
          <isin value="US64966MSD29"/>
          <ticker value="NYC"/>
        </identifiers>
        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>400000</valUSD>
        <pctVal>0.7369427153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.6999999</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 COUNTY SCH 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY SCH 5.00%</title>
        <cusip>567337UM0</cusip>
        <identifiers>
          <isin value="US567337UM02"/>
          <ticker value="MARSCD"/>
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        <balance>275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>298396.59</valUSD>
        <pctVal>0.5497529831</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</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF PHOENIX CIV 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX CIV 5.00%</title>
        <cusip>71883RQC0</cusip>
        <identifiers>
          <isin value="US71883RQC06"/>
          <ticker value="PHOWTR"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>786881.1</valUSD>
        <pctVal>1.4497157361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 COUNTY UNI 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY UNI 5.00%</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>540697.45</valUSD>
        <pctVal>0.9961576173</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</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>COUNTY OF PINAL AZ 5.25%</name>
        <lei>N/A</lei>
        <title>COUNTY OF PINAL AZ 5.25%</title>
        <cusip>72205RJE3</cusip>
        <identifiers>
          <isin value="US72205RJE36"/>
          <ticker value="PINREV"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1051350.7</valUSD>
        <pctVal>1.9369630989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>YUMA INDL. DEV. AUT 5.00%</name>
        <lei>N/A</lei>
        <title>YUMA INDL. DEV. AUT 5.00%</title>
        <cusip>988514CW3</cusip>
        <identifiers>
          <isin value="US988514CW39"/>
          <ticker value="YUMDEV"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>748265.21</valUSD>
        <pctVal>1.3785714890</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF GLENDALE AZ 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF GLENDALE AZ 5.00%</title>
        <cusip>378307CA8</cusip>
        <identifiers>
          <isin value="US378307CA89"/>
          <ticker value="GLNGEN"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>560806.8</valUSD>
        <pctVal>1.0332062148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF PHOENIX CIV 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX CIV 5.00%</title>
        <cusip>71883MLV4</cusip>
        <identifiers>
          <isin value="US71883MLV45"/>
          <ticker value="PHOAPT"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1024954.1</valUSD>
        <pctVal>1.8883311437</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</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF RICHMOND VA 4.00%</name>
        <lei>N/A</lei>
        <title>CITY OF RICHMOND VA 4.00%</title>
        <cusip>76541VRX7</cusip>
        <identifiers>
          <isin value="US76541VRX72"/>
          <ticker value="RIC"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>609660.72</valUSD>
        <pctVal>1.1232125660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>VISTANCIA COMMUNITY 4.00%</name>
        <lei>N/A</lei>
        <title>VISTANCIA COMMUNITY 4.00%</title>
        <cusip>92839NCR2</cusip>
        <identifiers>
          <isin value="US92839NCR26"/>
          <ticker value="VISFAC"/>
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        <balance>450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>451703.52</valUSD>
        <pctVal>0.8321990463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 COUNTY UNI 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY UNI 5.00%</title>
        <cusip>567541SS7</cusip>
        <identifiers>
          <isin value="US567541SS77"/>
          <ticker value="MARSCD"/>
        </identifiers>
        <balance>350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>360826.24</valUSD>
        <pctVal>0.6647706726</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>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCOTTSDALE MUNICIPA 5.00%</name>
        <lei>N/A</lei>
        <title>SCOTTSDALE MUNICIPA 5.00%</title>
        <cusip>810489JT2</cusip>
        <identifiers>
          <isin value="US810489JT26"/>
          <ticker value="SCOGEN"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>530121.35</valUSD>
        <pctVal>0.9766726677</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</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 COUNTY ELE 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY ELE 5.00%</title>
        <cusip>567167HP9</cusip>
        <identifiers>
          <isin value="US567167HP92"/>
          <ticker value="MARSCD"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1019106</valUSD>
        <pctVal>1.8775568569</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>5</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 COUNTY IND 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY IND 5.00%</title>
        <cusip>56678PAT4</cusip>
        <identifiers>
          <isin value="US56678PAT49"/>
          <ticker value="MARMED"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1019984.9</valUSD>
        <pctVal>1.8791761043</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</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>CITY OF PHOENIX AZ 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX AZ 5.00%</title>
        <cusip>718814Z58</cusip>
        <identifiers>
          <isin value="US718814Z589"/>
          <ticker value="PHO"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>816455.85</valUSD>
        <pctVal>1.5042029775</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</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>CITY OF PHOENIX AZ 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX AZ 5.00%</title>
        <cusip>7188142B1</cusip>
        <identifiers>
          <isin value="US7188142B18"/>
          <ticker value="PHO"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>785784</valUSD>
        <pctVal>1.4476944864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 COUNTY IND 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY IND 5.00%</title>
        <cusip>56682HCC1</cusip>
        <identifiers>
          <isin value="US56682HCC16"/>
          <ticker value="MARDEV"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1260102.75</valUSD>
        <pctVal>2.3215588552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>UNIVERSITY OF ARIZO 5.00%</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF ARIZO 5.00%</title>
        <cusip>040484F51</cusip>
        <identifiers>
          <isin value="US040484F517"/>
          <ticker value="AZSHGR"/>
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        <balance>705000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>756684.96</valUSD>
        <pctVal>1.3940836726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>SALT VERDE FINL. CO 5.00%</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>SALT VERDE FINL. CO 5.00%</title>
        <cusip>79575EAR9</cusip>
        <identifiers>
          <isin value="US79575EAR99"/>
          <ticker value="SLTPWR"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>531944.1</valUSD>
        <pctVal>0.9800308236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 COUNTY UNI 5.00%</name>
        <lei>549300BQUWR69ZZ87I66</lei>
        <title>MARICOPA COUNTY UNI 5.00%</title>
        <cusip>567373F83</cusip>
        <identifiers>
          <isin value="US567373F838"/>
          <ticker value="MARSCD"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>514778.3</valUSD>
        <pctVal>0.9484052954</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>5</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>CITY OF BUCKEYE AZ 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF BUCKEYE AZ 5.00%</title>
        <cusip>118087FB6</cusip>
        <identifiers>
          <isin value="US118087FB65"/>
          <ticker value="BUCGEN"/>
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        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>725203.64</valUSD>
        <pctVal>1.3360838489</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>5</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 COUNTY UNI 4.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY UNI 4.00%</title>
        <cusip>567373K46</cusip>
        <identifiers>
          <isin value="US567373K465"/>
          <ticker value="MARSCD"/>
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        <balance>275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275892.07</valUSD>
        <pctVal>0.5082916280</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</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>SALT RIVER PROJECT 5.00%</name>
        <lei>SHB8HO6GKXJ83RX5OV39</lei>
        <title>SALT RIVER PROJECT 5.00%</title>
        <cusip>79574CFM0</cusip>
        <identifiers>
          <isin value="US79574CFM01"/>
          <ticker value="SALAGR"/>
        </identifiers>
        <balance>725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>747721.28</valUSD>
        <pctVal>1.3775693759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF PHOENIX CIV 4.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX CIV 4.00%</title>
        <cusip>71884AE54</cusip>
        <identifiers>
          <isin value="US71884AE540"/>
          <ticker value="PHOGEN"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>730424.48</valUSD>
        <pctVal>1.3457024990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 BOARD OF RE 5.00%</name>
        <lei>254900BLZ1MCZ5JLK411</lei>
        <title>ARIZONA BOARD OF RE 5.00%</title>
        <cusip>040664HF4</cusip>
        <identifiers>
          <isin value="US040664HF41"/>
          <ticker value="AZSHGR"/>
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        <balance>850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>898647.03</valUSD>
        <pctVal>1.6556284559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CITY OF MESA AZ UTI 5.00%</name>
        <lei>549300L1QYAKFHSIGE94</lei>
        <title>CITY OF MESA AZ UTI 5.00%</title>
        <cusip>5905452M0</cusip>
        <identifiers>
          <isin value="US5905452M00"/>
          <ticker value="MESUTL"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>527898.7</valUSD>
        <pctVal>0.9725777534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>KYRENE ELEMENTARY S 5.00%</name>
        <lei>N/A</lei>
        <title>KYRENE ELEMENTARY S 5.00%</title>
        <cusip>567137P40</cusip>
        <identifiers>
          <isin value="US567137P406"/>
          <ticker value="MARSCD"/>
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        <balance>250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>262457.95</valUSD>
        <pctVal>0.4835411858</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 COUNTY ELE 4.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY ELE 4.00%</title>
        <cusip>567167JN2</cusip>
        <identifiers>
          <isin value="US567167JN27"/>
          <ticker value="MARSCD"/>
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        <balance>305000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>309774.74</valUSD>
        <pctVal>0.5707155950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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 STATE UNIVE 5.00%</name>
        <lei>N/A</lei>
        <title>ARIZONA STATE UNIVE 5.00%</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>504414.7</valUSD>
        <pctVal>0.9293118466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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</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>CITY OF MESA AZ UTI 3.00%</name>
        <lei>549300L1QYAKFHSIGE94</lei>
        <title>CITY OF MESA AZ UTI 3.00%</title>
        <cusip>590545R84</cusip>
        <identifiers>
          <isin value="US590545R845"/>
          <ticker value="MESUTL"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>406389.55</valUSD>
        <pctVal>0.7487145461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</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>CHANDLER INDUSTRIAL D VAR</name>
        <lei>N/A</lei>
        <title>CHANDLER INDUSTRIAL D VAR</title>
        <cusip>158862CA8</cusip>
        <identifiers>
          <isin value="US158862CA82"/>
          <ticker value="CHADEV"/>
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        <balance>425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>431685.29</valUSD>
        <pctVal>0.7953183244</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>Variable</couponKind>
          <annualizedRt>5.0000004</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>GOODYEAR MCDOWELL R 3.35%</name>
        <lei>N/A</lei>
        <title>GOODYEAR MCDOWELL R 3.35%</title>
        <cusip>38251UBJ7</cusip>
        <identifiers>
          <isin value="US38251UBJ79"/>
          <ticker value="GOOTRN"/>
        </identifiers>
        <balance>785000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>792419.04</valUSD>
        <pctVal>1.4599185974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.35</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>INDUSTRIAL DEVELOPM 4.00%</name>
        <lei>549300A62PWFBDWB8332</lei>
        <title>INDUSTRIAL DEVELOPM 4.00%</title>
        <cusip>71884SAF7</cusip>
        <identifiers>
          <isin value="US71884SAF74"/>
          <ticker value="PHOMED"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>849828.5</valUSD>
        <pctVal>1.5656873057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</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>2026-04-30</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>
</edgarSubmission>
