<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
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    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000916620</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000018524</seriesId>
        <classId>C000051415</classId>
      </seriesClassInfo>


    </filerInfo>
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      <regName>Northern Funds</regName>
      <regFileNumber>811-08236</regFileNumber>
      <regCik>0000916620</regCik>
      <regLei>5493004ZY1PEJR3C0A81</regLei>
      <regStreet1>50 South LaSalle Street</regStreet1>
      <regCity>Chicago</regCity>
      <regStateConditional regCountry="US" regState="US-IL"/>
      <regZipOrPostalCode>60603</regZipOrPostalCode>
      <regPhone>800-595-9111</regPhone>
      <seriesName>Limited Term Tax-Exempt Fund</seriesName>
      <seriesId>S000018524</seriesId>
      <seriesLei>549300PSF9YJS72IZ736</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
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      <totLiabs>226512.570000000000</totLiabs>
      <netAssets>324294445.340000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
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      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <curMetrics>
        <curMetric>
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      <isNonCashCollateral>N</isNonCashCollateral>
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        <monthlyTotReturns>
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        <fundsDesignatedInfo>
          <nameDesignatedIndex>BBG Muni Bond 1-5Y Blend (Risk Basis: MUNI)</nameDesignatedIndex>
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        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
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        <lei>N/A</lei>
        <title>CITY OF SAN ANTONIO T VAR</title>
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        <identifiers>
          <isin value="US79625GDH39"/>
          <ticker value="SANUTL"/>
        </identifiers>
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        <curCd>USD</curCd>
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        <pctVal>1.0590664439</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>544445SM2</cusip>
        <identifiers>
          <isin value="US544445SM20"/>
          <ticker value="LOSAPT"/>
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        <balance>615000</balance>
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        <curCd>USD</curCd>
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        <pctVal>0.2057262958</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF POLK IA 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF POLK IA 5.00%</title>
        <cusip>731197Z85</cusip>
        <identifiers>
          <isin value="US731197Z855"/>
          <ticker value="PLK"/>
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        <balance>2280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2471154.52</valUSD>
        <pctVal>0.7620095119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE OF TEXAS 4.00%</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>STATE OF TEXAS 4.00%</title>
        <cusip>882724VT1</cusip>
        <identifiers>
          <isin value="US882724VT16"/>
          <ticker value="TXS"/>
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        <curCd>USD</curCd>
        <valUSD>2137136.07</valUSD>
        <pctVal>0.6590110009</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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY &amp; COUNTY OF DE 5.25%</name>
        <lei>MMTY7HA2MSCBUO4F7J71</lei>
        <title>CITY &amp; COUNTY OF DE 5.25%</title>
        <cusip>249182SV9</cusip>
        <identifiers>
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          <ticker value="DENAPT"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1817220.65</valUSD>
        <pctVal>0.5603613248</pctVal>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACK BELT ENERGY GAS VAR</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS VAR</title>
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        <identifiers>
          <isin value="US09182TCG04"/>
          <ticker value="BBEUTL"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3147215.7</valUSD>
        <pctVal>0.9704809149</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.2499988</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 TULSA OK 3.00%</name>
        <lei>N/A</lei>
        <title>CITY OF TULSA OK 3.00%</title>
        <cusip>899645G90</cusip>
        <identifiers>
          <isin value="US899645G901"/>
          <ticker value="TUL"/>
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        <balance>4865000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4868053.27</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF BROWARD F 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF BROWARD F 5.00%</title>
        <cusip>114894YH5</cusip>
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          <isin value="US114894YH50"/>
          <ticker value="BROAPT"/>
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        <balance>1315000</balance>
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        <curCd>USD</curCd>
        <valUSD>1385322.65</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF SAN ANTONIO 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SAN ANTONIO 5.00%</title>
        <cusip>79625GMK6</cusip>
        <identifiers>
          <isin value="US79625GMK66"/>
          <ticker value="SANUTL"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3245082.9</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>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>METROPOLITAN WASHIN 5.00%</name>
        <lei>7HERAVJJLN8J1DZ6AZ19</lei>
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        <cusip>592647HM6</cusip>
        <identifiers>
          <isin value="US592647HM69"/>
          <ticker value="METAPT"/>
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        <balance>3150000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>AMERICAN MUNICIPAL 5.00%</name>
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        <cusip>02765UTX2</cusip>
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          <isin value="US02765UTX27"/>
          <ticker value="AMEPWR"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>WAYNE COUNTY AIRPOR 5.00%</name>
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        <title>WAYNE COUNTY AIRPOR 5.00%</title>
        <cusip>9445142U1</cusip>
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          <isin value="US9445142U17"/>
          <ticker value="WAYAPT"/>
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        <curCd>USD</curCd>
        <valUSD>1076211.9</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PORT AUTHORITY OF N 5.00%</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>PORT AUTHORITY OF N 5.00%</title>
        <cusip>73358WS54</cusip>
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          <isin value="US73358WS547"/>
          <ticker value="PORTRN"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1547056.05</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OMAHA AIRPORT AUTHO 5.00%</name>
        <lei>N/A</lei>
        <title>OMAHA AIRPORT AUTHO 5.00%</title>
        <cusip>681725MV6</cusip>
        <identifiers>
          <isin value="US681725MV67"/>
          <ticker value="OMAAPT"/>
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        <balance>1275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1392341.95</valUSD>
        <pctVal>0.4293449888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-15</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>GREATER ORLANDO AVI 5.00%</name>
        <lei>549300CP6PUG5S184F61</lei>
        <title>GREATER ORLANDO AVI 5.00%</title>
        <cusip>392275DY6</cusip>
        <identifiers>
          <isin value="US392275DY63"/>
          <ticker value="GREAPT"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>766643.85</valUSD>
        <pctVal>0.2364036329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</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>LOUISIANA PUBLIC FA 5.00%</name>
        <lei>N/A</lei>
        <title>LOUISIANA PUBLIC FA 5.00%</title>
        <cusip>546399PC4</cusip>
        <identifiers>
          <isin value="US546399PC42"/>
          <ticker value="LASFAC"/>
        </identifiers>
        <balance>270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>270000</valUSD>
        <pctVal>0.0832576703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</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>NEW YORK STATE HOUSIN VAR</name>
        <lei>5493000LS7KCDB02O506</lei>
        <title>NEW YORK STATE HOUSIN VAR</title>
        <cusip>64987JD99</cusip>
        <identifiers>
          <isin value="US64987JD998"/>
          <ticker value="NYSHSG"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1500433.35</valUSD>
        <pctVal>0.4626762412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.6</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>PASCO COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>PASCO COUNTY SCHOOL 5.00%</title>
        <cusip>70253QBD0</cusip>
        <identifiers>
          <isin value="US70253QBD07"/>
          <ticker value="PASEDU"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2795408.5</valUSD>
        <pctVal>0.8619970339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</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>MUNICIPALITY OF ANC 5.50%</name>
        <lei>N/A</lei>
        <title>MUNICIPALITY OF ANC 5.50%</title>
        <cusip>033252BF3</cusip>
        <identifiers>
          <isin value="US033252BF32"/>
          <ticker value="ANCTRN"/>
        </identifiers>
        <balance>1900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2075593.82</valUSD>
        <pctVal>0.6400337255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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 SALT LAKE C 5.00%</name>
        <lei>549300CRGKV67DRSGT85</lei>
        <title>CITY OF SALT LAKE C 5.00%</title>
        <cusip>795576JR9</cusip>
        <identifiers>
          <isin value="US795576JR90"/>
          <ticker value="SALAPT"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1620913.8</valUSD>
        <pctVal>0.4998278026</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDIANAPOLIS LOCAL 5.00%</name>
        <lei>549300LX8ESJHDSESB87</lei>
        <title>INDIANAPOLIS LOCAL 5.00%</title>
        <cusip>45528UZ38</cusip>
        <identifiers>
          <isin value="US45528UZ382"/>
          <ticker value="INPGEN"/>
        </identifiers>
        <balance>1040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1145446.43</valUSD>
        <pctVal>0.3532118562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</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 SAN ANTONIO T VAR</name>
        <lei>N/A</lei>
        <title>CITY OF SAN ANTONIO T VAR</title>
        <cusip>79625GEY5</cusip>
        <identifiers>
          <isin value="US79625GEY52"/>
          <ticker value="SANUTL"/>
        </identifiers>
        <balance>3150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3087610.79</valUSD>
        <pctVal>0.9521010410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.0000016</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 CHICAGO IL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CITY OF CHICAGO IL 5.00%</title>
        <cusip>167736X85</cusip>
        <identifiers>
          <isin value="US167736X858"/>
          <ticker value="CHIWTR"/>
        </identifiers>
        <balance>3640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3770722.96</valUSD>
        <pctVal>1.1627466995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</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>MAIN STREET NATURAL G VAR</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>MAIN STREET NATURAL G VAR</title>
        <cusip>56035DJJ2</cusip>
        <identifiers>
          <isin value="US56035DJJ28"/>
          <ticker value="MAIUTL"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1049058.7</valUSD>
        <pctVal>0.3234895679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</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>REDEVELOPMENT AUTHO 5.00%</name>
        <lei>N/A</lei>
        <title>REDEVELOPMENT AUTHO 5.00%</title>
        <cusip>717868JL8</cusip>
        <identifiers>
          <isin value="US717868JL89"/>
          <ticker value="PHIDEV"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1092563.5</valUSD>
        <pctVal>0.3369047838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</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>WASHINGTON HEALTH C 5.00%</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>WASHINGTON HEALTH C 5.00%</title>
        <cusip>93978HD69</cusip>
        <identifiers>
          <isin value="US93978HD699"/>
          <ticker value="WASMED"/>
        </identifiers>
        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1879952.03</valUSD>
        <pctVal>0.5797052823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-09-01</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>COMMONWEALTH OF MAS 5.00%</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>COMMONWEALTH OF MAS 5.00%</title>
        <cusip>57582R7H3</cusip>
        <identifiers>
          <isin value="US57582R7H32"/>
          <ticker value="MAS"/>
        </identifiers>
        <balance>595000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>650822.36</valUSD>
        <pctVal>0.2006887165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</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 CHICAGO IL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CITY OF CHICAGO IL 5.00%</title>
        <cusip>167486U98</cusip>
        <identifiers>
          <isin value="US167486U989"/>
          <ticker value="CHI"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1041937.8</valUSD>
        <pctVal>0.3212937548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</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 NEW YORK NY 5.00%</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>CITY OF NEW YORK NY 5.00%</title>
        <cusip>64966MSV2</cusip>
        <identifiers>
          <isin value="US64966MSV27"/>
          <ticker value="NYC"/>
        </identifiers>
        <balance>1795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1851230.89</valUSD>
        <pctVal>0.5708487816</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JAP1</cusip>
        <identifiers>
          <isin value="US13013JAP12"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>3150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3143932.79</valUSD>
        <pctVal>0.9694685910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK STATE HOUSIN VAR</name>
        <lei>5493000LS7KCDB02O506</lei>
        <title>NEW YORK STATE HOUSIN VAR</title>
        <cusip>64987JXS5</cusip>
        <identifiers>
          <isin value="US64987JXS58"/>
          <ticker value="NYSHSG"/>
        </identifiers>
        <balance>2195000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2195934.41</valUSD>
        <pctVal>0.6771421594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.8499984</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSD OF WASH TOWNSHI 5.00%</name>
        <lei>N/A</lei>
        <title>MSD OF WASH TOWNSHI 5.00%</title>
        <cusip>62476HCR6</cusip>
        <identifiers>
          <isin value="US62476HCR66"/>
          <ticker value="MSDEDU"/>
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        <balance>1090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1145478.82</valUSD>
        <pctVal>0.3532218441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITAL TST. AUTHOR 5.00%</name>
        <lei>N/A</lei>
        <title>CAPITAL TST. AUTHOR 5.00%</title>
        <cusip>14055GAE9</cusip>
        <identifiers>
          <isin value="US14055GAE98"/>
          <ticker value="CTSMED"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1098341.6</valUSD>
        <pctVal>0.3386865288</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>ALASKA RAILROAD COR 5.50%</name>
        <lei>549300SM5ZU2HV31E004</lei>
        <title>ALASKA RAILROAD COR 5.50%</title>
        <cusip>01176AAE3</cusip>
        <identifiers>
          <isin value="US01176AAE38"/>
          <ticker value="AKSTRN"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223254.38</valUSD>
        <pctVal>0.0688431095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOCAL PUBLIC SCHOOL 4.00%</name>
        <lei>N/A</lei>
        <title>LOCAL PUBLIC SCHOOL 4.00%</title>
        <cusip>53957RCM2</cusip>
        <identifiers>
          <isin value="US53957RCM25"/>
          <ticker value="LPSEDU"/>
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        <balance>935000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>964709.25</valUSD>
        <pctVal>0.2974794246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CITY OF AUSTIN TX W 5.00%</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>CITY OF AUSTIN TX W 5.00%</title>
        <cusip>052477PH3</cusip>
        <identifiers>
          <isin value="US052477PH33"/>
          <ticker value="AUSUTL"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1015279.9</valUSD>
        <pctVal>0.3130734783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</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>GRAND PRAIRIE INDEP 4.00%</name>
        <lei>N/A</lei>
        <title>GRAND PRAIRIE INDEP 4.00%</title>
        <cusip>386155CX1</cusip>
        <identifiers>
          <isin value="US386155CX13"/>
          <ticker value="GRASCD"/>
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        <balance>5420000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5422322.47</valUSD>
        <pctVal>1.6720368011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-15</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>
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      </invstOrSec>
      <invstOrSec>
        <name>COLORADO HEALTH FACIL VAR</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>COLORADO HEALTH FACIL VAR</title>
        <cusip>19648FYN8</cusip>
        <identifiers>
          <isin value="US19648FYN85"/>
          <ticker value="COSMED"/>
        </identifiers>
        <balance>3660000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3916781.21</valUSD>
        <pctVal>1.2077854759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>HARRIS COUNTY CULTURA VAR</name>
        <lei>N/A</lei>
        <title>HARRIS COUNTY CULTURA VAR</title>
        <cusip>414008CZ3</cusip>
        <identifiers>
          <isin value="US414008CZ36"/>
          <ticker value="HARMED"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1072684.9</valUSD>
        <pctVal>0.3307749841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>METROPOLITAN WASHIN 5.00%</name>
        <lei>7HERAVJJLN8J1DZ6AZ19</lei>
        <title>METROPOLITAN WASHIN 5.00%</title>
        <cusip>592647NR8</cusip>
        <identifiers>
          <isin value="US592647NR82"/>
          <ticker value="METAPT"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1106318.8</valUSD>
        <pctVal>0.3411463921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-01</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>MONTANA FACILITY FIN. VAR</name>
        <lei>N/A</lei>
        <title>MONTANA FACILITY FIN. VAR</title>
        <cusip>61204KPV7</cusip>
        <identifiers>
          <isin value="US61204KPV79"/>
          <ticker value="MTSFIN"/>
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        <balance>1390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1473748.61</valUSD>
        <pctVal>0.4544476883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-02-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>PORT AUTHORITY OF N 5.00%</name>
        <lei>N/A</lei>
        <title>PORT AUTHORITY OF N 5.00%</title>
        <cusip>73358XQZ8</cusip>
        <identifiers>
          <isin value="US73358XQZ86"/>
          <ticker value="PORTRN"/>
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        <balance>2850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2881976.72</valUSD>
        <pctVal>0.8886913610</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</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>INDIANAPOLIS LOCAL 5.00%</name>
        <lei>549300LX8ESJHDSESB87</lei>
        <title>INDIANAPOLIS LOCAL 5.00%</title>
        <cusip>45528VHE2</cusip>
        <identifiers>
          <isin value="US45528VHE20"/>
          <ticker value="INPBBK"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2154532.8</valUSD>
        <pctVal>0.6643754868</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-15</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>ARAPAHOE COUNTY SCH 5.50%</name>
        <lei>N/A</lei>
        <title>ARAPAHOE COUNTY SCH 5.50%</title>
        <cusip>038699UF9</cusip>
        <identifiers>
          <isin value="US038699UF96"/>
          <ticker value="ARASCD"/>
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        <balance>3825000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3990134.43</valUSD>
        <pctVal>1.2304048026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</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>STATE OF OHIO 5.00%</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>STATE OF OHIO 5.00%</title>
        <cusip>677522KX1</cusip>
        <identifiers>
          <isin value="US677522KX11"/>
          <ticker value="OHS"/>
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        <balance>5085000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5095111.52</valUSD>
        <pctVal>1.5711374626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</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>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>2843668.04</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2843668.04</valUSD>
        <pctVal>0.8768784297</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>COUNTY OF HARRIS TX 5.00%</name>
        <lei>549300G9BRP25M0W1S40</lei>
        <title>COUNTY OF HARRIS TX 5.00%</title>
        <cusip>41423PCM7</cusip>
        <identifiers>
          <isin value="US41423PCM77"/>
          <ticker value="HARTRN"/>
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        <balance>1635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1804907.89</valUSD>
        <pctVal>0.5565645406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY OF NORTH 5.00%</name>
        <lei>TEHUYFNKZR6XVWLGEU86</lei>
        <title>UNIVERSITY OF NORTH 5.00%</title>
        <cusip>914729VK1</cusip>
        <identifiers>
          <isin value="US914729VK11"/>
          <ticker value="UNNHGR"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1077074.9</valUSD>
        <pctVal>0.3321286921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</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>ENERGY SOUTHEAST A CO VAR</name>
        <lei>2549001SMMZ81MXBXZ89</lei>
        <title>ENERGY SOUTHEAST A CO VAR</title>
        <cusip>292723BN2</cusip>
        <identifiers>
          <isin value="US292723BN27"/>
          <ticker value="ESDPWR"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2665870.5</valUSD>
        <pctVal>0.8220524706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.2499988</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>ST JOSEPH SCHOOL DI 5.00%</name>
        <lei>N/A</lei>
        <title>ST JOSEPH SCHOOL DI 5.00%</title>
        <cusip>790790FP9</cusip>
        <identifiers>
          <isin value="US790790FP97"/>
          <ticker value="STJSCD"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2119142.6</valUSD>
        <pctVal>0.6534625031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</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 FARGO ND 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF FARGO ND 5.00%</title>
        <cusip>30748FBU3</cusip>
        <identifiers>
          <isin value="US30748FBU30"/>
          <ticker value="FARGEN"/>
        </identifiers>
        <balance>1010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1118294.42</valUSD>
        <pctVal>0.3448392151</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTH CAROLINA JOBS-E VAR</name>
        <lei>5493006X47I9VG3DL112</lei>
        <title>SOUTH CAROLINA JOBS-E VAR</title>
        <cusip>83703EMU6</cusip>
        <identifiers>
          <isin value="US83703EMU63"/>
          <ticker value="SCSMED"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1113285.3</valUSD>
        <pctVal>0.3432945942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>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>DAVIS SCHOOL DISTRI 3.00%</name>
        <lei>N/A</lei>
        <title>DAVIS SCHOOL DISTRI 3.00%</title>
        <cusip>239019Q47</cusip>
        <identifiers>
          <isin value="US239019Q477"/>
          <ticker value="DAVSCD"/>
        </identifiers>
        <balance>4095000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4078369.39</valUSD>
        <pctVal>1.2576130885</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>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>CITY OF NEW YORK NY 5.00%</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>CITY OF NEW YORK NY 5.00%</title>
        <cusip>64966QQZ6</cusip>
        <identifiers>
          <isin value="US64966QQZ62"/>
          <ticker value="NYC"/>
        </identifiers>
        <balance>605000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>609857.85</valUSD>
        <pctVal>0.1880568288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ILLINOIS FIN. AUTHORI 5%</name>
        <lei>N/A</lei>
        <title>ILLINOIS FIN. AUTHORI 5%</title>
        <cusip>45204FXJ9</cusip>
        <identifiers>
          <isin value="US45204FXJ91"/>
          <ticker value="ILSGEN"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300000</valUSD>
        <pctVal>0.0925085225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</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>SOUTHEAST ENERGY AUTH VAR</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AUTH VAR</title>
        <cusip>84136HCF8</cusip>
        <identifiers>
          <isin value="US84136HCF82"/>
          <ticker value="SEEPWR"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1586669.85</valUSD>
        <pctVal>0.4892682785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</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>MASSACHUSETTS DEV. FI VAR</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS DEV. FI VAR</title>
        <cusip>57585BKC1</cusip>
        <identifiers>
          <isin value="US57585BKC18"/>
          <ticker value="MASDEV"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1069568.7</valUSD>
        <pctVal>0.3298140672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-15</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>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>544532QW7</cusip>
        <identifiers>
          <isin value="US544532QW73"/>
          <ticker value="LOSUTL"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1062244.7</valUSD>
        <pctVal>0.3275556258</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</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>COMMONWEALTH OF MAS 5.00%</name>
        <lei>5493001N1YCXNI1O7K10</lei>
        <title>COMMONWEALTH OF MAS 5.00%</title>
        <cusip>57582RTH9</cusip>
        <identifiers>
          <isin value="US57582RTH92"/>
          <ticker value="MAS"/>
        </identifiers>
        <balance>1040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1046679.5</valUSD>
        <pctVal>0.3227559137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>CALIFORNIA COMMUNIT 4.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 4.00%</title>
        <cusip>13013JAD8</cusip>
        <identifiers>
          <isin value="US13013JAD81"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>1125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1130443.65</valUSD>
        <pctVal>0.3485855728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</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>BLACK BELT ENERGY GAS VAR</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS VAR</title>
        <cusip>09182NCB4</cusip>
        <identifiers>
          <isin value="US09182NCB47"/>
          <ticker value="BBEUTL"/>
        </identifiers>
        <balance>440000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>444457.64</valUSD>
        <pctVal>0.1370537320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</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>METROPOLITAN TRANSP 5.00%</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>METROPOLITAN TRANSP 5.00%</title>
        <cusip>59261A5X1</cusip>
        <identifiers>
          <isin value="US59261A5X13"/>
          <ticker value="MTATRN"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1684809.45</valUSD>
        <pctVal>0.5195307765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</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 MULTNOMAH 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF MULTNOMAH 5.00%</title>
        <cusip>625506PA2</cusip>
        <identifiers>
          <isin value="US625506PA20"/>
          <ticker value="MUL"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1029840.8</valUSD>
        <pctVal>0.3175635028</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLORADO HEALTH FACIL VAR</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>COLORADO HEALTH FACIL VAR</title>
        <cusip>19648FXD1</cusip>
        <identifiers>
          <isin value="US19648FXD13"/>
          <ticker value="COSMED"/>
        </identifiers>
        <balance>1220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1282727.52</valUSD>
        <pctVal>0.3955440922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-11-15</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>NORTH TEXAS TOLLWAY 5.00%</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
        <title>NORTH TEXAS TOLLWAY 5.00%</title>
        <cusip>66285WN36</cusip>
        <identifiers>
          <isin value="US66285WN369"/>
          <ticker value="NRTTRN"/>
        </identifiers>
        <balance>595000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>651815.12</valUSD>
        <pctVal>0.2009948457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-01</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>KLEIN INDEPENDENT S 5.00%</name>
        <lei>N/A</lei>
        <title>KLEIN INDEPENDENT S 5.00%</title>
        <cusip>498531PH9</cusip>
        <identifiers>
          <isin value="US498531PH99"/>
          <ticker value="KLNSCD"/>
        </identifiers>
        <balance>1575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1706813.64</valUSD>
        <pctVal>0.5263160268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>STATE OF ILLINOIS 5.00%</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>STATE OF ILLINOIS 5.00%</title>
        <cusip>452153JJ9</cusip>
        <identifiers>
          <isin value="US452153JJ99"/>
          <ticker value="ILS"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1534927.5</valUSD>
        <pctVal>0.4733129173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</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>NORTH RIDGEVILLE CI 5.00%</name>
        <lei>N/A</lei>
        <title>NORTH RIDGEVILLE CI 5.00%</title>
        <cusip>661870LF0</cusip>
        <identifiers>
          <isin value="US661870LF06"/>
          <ticker value="NRRSCD"/>
        </identifiers>
        <balance>870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>919121.59</valUSD>
        <pctVal>0.2834219344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-12-01</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>PENNSYLVANIA TURNPI 5.00%</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PENNSYLVANIA TURNPI 5.00%</title>
        <cusip>709225RS7</cusip>
        <identifiers>
          <isin value="US709225RS79"/>
          <ticker value="PASTRN"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2710312.75</valUSD>
        <pctVal>0.8357567602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>COUNTY OF BEXAR TX 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF BEXAR TX 5.00%</title>
        <cusip>0882813Y4</cusip>
        <identifiers>
          <isin value="US0882813Y48"/>
          <ticker value="BEX"/>
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        <balance>1125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1130608.01</valUSD>
        <pctVal>0.3486362552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 INDL. VAR</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY INDL. VAR</title>
        <cusip>56682HDV8</cusip>
        <identifiers>
          <isin value="US56682HDV87"/>
          <ticker value="MARDEV"/>
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        <balance>2400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2494507.68</valUSD>
        <pctVal>0.7692107330</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>Variable</couponKind>
          <annualizedRt>5.0000004</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>SOUTHEAST ENERGY AU 5.00%</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AU 5.00%</title>
        <cusip>84136GAJ4</cusip>
        <identifiers>
          <isin value="US84136GAJ40"/>
          <ticker value="SEEPWR"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>522798.65</valUSD>
        <pctVal>0.1612111023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>COUNTY OF WAUSHARA 5.50%</name>
        <lei>N/A</lei>
        <title>COUNTY OF WAUSHARA 5.50%</title>
        <cusip>943445CP9</cusip>
        <identifiers>
          <isin value="US943445CP94"/>
          <ticker value="WSR"/>
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        <balance>450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>501756.48</valUSD>
        <pctVal>0.1547225021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF CHARLOTTE N 5.00%</name>
        <lei>5493001QNY6JJFWHQ568</lei>
        <title>CITY OF CHARLOTTE N 5.00%</title>
        <cusip>161045SN0</cusip>
        <identifiers>
          <isin value="US161045SN00"/>
          <ticker value="CHAUTL"/>
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        <balance>225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>246408.23</valUSD>
        <pctVal>0.0759828710</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>LE MARS COMMUNITY S 5.00%</name>
        <lei>N/A</lei>
        <title>LE MARS COMMUNITY S 5.00%</title>
        <cusip>521282EP4</cusip>
        <identifiers>
          <isin value="US521282EP43"/>
          <ticker value="LEMSCD"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1099209.4</valUSD>
        <pctVal>0.3389541251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-01</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>CLIFTON BOARD OF ED 2.00%</name>
        <lei>N/A</lei>
        <title>CLIFTON BOARD OF ED 2.00%</title>
        <cusip>187099HQ2</cusip>
        <identifiers>
          <isin value="US187099HQ26"/>
          <ticker value="CLFEDU"/>
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        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1193025.84</valUSD>
        <pctVal>0.3678835260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2</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>LOCAL PUBLIC SCHOOL 3.00%</name>
        <lei>N/A</lei>
        <title>LOCAL PUBLIC SCHOOL 3.00%</title>
        <cusip>53957RCK6</cusip>
        <identifiers>
          <isin value="US53957RCK68"/>
          <ticker value="LPSEDU"/>
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        <balance>805000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>805819.65</valUSD>
        <pctVal>0.2484839508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY TRANS 5.00%</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>NEW YORK CITY TRANS 5.00%</title>
        <cusip>64971XRN0</cusip>
        <identifiers>
          <isin value="US64971XRN02"/>
          <ticker value="NYCGEN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1038441.7</valUSD>
        <pctVal>0.3202156913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</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>
      <invstOrSec>
        <name>DELAWARE VALLEY REG 2.00%</name>
        <lei>549300HGYP3NW885TT18</lei>
        <title>DELAWARE VALLEY REG 2.00%</title>
        <cusip>246579LK0</cusip>
        <identifiers>
          <isin value="US246579LK03"/>
          <ticker value="DLVGEN"/>
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        <balance>2275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2161249.32</valUSD>
        <pctVal>0.6664466046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2</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>TARRANT COUNTY CULTUR VAR</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>TARRANT COUNTY CULTUR VAR</title>
        <cusip>87638TJT1</cusip>
        <identifiers>
          <isin value="US87638TJT16"/>
          <ticker value="TAREDU"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1068709.4</valUSD>
        <pctVal>0.3295490920</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>ALASKA RAILROAD COR 5.50%</name>
        <lei>549300SM5ZU2HV31E004</lei>
        <title>ALASKA RAILROAD COR 5.50%</title>
        <cusip>01176AAF0</cusip>
        <identifiers>
          <isin value="US01176AAF03"/>
          <ticker value="AKSTRN"/>
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        <balance>460000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>517686.9</valUSD>
        <pctVal>0.1596348342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</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 AKRON OH IN 4.00%</name>
        <lei>N/A</lei>
        <title>CITY OF AKRON OH IN 4.00%</title>
        <cusip>010056MM8</cusip>
        <identifiers>
          <isin value="US010056MM85"/>
          <ticker value="AKRGEN"/>
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        <balance>1120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1129989.95</valUSD>
        <pctVal>0.3484456691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</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>PECOS BARSTOW TOYAH 5.00%</name>
        <lei>N/A</lei>
        <title>PECOS BARSTOW TOYAH 5.00%</title>
        <cusip>705227FN1</cusip>
        <identifiers>
          <isin value="US705227FN17"/>
          <ticker value="PCOSCD"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1020591.3</valUSD>
        <pctVal>0.3147113109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</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>SCAGO EDUCATIONAL F 5.00%</name>
        <lei>N/A</lei>
        <title>SCAGO EDUCATIONAL F 5.00%</title>
        <cusip>80585TCU3</cusip>
        <identifiers>
          <isin value="US80585TCU34"/>
          <ticker value="SCAEDU"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1660825.35</valUSD>
        <pctVal>0.5121349976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-01</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>METROPOLITAN NASHVI 5.00%</name>
        <lei>549300IC0HNF8TDXEE63</lei>
        <title>METROPOLITAN NASHVI 5.00%</title>
        <cusip>592190TT9</cusip>
        <identifiers>
          <isin value="US592190TT93"/>
          <ticker value="MNVAPT"/>
        </identifiers>
        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>410024.12</valUSD>
        <pctVal>0.1264357518</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSD OF WASH TOWNSHI 5.00%</name>
        <lei>N/A</lei>
        <title>MSD OF WASH TOWNSHI 5.00%</title>
        <cusip>62476HDF1</cusip>
        <identifiers>
          <isin value="US62476HDF10"/>
          <ticker value="MSDEDU"/>
        </identifiers>
        <balance>1075000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1106737.66</valUSD>
        <pctVal>0.3412755525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</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>COLORADO HEALTH FACIL VAR</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>COLORADO HEALTH FACIL VAR</title>
        <cusip>19648FXB5</cusip>
        <identifiers>
          <isin value="US19648FXB56"/>
          <ticker value="COSMED"/>
        </identifiers>
        <balance>95000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>96457.88</valUSD>
        <pctVal>0.0297439199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Fixed</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>DELAWARE VALLEY REG 5.50%</name>
        <lei>549300HGYP3NW885TT18</lei>
        <title>DELAWARE VALLEY REG 5.50%</title>
        <cusip>246579ER3</cusip>
        <identifiers>
          <isin value="US246579ER39"/>
          <ticker value="DLVGEN"/>
        </identifiers>
        <balance>2505000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2653392.94</valUSD>
        <pctVal>0.8182048685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</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 &amp; COUNTY OF HO 5.00%</name>
        <lei>N/A</lei>
        <title>CITY &amp; COUNTY OF HO 5.00%</title>
        <cusip>438687ML6</cusip>
        <identifiers>
          <isin value="US438687ML60"/>
          <ticker value="HON"/>
        </identifiers>
        <balance>725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>729619.63</valUSD>
        <pctVal>0.2249867799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>BENTON COUNTY SCHOO 4.00%</name>
        <lei>N/A</lei>
        <title>BENTON COUNTY SCHOO 4.00%</title>
        <cusip>082887PD6</cusip>
        <identifiers>
          <isin value="US082887PD61"/>
          <ticker value="BENSCD"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000995.6</valUSD>
        <pctVal>0.3086687467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>HEALTH &amp; EDUCATIONAL VAR</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>HEALTH &amp; EDUCATIONAL VAR</title>
        <cusip>60637ATQ5</cusip>
        <identifiers>
          <isin value="US60637ATQ57"/>
          <ticker value="MOSMED"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501574.7</valUSD>
        <pctVal>0.4630281898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE OF FLORIDA 5.00%</name>
        <lei>N/A</lei>
        <title>STATE OF FLORIDA 5.00%</title>
        <cusip>34153QMF0</cusip>
        <identifiers>
          <isin value="US34153QMF09"/>
          <ticker value="FLSEDU"/>
        </identifiers>
        <balance>1950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1958404.31</valUSD>
        <pctVal>0.6038969641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</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>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JCG9</cusip>
        <identifiers>
          <isin value="US13013JCG94"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>687335.09</valUSD>
        <pctVal>0.2119478455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</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>TEXAS MUNICIPAL GAS 5.00%</name>
        <lei>0UDITKOYW0YKG3BBP242</lei>
        <title>TEXAS MUNICIPAL GAS 5.00%</title>
        <cusip>88256HBB3</cusip>
        <identifiers>
          <isin value="US88256HBB33"/>
          <ticker value="TXSUTL"/>
        </identifiers>
        <balance>1400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1417783.08</valUSD>
        <pctVal>0.4371900600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</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 LAREDO TX 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LAREDO TX 5.00%</title>
        <cusip>516824JT7</cusip>
        <identifiers>
          <isin value="US516824JT72"/>
          <ticker value="LAR"/>
        </identifiers>
        <balance>800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>816839.84</valUSD>
        <pctVal>0.2518821558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSD OF WASH TOWNSHI 5.00%</name>
        <lei>N/A</lei>
        <title>MSD OF WASH TOWNSHI 5.00%</title>
        <cusip>62476HEV5</cusip>
        <identifiers>
          <isin value="US62476HEV50"/>
          <ticker value="MSDEDU"/>
        </identifiers>
        <balance>2195000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2261499.06</valUSD>
        <pctVal>0.6973597891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MURRAY CITY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>MURRAY CITY SCHOOL 5.00%</title>
        <cusip>626864GZ9</cusip>
        <identifiers>
          <isin value="US626864GZ91"/>
          <ticker value="MURSCD"/>
        </identifiers>
        <balance>1685000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1761106.23</valUSD>
        <pctVal>0.5430577845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</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>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"/>
        </identifiers>
        <balance>2575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2615505.01</valUSD>
        <pctVal>0.8065216804</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>HARLINGEN CONSOLIDA 5.00%</name>
        <lei>N/A</lei>
        <title>HARLINGEN CONSOLIDA 5.00%</title>
        <cusip>413000QQ6</cusip>
        <identifiers>
          <isin value="US413000QQ64"/>
          <ticker value="HLGSCD"/>
        </identifiers>
        <balance>1105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1114752.95</valUSD>
        <pctVal>0.3437471613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</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>BLACK BELT ENERGY GAS VAR</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS VAR</title>
        <cusip>09182TBL0</cusip>
        <identifiers>
          <isin value="US09182TBL08"/>
          <ticker value="BBEUTL"/>
        </identifiers>
        <balance>8000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8318431.2</valUSD>
        <pctVal>2.5650859333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</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>CITY OF HOUSTON TX 5.00%</name>
        <lei>549300C64URYS0WQQY42</lei>
        <title>CITY OF HOUSTON TX 5.00%</title>
        <cusip>442332CU4</cusip>
        <identifiers>
          <isin value="US442332CU47"/>
          <ticker value="HOU"/>
        </identifiers>
        <balance>2200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2409320.32</valUSD>
        <pctVal>0.7429422103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-01</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>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JCH7</cusip>
        <identifiers>
          <isin value="US13013JCH77"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>475000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>488326.65</valUSD>
        <pctVal>0.1505812563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</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 WICHITA KS 3.00%</name>
        <lei>549300Y20JVN3VP2V718</lei>
        <title>CITY OF WICHITA KS 3.00%</title>
        <cusip>9672444P6</cusip>
        <identifiers>
          <isin value="US9672444P67"/>
          <ticker value="WIC"/>
        </identifiers>
        <balance>1185000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1185014.34</valUSD>
        <pctVal>0.3654130859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLARK COUNTY SCHOOL 4.00%</name>
        <lei>N/A</lei>
        <title>CLARK COUNTY SCHOOL 4.00%</title>
        <cusip>181059J72</cusip>
        <identifiers>
          <isin value="US181059J724"/>
          <ticker value="CLASCD"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3079285.2</valUSD>
        <pctVal>0.9495337476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</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>CHICAGO MIDWAY INTL 5.00%</name>
        <lei>N/A</lei>
        <title>CHICAGO MIDWAY INTL 5.00%</title>
        <cusip>167562SY4</cusip>
        <identifiers>
          <isin value="US167562SY49"/>
          <ticker value="CHIAPT"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2030398.2</valUSD>
        <pctVal>0.6260971254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>MSD OF WASH TOWNSHI 5.00%</name>
        <lei>N/A</lei>
        <title>MSD OF WASH TOWNSHI 5.00%</title>
        <cusip>62476HDE4</cusip>
        <identifiers>
          <isin value="US62476HDE45"/>
          <ticker value="MSDEDU"/>
        </identifiers>
        <balance>1100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1120163.55</valUSD>
        <pctVal>0.3454155833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRIVATE COLLEGES &amp; 5.00%</name>
        <lei>N/A</lei>
        <title>PRIVATE COLLEGES &amp; 5.00%</title>
        <cusip>74265L3A4</cusip>
        <identifiers>
          <isin value="US74265L3A45"/>
          <ticker value="PRIHGR"/>
        </identifiers>
        <balance>975000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1101013.29</valUSD>
        <pctVal>0.3395103758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</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>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"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>708905.12</valUSD>
        <pctVal>0.2185992175</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>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MASSACHUSETTS DEV. 5.00%</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS DEV. 5.00%</title>
        <cusip>57585BJJ8</cusip>
        <identifiers>
          <isin value="US57585BJJ89"/>
          <ticker value="MASDEV"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1048811.9</valUSD>
        <pctVal>0.3234134642</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</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>DOUGLAS COUNTY SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>DOUGLAS COUNTY SCHO 5.00%</title>
        <cusip>259030RF3</cusip>
        <identifiers>
          <isin value="US259030RF34"/>
          <ticker value="DOUSCD"/>
        </identifiers>
        <balance>825000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>933351.05</valUSD>
        <pctVal>0.2878097554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-01</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>CHICAGO MIDWAY INTL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CHICAGO MIDWAY INTL 5.00%</title>
        <cusip>167562UP0</cusip>
        <identifiers>
          <isin value="US167562UP04"/>
          <ticker value="CHIAPT"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2124509.4</valUSD>
        <pctVal>0.6551174189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</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>COUNTY OF HAYS TX 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF HAYS TX 5.00%</title>
        <cusip>4210202H0</cusip>
        <identifiers>
          <isin value="US4210202H06"/>
          <ticker value="HAY"/>
        </identifiers>
        <balance>655000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>695751.35</valUSD>
        <pctVal>0.2145430981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</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>TARRANT REGIONAL WA 4.00%</name>
        <lei>N/A</lei>
        <title>TARRANT REGIONAL WA 4.00%</title>
        <cusip>876448FC0</cusip>
        <identifiers>
          <isin value="US876448FC04"/>
          <ticker value="TARWTR"/>
        </identifiers>
        <balance>1370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1420073.64</valUSD>
        <pctVal>0.4378963810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ST JOHNS COUNTY SCH 5.00%</name>
        <lei>N/A</lei>
        <title>ST JOHNS COUNTY SCH 5.00%</title>
        <cusip>790409HD1</cusip>
        <identifiers>
          <isin value="US790409HD19"/>
          <ticker value="STJEDU"/>
        </identifiers>
        <balance>1270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1403531.48</valUSD>
        <pctVal>0.4327954118</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OKLAHOMA COUNTY IND 4.00%</name>
        <lei>N/A</lei>
        <title>OKLAHOMA COUNTY IND 4.00%</title>
        <cusip>678739WU3</cusip>
        <identifiers>
          <isin value="US678739WU33"/>
          <ticker value="OKSSCD"/>
        </identifiers>
        <balance>3925000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3974623.78</valUSD>
        <pctVal>1.2256219115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIRGINIA COLLEGE BL 4.00%</name>
        <lei>N/A</lei>
        <title>VIRGINIA COLLEGE BL 4.00%</title>
        <cusip>92778VDE5</cusip>
        <identifiers>
          <isin value="US92778VDE56"/>
          <ticker value="VACHGR"/>
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        <balance>275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>275212.19</valUSD>
        <pctVal>0.0848649103</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</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>KENTUCKY STATE PROP 5.00%</name>
        <lei>N/A</lei>
        <title>KENTUCKY STATE PROP 5.00%</title>
        <cusip>49151F5Z9</cusip>
        <identifiers>
          <isin value="US49151F5Z99"/>
          <ticker value="KYSFAC"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3225937.2</valUSD>
        <pctVal>0.9947556137</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</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>CALIFORNIA INFRA. &amp; 5.00%</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRA. &amp; 5.00%</title>
        <cusip>13034A7D6</cusip>
        <identifiers>
          <isin value="US13034A7D60"/>
          <ticker value="CASDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>556715.65</valUSD>
        <pctVal>0.1716698075</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF BROWARD F 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF BROWARD F 5.00%</title>
        <cusip>11506KHL8</cusip>
        <identifiers>
          <isin value="US11506KHL89"/>
          <ticker value="BROTRN"/>
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        <balance>1265000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1373155.86</valUSD>
        <pctVal>0.4234287327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-09-01</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>WISCONSIN HEALTH &amp; ED VAR</name>
        <lei>N/A</lei>
        <title>WISCONSIN HEALTH &amp; ED VAR</title>
        <cusip>97712JRB1</cusip>
        <identifiers>
          <isin value="US97712JRB16"/>
          <ticker value="WISMED"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1632577.8</valUSD>
        <pctVal>0.5034245339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>N/A</lei>
        <title>ARIZONA INDL. DEV. 5.00%</title>
        <cusip>04052EBJ6</cusip>
        <identifiers>
          <isin value="US04052EBJ64"/>
          <ticker value="AZSMED"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>661845.24</valUSD>
        <pctVal>0.2040877510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-01</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>JEFFERSON PARISH CO 4.00%</name>
        <lei>N/A</lei>
        <title>JEFFERSON PARISH CO 4.00%</title>
        <cusip>474502EH0</cusip>
        <identifiers>
          <isin value="US474502EH07"/>
          <ticker value="JEFWTR"/>
        </identifiers>
        <balance>1800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1856950.38</valUSD>
        <pctVal>0.5726124535</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</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>STATE OF OHIO 5.00%</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>STATE OF OHIO 5.00%</title>
        <cusip>677523HD7</cusip>
        <identifiers>
          <isin value="US677523HD76"/>
          <ticker value="OHS"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1679274.9</valUSD>
        <pctVal>0.5178241330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-03-01</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>OKLAHOMA COUNTY IND 4.00%</name>
        <lei>N/A</lei>
        <title>OKLAHOMA COUNTY IND 4.00%</title>
        <cusip>678841LP0</cusip>
        <identifiers>
          <isin value="US678841LP04"/>
          <ticker value="OKSSCD"/>
        </identifiers>
        <balance>2775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2820649.03</valUSD>
        <pctVal>0.8697802477</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</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>METROPOLITAN NASHVI 5.00%</name>
        <lei>549300IC0HNF8TDXEE63</lei>
        <title>METROPOLITAN NASHVI 5.00%</title>
        <cusip>592190TU6</cusip>
        <identifiers>
          <isin value="US592190TU66"/>
          <ticker value="MNVAPT"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>417861.08</valUSD>
        <pctVal>0.1288523704</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PORT AUTHORITY OF H 5.00%</name>
        <lei>N/A</lei>
        <title>PORT AUTHORITY OF H 5.00%</title>
        <cusip>7342605F5</cusip>
        <identifiers>
          <isin value="US7342605F58"/>
          <ticker value="PRH"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1048159</valUSD>
        <pctVal>0.3232121349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</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>WASHINGTON &amp; MULTNOMA STP</name>
        <lei>N/A</lei>
        <title>WASHINGTON &amp; MULTNOMA STP</title>
        <cusip>938429U88</cusip>
        <identifiers>
          <isin value="US938429U888"/>
          <ticker value="WASSCD"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2555675</valUSD>
        <pctVal>0.7880723943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY ECONOMIC 5.25%</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>NEW JERSEY ECONOMIC 5.25%</title>
        <cusip>64577B6K5</cusip>
        <identifiers>
          <isin value="US64577B6K58"/>
          <ticker value="NJSDEV"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3033503.7</valUSD>
        <pctVal>0.9354164845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>WARREN CONS. SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>WARREN CONS. SCHOOL 5.00%</title>
        <cusip>935341T98</cusip>
        <identifiers>
          <isin value="US935341T989"/>
          <ticker value="WARSCD"/>
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        <balance>900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>943441.92</valUSD>
        <pctVal>0.2909213937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</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>NEW YORK LIBERTY DE 1.20%</name>
        <lei>N/A</lei>
        <title>NEW YORK LIBERTY DE 1.20%</title>
        <cusip>649519DK8</cusip>
        <identifiers>
          <isin value="US649519DK84"/>
          <ticker value="NYCDEV"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1846942.6</valUSD>
        <pctVal>0.5695264370</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.2</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>BLACK BELT ENERGY GAS VAR</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS VAR</title>
        <cusip>09182TAM9</cusip>
        <identifiers>
          <isin value="US09182TAM99"/>
          <ticker value="BBEUTL"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2514984.5</valUSD>
        <pctVal>0.7755250009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</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>COLORADO HEALTH FACIL VAR</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>COLORADO HEALTH FACIL VAR</title>
        <cusip>19648FXC3</cusip>
        <identifiers>
          <isin value="US19648FXC30"/>
          <ticker value="COSMED"/>
        </identifiers>
        <balance>905000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>917809.28</valUSD>
        <pctVal>0.2830172682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>COUNTY OF BEXAR TX 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF BEXAR TX 5.00%</title>
        <cusip>0882814Z0</cusip>
        <identifiers>
          <isin value="US0882814Z04"/>
          <ticker value="BEX"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1371991.25</valUSD>
        <pctVal>0.4230696115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-15</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DELAWARE STATE HEAL 5.00%</name>
        <lei>549300RXU7M05ZYSJG42</lei>
        <title>DELAWARE STATE HEAL 5.00%</title>
        <cusip>246388UX8</cusip>
        <identifiers>
          <isin value="US246388UX81"/>
          <ticker value="DESMED"/>
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        <balance>480000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506936.64</valUSD>
        <pctVal>0.1563198653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</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>MAIN STREET NATURAL G VAR</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>MAIN STREET NATURAL G VAR</title>
        <cusip>56035DDH2</cusip>
        <identifiers>
          <isin value="US56035DDH26"/>
          <ticker value="MAIUTL"/>
        </identifiers>
        <balance>1535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1552880.29</valUSD>
        <pctVal>0.4788488709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</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>MICHIGAN STATE HOU 3.375%</name>
        <lei>549300NSWW1HVXE93T03</lei>
        <title>MICHIGAN STATE HOU 3.375%</title>
        <cusip>59465PDM7</cusip>
        <identifiers>
          <isin value="US59465PDM77"/>
          <ticker value="MISHSG"/>
        </identifiers>
        <balance>465000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>465942.56</valUSD>
        <pctVal>0.1436788594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.375</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>SOUTHEAST ENERGY AU 5.00%</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AU 5.00%</title>
        <cusip>84136HCT8</cusip>
        <identifiers>
          <isin value="US84136HCT86"/>
          <ticker value="SEEPWR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1061068.2</valUSD>
        <pctVal>0.3271928383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-01</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>ILLINOIS FIN. AUTHO 4.10%</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>ILLINOIS FIN. AUTHO 4.10%</title>
        <cusip>45204FT54</cusip>
        <identifiers>
          <isin value="US45204FT541"/>
          <ticker value="ILSGEN"/>
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        <balance>1600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1595685.6</valUSD>
        <pctVal>0.4920483909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.1</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>WARREN CONS. SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>WARREN CONS. SCHOOL 5.00%</title>
        <cusip>935341U21</cusip>
        <identifiers>
          <isin value="US935341U219"/>
          <ticker value="WARSCD"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>800136.9</valUSD>
        <pctVal>0.2467316081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</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 5.00%</name>
        <lei>SHB8HO6GKXJ83RX5OV39</lei>
        <title>SALT RIVER PROJECT 5.00%</title>
        <cusip>79574CCS0</cusip>
        <identifiers>
          <isin value="US79574CCS08"/>
          <ticker value="SALAGR"/>
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        <balance>2700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2799420.21</valUSD>
        <pctVal>0.8632340918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</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>STATE OF WASHINGTON 5.00%</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>STATE OF WASHINGTON 5.00%</title>
        <cusip>93974ED60</cusip>
        <identifiers>
          <isin value="US93974ED604"/>
          <ticker value="WAS"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2012490.6</valUSD>
        <pctVal>0.6205751066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>MAINE GOVERNMENTAL 4.00%</name>
        <lei>N/A</lei>
        <title>MAINE GOVERNMENTAL 4.00%</title>
        <cusip>56041MSQ8</cusip>
        <identifiers>
          <isin value="US56041MSQ86"/>
          <ticker value="MESGEN"/>
        </identifiers>
        <balance>2640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2688461.69</valUSD>
        <pctVal>0.8290187293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COLLIER COUNTY INDL. VAR</name>
        <lei>N/A</lei>
        <title>COLLIER COUNTY INDL. VAR</title>
        <cusip>194641BE5</cusip>
        <identifiers>
          <isin value="US194641BE58"/>
          <ticker value="COLDEV"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2133859</valUSD>
        <pctVal>0.6580004779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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 WATERLOO IA 4.50%</name>
        <lei>N/A</lei>
        <title>CITY OF WATERLOO IA 4.50%</title>
        <cusip>941647V97</cusip>
        <identifiers>
          <isin value="US941647V979"/>
          <ticker value="WAT"/>
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        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1704536.45</valUSD>
        <pctVal>0.5256138286</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA HEALTH FAC VAR</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CALIFORNIA HEALTH FAC VAR</title>
        <cusip>13032U4Q8</cusip>
        <identifiers>
          <isin value="US13032U4Q86"/>
          <ticker value="CASMED"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1101228</valUSD>
        <pctVal>0.3395765841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>LEE COUNTY SCHOOL B 5.00%</name>
        <lei>54930014H67DITNA1Q29</lei>
        <title>LEE COUNTY SCHOOL B 5.00%</title>
        <cusip>523494RQ7</cusip>
        <identifiers>
          <isin value="US523494RQ70"/>
          <ticker value="LEEEDU"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1119934.2</valUSD>
        <pctVal>0.3453448605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-08-01</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>METROPOLITAN NASHVI 5.00%</name>
        <lei>549300IC0HNF8TDXEE63</lei>
        <title>METROPOLITAN NASHVI 5.00%</title>
        <cusip>592190TV4</cusip>
        <identifiers>
          <isin value="US592190TV40"/>
          <ticker value="MNVAPT"/>
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        <balance>555000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>588448.96</valUSD>
        <pctVal>0.1814551462</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</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>MINNESOTA MUNICIPAL G VAR</name>
        <lei>549300SISI6N1C6S3136</lei>
        <title>MINNESOTA MUNICIPAL G VAR</title>
        <cusip>60406UAM9</cusip>
        <identifiers>
          <isin value="US60406UAM99"/>
          <ticker value="MGAUTL"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2025711.2</valUSD>
        <pctVal>0.6246518339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY TRANS 5.00%</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>NEW YORK CITY TRANS 5.00%</title>
        <cusip>64971W6U9</cusip>
        <identifiers>
          <isin value="US64971W6U99"/>
          <ticker value="NYCGEN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1023938.2</valUSD>
        <pctVal>0.3157433668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</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>TRINITY RIVER AUTHO 5.00%</name>
        <lei>N/A</lei>
        <title>TRINITY RIVER AUTHO 5.00%</title>
        <cusip>89658HVG2</cusip>
        <identifiers>
          <isin value="US89658HVG28"/>
          <ticker value="TRIUTL"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1026356.6</valUSD>
        <pctVal>0.3164891088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>GREATER CLARK COUNT 5.00%</name>
        <lei>N/A</lei>
        <title>GREATER CLARK COUNT 5.00%</title>
        <cusip>39168AET6</cusip>
        <identifiers>
          <isin value="US39168AET60"/>
          <ticker value="GCKEDU"/>
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        <balance>1100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1219510.93</valUSD>
        <pctVal>0.3760505144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</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>ILLINOIS FIN. AUTHO 5.00%</name>
        <lei>N/A</lei>
        <title>ILLINOIS FIN. AUTHO 5.00%</title>
        <cusip>45204FS89</cusip>
        <identifiers>
          <isin value="US45204FS899"/>
          <ticker value="ILSGEN"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2667334.5</valUSD>
        <pctVal>0.8225039122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-11-15</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 HOUSTON TX 5.25%</name>
        <lei>549300C64URYS0WQQY42</lei>
        <title>CITY OF HOUSTON TX 5.25%</title>
        <cusip>442349KD7</cusip>
        <identifiers>
          <isin value="US442349KD72"/>
          <ticker value="HOUAPT"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1577076.15</valUSD>
        <pctVal>0.4863099485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</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>BLACK BELT ENERGY G 5.00%</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY G 5.00%</title>
        <cusip>09182TGP6</cusip>
        <identifiers>
          <isin value="US09182TGP66"/>
          <ticker value="BBEUTL"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>520066.85</valUSD>
        <pctVal>0.1603687197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW HAMPSHIRE HEALT 5.00%</name>
        <lei>549300CYZCB80R8W7E02</lei>
        <title>NEW HAMPSHIRE HEALT 5.00%</title>
        <cusip>64461XJR7</cusip>
        <identifiers>
          <isin value="US64461XJR70"/>
          <ticker value="NHSMED"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1113900.3</valUSD>
        <pctVal>0.3434842366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-01-01</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>KENTUCKY PUBLIC ENERG VAR</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>KENTUCKY PUBLIC ENERG VAR</title>
        <cusip>74440DFN9</cusip>
        <identifiers>
          <isin value="US74440DFN93"/>
          <ticker value="KYSPWR"/>
        </identifiers>
        <balance>2570000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2719781.4</valUSD>
        <pctVal>0.8386765296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.2499988</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>DALLAS AREA RAPID T 5.00%</name>
        <lei>75YWM81F2R6UQGJIEW47</lei>
        <title>DALLAS AREA RAPID T 5.00%</title>
        <cusip>235241TF3</cusip>
        <identifiers>
          <isin value="US235241TF37"/>
          <ticker value="DALTRN"/>
        </identifiers>
        <balance>3395000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3633228.17</valUSD>
        <pctVal>1.1203485666</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF MIAMI-DAD 5.00%</name>
        <lei>549300QG0NBD9HULR263</lei>
        <title>COUNTY OF MIAMI-DAD 5.00%</title>
        <cusip>59333P7D4</cusip>
        <identifiers>
          <isin value="US59333P7D44"/>
          <ticker value="MIATRN"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3089775.6</valUSD>
        <pctVal>0.9527685856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</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>ILLINOIS FIN. AUTHORI VAR</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>ILLINOIS FIN. AUTHORI VAR</title>
        <cusip>45204FM77</cusip>
        <identifiers>
          <isin value="US45204FM777"/>
          <ticker value="ILSGEN"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1059437</valUSD>
        <pctVal>0.3266898386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-15</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>CITY OF TALLAHASSEE 5.00%</name>
        <lei>549300MPY4HDPK8B1G15</lei>
        <title>CITY OF TALLAHASSEE 5.00%</title>
        <cusip>874461MA1</cusip>
        <identifiers>
          <isin value="US874461MA12"/>
          <ticker value="TALUTL"/>
        </identifiers>
        <balance>535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>602592.6</valUSD>
        <pctVal>0.1858165037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-10-01</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 MONTGOMER 4.00%</name>
        <lei>549300GNX5SDUEBKPK13</lei>
        <title>COUNTY OF MONTGOMER 4.00%</title>
        <cusip>6133406U7</cusip>
        <identifiers>
          <isin value="US6133406U70"/>
          <ticker value="MON"/>
        </identifiers>
        <balance>2925000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2980811.05</valUSD>
        <pctVal>0.9191680872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>PENNSYLVANIA TURNPI 5.00%</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PENNSYLVANIA TURNPI 5.00%</title>
        <cusip>709224XG9</cusip>
        <identifiers>
          <isin value="US709224XG92"/>
          <ticker value="PASTRN"/>
        </identifiers>
        <balance>1875000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1919785.5</valUSD>
        <pctVal>0.5919884005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-01</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>MAIN STREET NATURAL G VAR</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>MAIN STREET NATURAL G VAR</title>
        <cusip>56035DHT2</cusip>
        <identifiers>
          <isin value="US56035DHT28"/>
          <ticker value="MAIUTL"/>
        </identifiers>
        <balance>2715000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2865104.21</valUSD>
        <pctVal>0.8834885244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</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>MICHIGAN FIN. AUTHO 5.00%</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>MICHIGAN FIN. AUTHO 5.00%</title>
        <cusip>59447TME0</cusip>
        <identifiers>
          <isin value="US59447TME00"/>
          <ticker value="MISFIN"/>
        </identifiers>
        <balance>3840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3885955.97</valUSD>
        <pctVal>1.1982801512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</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>WHATCOM COUNTY PUBL 5.00%</name>
        <lei>N/A</lei>
        <title>WHATCOM COUNTY PUBL 5.00%</title>
        <cusip>962468FD1</cusip>
        <identifiers>
          <isin value="US962468FD14"/>
          <ticker value="WHAUTL"/>
        </identifiers>
        <balance>450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>462293.46</valUSD>
        <pctVal>0.1425536165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</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 PHILADELPHI 5.00%</name>
        <lei>549300IVFOPB4AG7UL47</lei>
        <title>CITY OF PHILADELPHI 5.00%</title>
        <cusip>717813TA7</cusip>
        <identifiers>
          <isin value="US717813TA78"/>
          <ticker value="PHI"/>
        </identifiers>
        <balance>3535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3563265.51</valUSD>
        <pctVal>1.0987747589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>NEW YORK STATE DORM 5.25%</name>
        <lei>N/A</lei>
        <title>NEW YORK STATE DORM 5.25%</title>
        <cusip>65000B4K1</cusip>
        <identifiers>
          <isin value="US65000B4K11"/>
          <ticker value="NYSHGR"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>660019.38</valUSD>
        <pctVal>0.2035247256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</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>WHATCOM COUNTY PUBL 5.00%</name>
        <lei>N/A</lei>
        <title>WHATCOM COUNTY PUBL 5.00%</title>
        <cusip>962468FE9</cusip>
        <identifiers>
          <isin value="US962468FE96"/>
          <ticker value="WHAUTL"/>
        </identifiers>
        <balance>450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>469356.84</valUSD>
        <pctVal>0.1447316927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>COLUMBUS REGIONAL A 5.00%</name>
        <lei>N/A</lei>
        <title>COLUMBUS REGIONAL A 5.00%</title>
        <cusip>199546CP5</cusip>
        <identifiers>
          <isin value="US199546CP59"/>
          <ticker value="COLAPT"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1093742.4</valUSD>
        <pctVal>0.3372683115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</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 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX CIV 5.00%</title>
        <cusip>71883MQP2</cusip>
        <identifiers>
          <isin value="US71883MQP22"/>
          <ticker value="PHOAPT"/>
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        <balance>1095000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1190012.06</valUSD>
        <pctVal>0.3669541915</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>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JFT8</cusip>
        <identifiers>
          <isin value="US13013JFT88"/>
          <ticker value="CCEDEV"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>535317.7</valUSD>
        <pctVal>0.1650714984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-01</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>SAN FRANCISCO CITY 5.00%</name>
        <lei>549300RA28ZEFOB6M782</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DXG9</cusip>
        <identifiers>
          <isin value="US79766DXG95"/>
          <ticker value="SFOAPT"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2148004.2</valUSD>
        <pctVal>0.6623623164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-01</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>STATE OF NEW JERSEY 5.00%</name>
        <lei>N/A</lei>
        <title>STATE OF NEW JERSEY 5.00%</title>
        <cusip>646039YL5</cusip>
        <identifiers>
          <isin value="US646039YL51"/>
          <ticker value="NJS"/>
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        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2830187.53</valUSD>
        <pctVal>0.8727215562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN STATE HOSP 5.00%</title>
        <cusip>59465HYA8</cusip>
        <identifiers>
          <isin value="US59465HYA84"/>
          <ticker value="MISMED"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1598060.25</valUSD>
        <pctVal>0.4927806421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-15</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>PIERCE COUNTY SCHOO 4.00%</name>
        <lei>N/A</lei>
        <title>PIERCE COUNTY SCHOO 4.00%</title>
        <cusip>720526WQ1</cusip>
        <identifiers>
          <isin value="US720526WQ10"/>
          <ticker value="PIESCD"/>
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        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>650198.64</valUSD>
        <pctVal>0.2004963851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JCF1</cusip>
        <identifiers>
          <isin value="US13013JCF12"/>
          <ticker value="CCEDEV"/>
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        <balance>630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>634102.88</valUSD>
        <pctVal>0.1955330685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</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>LOUISIANA LOCAL GOV 5.00%</name>
        <lei>5493004WIZ1HV87IVF85</lei>
        <title>LOUISIANA LOCAL GOV 5.00%</title>
        <cusip>546275AB4</cusip>
        <identifiers>
          <isin value="US546275AB49"/>
          <ticker value="LASFAC"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1513913.4</valUSD>
        <pctVal>0.4668329729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-15</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>MONROE &amp; ST CLAIR C 5.00%</name>
        <lei>N/A</lei>
        <title>MONROE &amp; ST CLAIR C 5.00%</title>
        <cusip>610253DR4</cusip>
        <identifiers>
          <isin value="US610253DR48"/>
          <ticker value="MONSCD"/>
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        <balance>710000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>738566.14</valUSD>
        <pctVal>0.2277455413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-15</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>
        <name>PUBLIC FIN. AUTHORI 5.00%</name>
        <lei>N/A</lei>
        <title>PUBLIC FIN. AUTHORI 5.00%</title>
        <cusip>74443DMT5</cusip>
        <identifiers>
          <isin value="US74443DMT53"/>
          <ticker value="PUBFIN"/>
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        <balance>800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>832196.8</valUSD>
        <pctVal>0.2566176547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN STATE HOSP 5.00%</title>
        <cusip>59465HYF7</cusip>
        <identifiers>
          <isin value="US59465HYF71"/>
          <ticker value="MISMED"/>
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        <balance>430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>456809.12</valUSD>
        <pctVal>0.1408624559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-15</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>PUBLIC FIN. AUTHORI 5.00%</name>
        <lei>N/A</lei>
        <title>PUBLIC FIN. AUTHORI 5.00%</title>
        <cusip>74442PV44</cusip>
        <identifiers>
          <isin value="US74442PV447"/>
          <ticker value="PUBGEN"/>
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        <balance>375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>395704.05</valUSD>
        <pctVal>0.1220199901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</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>UNIVERSITY OF MASSA 5.00%</name>
        <lei>6ILE2573NPR1XO2TR556</lei>
        <title>UNIVERSITY OF MASSA 5.00%</title>
        <cusip>914437RV2</cusip>
        <identifiers>
          <isin value="US914437RV25"/>
          <ticker value="UMAFAC"/>
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        <balance>3370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3376104.42</valUSD>
        <pctVal>1.0410614392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>COOK COUNTY TOWNSHI 5.00%</name>
        <lei>N/A</lei>
        <title>COOK COUNTY TOWNSHI 5.00%</title>
        <cusip>215457CB6</cusip>
        <identifiers>
          <isin value="US215457CB64"/>
          <ticker value="COOSCD"/>
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        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>313914.54</valUSD>
        <pctVal>0.0967992343</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>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF LEE FL AIRP VAR</name>
        <lei>N/A</lei>
        <title>COUNTY OF LEE FL AIRP VAR</title>
        <cusip>523470JS2</cusip>
        <identifiers>
          <isin value="US523470JS27"/>
          <ticker value="LEEAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1071772.3</valUSD>
        <pctVal>0.3304935732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</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>DUVAL COUNTY PUBLIC 5.00%</name>
        <lei>254900RS6MO5WEO2WC42</lei>
        <title>DUVAL COUNTY PUBLIC 5.00%</title>
        <cusip>267169GZ7</cusip>
        <identifiers>
          <isin value="US267169GZ70"/>
          <ticker value="DUVEDU"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1760570.53</valUSD>
        <pctVal>0.5428925951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>HARRIS COUNTY CULTU 5.00%</name>
        <lei>549300Y1E42JLBRENF23</lei>
        <title>HARRIS COUNTY CULTU 5.00%</title>
        <cusip>414009UA6</cusip>
        <identifiers>
          <isin value="US414009UA65"/>
          <ticker value="HAREDU"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1618701</valUSD>
        <pctVal>0.4991454597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-01</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>COOK COUNTY TOWNSHI 5.00%</name>
        <lei>N/A</lei>
        <title>COOK COUNTY TOWNSHI 5.00%</title>
        <cusip>215457CC4</cusip>
        <identifiers>
          <isin value="US215457CC48"/>
          <ticker value="COOSCD"/>
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        <balance>225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>239539.91</valUSD>
        <pctVal>0.0738649439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</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>PUBLIC FIN. AUTHORI 5.00%</name>
        <lei>N/A</lei>
        <title>PUBLIC FIN. AUTHORI 5.00%</title>
        <cusip>74442PV51</cusip>
        <identifiers>
          <isin value="US74442PV512"/>
          <ticker value="PUBGEN"/>
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        <balance>425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>452685.05</valUSD>
        <pctVal>0.1395907505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</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>ROGERS COUNTY EDUCA 5.00%</name>
        <lei>N/A</lei>
        <title>ROGERS COUNTY EDUCA 5.00%</title>
        <cusip>77514RCD7</cusip>
        <identifiers>
          <isin value="US77514RCD70"/>
          <ticker value="ROGEDU"/>
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        <balance>585000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>621098.77</valUSD>
        <pctVal>0.1915230985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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>PENNSYLVANIA TURNPI 5.00%</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PENNSYLVANIA TURNPI 5.00%</title>
        <cusip>709225FS0</cusip>
        <identifiers>
          <isin value="US709225FS08"/>
          <ticker value="PASTRN"/>
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        <balance>275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>279258.27</valUSD>
        <pctVal>0.0861125665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</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>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>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>499867.55</valUSD>
        <pctVal>0.1541400284</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JCJ3</cusip>
        <identifiers>
          <isin value="US13013JCJ34"/>
          <ticker value="CCEDEV"/>
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        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>673119.59</valUSD>
        <pctVal>0.2075643292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-10-01</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>PUBLIC FIN. AUTHORI 5.00%</name>
        <lei>N/A</lei>
        <title>PUBLIC FIN. AUTHORI 5.00%</title>
        <cusip>74443DMS7</cusip>
        <identifiers>
          <isin value="US74443DMS70"/>
          <ticker value="PUBFIN"/>
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        <balance>225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>232646.4</valUSD>
        <pctVal>0.0717392491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-01</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>BLACK BELT ENERGY G 5.00%</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY G 5.00%</title>
        <cusip>09182THD2</cusip>
        <identifiers>
          <isin value="US09182THD28"/>
          <ticker value="BBEUTL"/>
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        <balance>285000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>294153.49</valUSD>
        <pctVal>0.0907056825</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>5444457P8</cusip>
        <identifiers>
          <isin value="US5444457P85"/>
          <ticker value="LOSAPT"/>
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        <balance>1670000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1850319.25</valUSD>
        <pctVal>0.5705676667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-15</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>WISCONSIN HEALTH &amp; 5.00%</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN HEALTH &amp; 5.00%</title>
        <cusip>97712JNQ2</cusip>
        <identifiers>
          <isin value="US97712JNQ21"/>
          <ticker value="WISMED"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1079214.6</valUSD>
        <pctVal>0.3327884938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-15</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>SOUTH CAROLINA JOBS 5.00%</name>
        <lei>549300L58MO94D64EL44</lei>
        <title>SOUTH CAROLINA JOBS 5.00%</title>
        <cusip>83704MEU6</cusip>
        <identifiers>
          <isin value="US83704MEU62"/>
          <ticker value="SCSEDU"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1011179.3</valUSD>
        <pctVal>0.3118090102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</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>STATE OF ILLINOIS 5.00%</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>STATE OF ILLINOIS 5.00%</title>
        <cusip>452153KL2</cusip>
        <identifiers>
          <isin value="US452153KL27"/>
          <ticker value="ILS"/>
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        <balance>2100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2138034.36</valUSD>
        <pctVal>0.6592879991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</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>NEW YORK STATE DORM 5.25%</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK STATE DORM 5.25%</title>
        <cusip>65000B4J4</cusip>
        <identifiers>
          <isin value="US65000B4J48"/>
          <ticker value="NYSHGR"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>435298.64</valUSD>
        <pctVal>0.1342294468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</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>
        <name>PENNSYLVANIA TURNPI 5.00%</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PENNSYLVANIA TURNPI 5.00%</title>
        <cusip>709224C31</cusip>
        <identifiers>
          <isin value="US709224C318"/>
          <ticker value="PASTRN"/>
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        <balance>860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>891007.39</valUSD>
        <pctVal>0.2747525907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</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>OHIO AIR QUALITY DE 3.20%</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>OHIO AIR QUALITY DE 3.20%</title>
        <cusip>677525WY9</cusip>
        <identifiers>
          <isin value="US677525WY96"/>
          <ticker value="OHSDEV"/>
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        <balance>1075000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1075545.67</valUSD>
        <pctVal>0.3316571361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.2</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 MCCOOK NE 4.50%</name>
        <lei>N/A</lei>
        <title>CITY OF MCCOOK NE 4.50%</title>
        <cusip>579729EW0</cusip>
        <identifiers>
          <isin value="US579729EW01"/>
          <ticker value="MCC"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1007571.3</valUSD>
        <pctVal>0.3106964410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.5</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>
