<?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>S000025873</seriesId>
        <classId>C000077367</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
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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>Tax-Advantaged Ultra-Short Fixed Income Fund</seriesName>
      <seriesId>S000025873</seriesId>
      <seriesLei>5493005B469YICS80F51</seriesLei>
      <repPdEnd>2026-03-31</repPdEnd>
      <repPdDate>2026-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>2959942765.520000000000</totAssets>
      <totLiabs>30007845.170000000000</totLiabs>
      <netAssets>2929934920.350000000000</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>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>28067233.750000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>18087.390000000000</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
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      <creditSprdRiskInvstGrade period10Yr="0.000000000000" period1Yr="257676.023663794925" period30Yr="0.000000000000" period3Mon="30757.029672046398" period5Yr="102982.243650436142"/>
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        <borrower aggrVal="98824.530000000000" lei="9R7GPTSO7KV3UQJZQ078" name="MORGAN STANLEY AND CO. LLC."/>
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      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000077367" rtn1="0.54" rtn2="0.32" rtn3="-0.34"/>
        </monthlyTotReturns>
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        <othMon2 netRealizedGain="737906.99" netUnrealizedAppr="3859785.79"/>
        <othMon3 netRealizedGain="1203072.69" netUnrealizedAppr="-19889651.41"/>
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      <mon3Flow redemption="158431397.49" reinvestment="1094177.43" sales="50777028.97"/>
      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>75% MLMUN6-12M / 25% MLMUN13YGO</nameDesignatedIndex>
          <indexIdentifier>MMUN1Y75GO</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>DISTRICT OF COLUMBIA VAR</name>
        <lei>N/A</lei>
        <title>DISTRICT OF COLUMBIA VAR</title>
        <cusip>25477PPQ2</cusip>
        <identifiers>
          <isin value="US25477PPQ27"/>
          <ticker value="DISMFH"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5005718.5</valUSD>
        <pctVal>0.1708474296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.3500016</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>59447TMD2</cusip>
        <identifiers>
          <isin value="US59447TMD27"/>
          <ticker value="MISFIN"/>
        </identifiers>
        <balance>2785000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2819481.92</valUSD>
        <pctVal>0.0962301893</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>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>74440DCM4</cusip>
        <identifiers>
          <isin value="US74440DCM48"/>
          <ticker value="KYSPWR"/>
        </identifiers>
        <balance>19150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19325264.63</valUSD>
        <pctVal>0.6595799960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-01</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>TENNERGY CORP/TN VAR</name>
        <lei>5493008K3JJFBSC4C235</lei>
        <title>TENNERGY CORP/TN VAR</title>
        <cusip>880397BW3</cusip>
        <identifiers>
          <isin value="US880397BW31"/>
          <ticker value="TGYPWR"/>
        </identifiers>
        <balance>17805000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17979661.71</valUSD>
        <pctVal>0.6136539616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-12-01</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>CITY OF SEATTLE WA MU FRN</name>
        <lei>N/A</lei>
        <title>CITY OF SEATTLE WA MU FRN</title>
        <cusip>812643WU4</cusip>
        <identifiers>
          <isin value="US812643WU41"/>
          <ticker value="SEAPWR"/>
        </identifiers>
        <balance>7520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7480189.87</valUSD>
        <pctVal>0.2553022532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-05-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.67000055</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>MISSOURI PUBLIC UTI 4.00%</name>
        <lei>N/A</lei>
        <title>MISSOURI PUBLIC UTI 4.00%</title>
        <cusip>606374AT3</cusip>
        <identifiers>
          <isin value="US606374AT33"/>
          <ticker value="MOSUTL"/>
        </identifiers>
        <balance>11980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11993966.28</valUSD>
        <pctVal>0.4093594775</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>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>METROPOLITAN GOV. NAS VAR</name>
        <lei>N/A</lei>
        <title>METROPOLITAN GOV. NAS VAR</title>
        <cusip>592113CE2</cusip>
        <identifiers>
          <isin value="US592113CE28"/>
          <ticker value="METHSG"/>
        </identifiers>
        <balance>6900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6907405.08</valUSD>
        <pctVal>0.2357528501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.3500016</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>09182TAM9</cusip>
        <identifiers>
          <isin value="US09182TAM99"/>
          <ticker value="BBEUTL"/>
        </identifiers>
        <balance>9800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9858739.24</valUSD>
        <pctVal>0.3364832158</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF PLANO TX 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PLANO TX 5.00%</title>
        <cusip>727177ZF7</cusip>
        <identifiers>
          <isin value="US727177ZF74"/>
          <ticker value="PNO"/>
        </identifiers>
        <balance>3250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3362200.08</valUSD>
        <pctVal>0.1147534048</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>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 GOV. N 3.35%</name>
        <lei>N/A</lei>
        <title>METROPOLITAN GOV. N 3.35%</title>
        <cusip>592113CA0</cusip>
        <identifiers>
          <isin value="US592113CA06"/>
          <ticker value="METHSG"/>
        </identifiers>
        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1700000</valUSD>
        <pctVal>0.0580217666</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>3.35</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KANE COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>KANE COUNTY SCHOOL 5.00%</title>
        <cusip>484008MW4</cusip>
        <identifiers>
          <isin value="US484008MW48"/>
          <ticker value="KANSCD"/>
        </identifiers>
        <balance>3920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4060556.3</valUSD>
        <pctVal>0.1385886175</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>INDIANA FIN. AUTHORIT FRN</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>INDIANA FIN. AUTHORIT FRN</title>
        <cusip>45506EDH3</cusip>
        <identifiers>
          <isin value="US45506EDH36"/>
          <ticker value="INSFIN"/>
        </identifiers>
        <balance>5975000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5954572.07</valUSD>
        <pctVal>0.2032322298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.71999825</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>56035DDH2</cusip>
        <identifiers>
          <isin value="US56035DDH26"/>
          <ticker value="MAIUTL"/>
        </identifiers>
        <balance>300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>303494.52</valUSD>
        <pctVal>0.0103584048</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>MAINE MUNICIPAL BD. 5.00%</name>
        <lei>N/A</lei>
        <title>MAINE MUNICIPAL BD. 5.00%</title>
        <cusip>56045SBA4</cusip>
        <identifiers>
          <isin value="US56045SBA42"/>
          <ticker value="MEMBBK"/>
        </identifiers>
        <balance>2150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2232649.66</valUSD>
        <pctVal>0.0762013396</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>CITY OF PENSACOLA F 5.00%</name>
        <lei>549300Y7HMDKHDFTZ042</lei>
        <title>CITY OF PENSACOLA F 5.00%</title>
        <cusip>709427EL8</cusip>
        <identifiers>
          <isin value="US709427EL85"/>
          <ticker value="PENAPT"/>
        </identifiers>
        <balance>890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>916633.43</valUSD>
        <pctVal>0.0312851123</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>ALEXANDRIA REDEVELOPM VAR</name>
        <lei>N/A</lei>
        <title>ALEXANDRIA REDEVELOPM VAR</title>
        <cusip>015330FC2</cusip>
        <identifiers>
          <isin value="US015330FC26"/>
          <ticker value="ALEMFH"/>
        </identifiers>
        <balance>3635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3637892.01</valUSD>
        <pctVal>0.1241628947</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>3.2000004</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>KANE COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>KANE COUNTY SCHOOL 5.00%</title>
        <cusip>484008MX2</cusip>
        <identifiers>
          <isin value="US484008MX21"/>
          <ticker value="KANSCD"/>
        </identifiers>
        <balance>365000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>378082.88</valUSD>
        <pctVal>0.0129041392</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>PEFA INC VAR</name>
        <lei>549300RSE249DJNRHY07</lei>
        <title>PEFA INC VAR</title>
        <cusip>70556CAB0</cusip>
        <identifiers>
          <isin value="US70556CAB00"/>
          <ticker value="PEFUTL"/>
        </identifiers>
        <balance>11645000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11732817.27</valUSD>
        <pctVal>0.4004463440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</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>KENTUCKY STATE PROP 5.00%</name>
        <lei>N/A</lei>
        <title>KENTUCKY STATE PROP 5.00%</title>
        <cusip>49151F5X4</cusip>
        <identifiers>
          <isin value="US49151F5X42"/>
          <ticker value="KYSFAC"/>
        </identifiers>
        <balance>2630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2718561.31</valUSD>
        <pctVal>0.0927857234</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>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>MINNESOTA MUNICIPAL G VAR</name>
        <lei>549300SISI6N1C6S3136</lei>
        <title>MINNESOTA MUNICIPAL G VAR</title>
        <cusip>60406UAM9</cusip>
        <identifiers>
          <isin value="US60406UAM99"/>
          <ticker value="MGAUTL"/>
        </identifiers>
        <balance>5875000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5950526.65</valUSD>
        <pctVal>0.2030941578</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>
        </debtSec>
        <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>4521522K6</cusip>
        <identifiers>
          <isin value="US4521522K61"/>
          <ticker value="ILS"/>
        </identifiers>
        <balance>1100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1134709.18</valUSD>
        <pctVal>0.0387281360</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>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
        <cusip>34074HHV7</cusip>
        <identifiers>
          <isin value="US34074HHV78"/>
          <ticker value="FLSMFH"/>
        </identifiers>
        <balance>2505000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2508700.14</valUSD>
        <pctVal>0.0856230670</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>Variable</couponKind>
          <annualizedRt>3.15</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>OAK RIDGE HOUSING AUT VAR</name>
        <lei>N/A</lei>
        <title>OAK RIDGE HOUSING AUT VAR</title>
        <cusip>67178HAA5</cusip>
        <identifiers>
          <isin value="US67178HAA59"/>
          <ticker value="ORHMFH"/>
        </identifiers>
        <balance>4485000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4488647.65</valUSD>
        <pctVal>0.1531995683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.2000004</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>13013JCS3</cusip>
        <identifiers>
          <isin value="US13013JCS33"/>
          <ticker value="CCEDEV"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2614370.75</valUSD>
        <pctVal>0.0892296526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.5000008</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 EL PASO T 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF EL PASO T 5.00%</title>
        <cusip>2834975X9</cusip>
        <identifiers>
          <isin value="US2834975X91"/>
          <ticker value="ELP"/>
        </identifiers>
        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4034856</valUSD>
        <pctVal>0.1377114547</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>NEW JERSEY HEALTH C 5.00%</name>
        <lei>N/A</lei>
        <title>NEW JERSEY HEALTH C 5.00%</title>
        <cusip>64579XEC4</cusip>
        <identifiers>
          <isin value="US64579XEC48"/>
          <ticker value="NJSMED"/>
        </identifiers>
        <balance>2305000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2385031.67</valUSD>
        <pctVal>0.0814022064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</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>FLORIDA MUNICIPAL P 5.00%</name>
        <lei>549300M3I10QJUPNU131</lei>
        <title>FLORIDA MUNICIPAL P 5.00%</title>
        <cusip>342816U29</cusip>
        <identifiers>
          <isin value="US342816U290"/>
          <ticker value="FLSPWR"/>
        </identifiers>
        <balance>1300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1372662.59</valUSD>
        <pctVal>0.0468495932</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF SHREVEPORT 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SHREVEPORT 5.00%</title>
        <cusip>825485XV2</cusip>
        <identifiers>
          <isin value="US825485XV26"/>
          <ticker value="SHRUTL"/>
        </identifiers>
        <balance>775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>799713.98</valUSD>
        <pctVal>0.0272945987</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>ILLINOIS FIN. AUTHO 2.60%</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>ILLINOIS FIN. AUTHO 2.60%</title>
        <cusip>45203UAN3</cusip>
        <identifiers>
          <isin value="US45203UAN37"/>
        </identifiers>
        <balance>6920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6920241.51</valUSD>
        <pctVal>0.2361909632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.6</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>ALABAMA HOUSING FIN. VAR</name>
        <lei>549300VFN7EHPOFS7D76</lei>
        <title>ALABAMA HOUSING FIN. VAR</title>
        <cusip>01030PHE9</cusip>
        <identifiers>
          <isin value="US01030PHE97"/>
          <ticker value="ALSMFH"/>
        </identifiers>
        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1201824.96</valUSD>
        <pctVal>0.0410188278</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>Variable</couponKind>
          <annualizedRt>3.15</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 HOUSING DEV. VAR</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>ILLINOIS HOUSING DEV. VAR</title>
        <cusip>45203LEK5</cusip>
        <identifiers>
          <isin value="US45203LEK52"/>
          <ticker value="ILSMFH"/>
        </identifiers>
        <balance>3100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3086949.93</valUSD>
        <pctVal>0.1053589931</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>Variable</couponKind>
          <annualizedRt>2.8000008</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 STATE AFFORDA 2.80%</name>
        <lei>N/A</lei>
        <title>TEXAS STATE AFFORDA 2.80%</title>
        <cusip>88271FFN8</cusip>
        <identifiers>
          <isin value="US88271FFN87"/>
          <ticker value="TXSMFH"/>
        </identifiers>
        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1198652.64</valUSD>
        <pctVal>0.0409105551</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>2.8</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 TEXAS MUNICIP 5.00%</name>
        <lei>N/A</lei>
        <title>NORTH TEXAS MUNICIP 5.00%</title>
        <cusip>662903G80</cusip>
        <identifiers>
          <isin value="US662903G800"/>
          <ticker value="NRTWTR"/>
        </identifiers>
        <balance>3450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3569104.7</valUSD>
        <pctVal>0.1218151528</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>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>MICHIGAN FIN. AUTHO 5.00%</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>MICHIGAN FIN. AUTHO 5.00%</title>
        <cusip>59447UAB6</cusip>
        <identifiers>
          <isin value="US59447UAB61"/>
          <ticker value="MISFIN"/>
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        <balance>7220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7273680.7</valUSD>
        <pctVal>0.2482540021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-20</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>BOROUGH OF NORTH SL 5.00%</name>
        <lei>N/A</lei>
        <title>BOROUGH OF NORTH SL 5.00%</title>
        <cusip>662523X61</cusip>
        <identifiers>
          <isin value="US662523X611"/>
          <ticker value="NOR"/>
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        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6312168.6</valUSD>
        <pctVal>0.2154371606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</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>TULSA COUNTY INDL. 5.00%</name>
        <lei>549300WEYXBXLGN1E271</lei>
        <title>TULSA COUNTY INDL. 5.00%</title>
        <cusip>89952PHY4</cusip>
        <identifiers>
          <isin value="US89952PHY43"/>
          <ticker value="TULEDU"/>
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        <balance>1300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1365114.92</valUSD>
        <pctVal>0.0465919878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</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; 5.00%</name>
        <lei>N/A</lei>
        <title>WISCONSIN HEALTH &amp; 5.00%</title>
        <cusip>97712JPT4</cusip>
        <identifiers>
          <isin value="US97712JPT42"/>
          <ticker value="WISMED"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1042113</valUSD>
        <pctVal>0.0355677866</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>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JCT1</cusip>
        <identifiers>
          <isin value="US13013JCT16"/>
          <ticker value="CCEDEV"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1023538.7</valUSD>
        <pctVal>0.0349338374</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>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 EL PASO T 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF EL PASO T 5.00%</title>
        <cusip>2834975Z4</cusip>
        <identifiers>
          <isin value="US2834975Z40"/>
          <ticker value="ELP"/>
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        <balance>1275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1286110.35</valUSD>
        <pctVal>0.0438955262</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF ESSEX NJ 4.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF ESSEX NJ 4.00%</title>
        <cusip>2968044U8</cusip>
        <identifiers>
          <isin value="US2968044U89"/>
          <ticker value="ESS"/>
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        <balance>12305000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12351197.89</valUSD>
        <pctVal>0.4215519534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</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>MICHIGAN FIN. AUTHO 5.00%</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>MICHIGAN FIN. AUTHO 5.00%</title>
        <cusip>59447UAC4</cusip>
        <identifiers>
          <isin value="US59447UAC45"/>
          <ticker value="MISFIN"/>
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        <balance>7060000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7124310.95</valUSD>
        <pctVal>0.2431559452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-20</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>SAVANNAH HOUSING AUTH VAR</name>
        <lei>N/A</lei>
        <title>SAVANNAH HOUSING AUTH VAR</title>
        <cusip>804837BR2</cusip>
        <identifiers>
          <isin value="US804837BR28"/>
          <ticker value="SAVMFH"/>
        </identifiers>
        <balance>3115000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3118682.24</valUSD>
        <pctVal>0.1064420311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15</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>TULSA COUNTY INDL. 5.00%</name>
        <lei>549300WEYXBXLGN1E271</lei>
        <title>TULSA COUNTY INDL. 5.00%</title>
        <cusip>89952PHW8</cusip>
        <identifiers>
          <isin value="US89952PHW86"/>
          <ticker value="TULEDU"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1513191.6</valUSD>
        <pctVal>0.0516459116</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</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>TULSA COUNTY INDL. 5.00%</name>
        <lei>549300WEYXBXLGN1E271</lei>
        <title>TULSA COUNTY INDL. 5.00%</title>
        <cusip>89952PHX6</cusip>
        <identifiers>
          <isin value="US89952PHX69"/>
          <ticker value="TULEDU"/>
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        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>566021.67</valUSD>
        <pctVal>0.0193185748</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>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>LUBBOCK HOUSING FIN. VAR</name>
        <lei>N/A</lei>
        <title>LUBBOCK HOUSING FIN. VAR</title>
        <cusip>549211BE9</cusip>
        <identifiers>
          <isin value="US549211BE95"/>
          <ticker value="LUBMFH"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1491165.6</valUSD>
        <pctVal>0.0508941543</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.8000008</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>PLATTE COUNTY R-III 6.25%</name>
        <lei>N/A</lei>
        <title>PLATTE COUNTY R-III 6.25%</title>
        <cusip>727717KN9</cusip>
        <identifiers>
          <isin value="US727717KN94"/>
          <ticker value="PLASCD"/>
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        <balance>2960000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3056519.98</valUSD>
        <pctVal>0.1043204052</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>6.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF SEMINOLE 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF SEMINOLE 5.00%</title>
        <cusip>816705KK2</cusip>
        <identifiers>
          <isin value="US816705KK27"/>
          <ticker value="SEMUTL"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>724496.64</valUSD>
        <pctVal>0.0247273970</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>CITY OF ATLANTA GA 5.00%</name>
        <lei>549300GHLQ0J51NUBM84</lei>
        <title>CITY OF ATLANTA GA 5.00%</title>
        <cusip>04780MS26</cusip>
        <identifiers>
          <isin value="US04780MS265"/>
          <ticker value="ATLAPT"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2611631.75</valUSD>
        <pctVal>0.0891361693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ILLINOIS HOUSING DEV. VAR</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>ILLINOIS HOUSING DEV. VAR</title>
        <cusip>45203LFU2</cusip>
        <identifiers>
          <isin value="US45203LFU26"/>
          <ticker value="ILSMFH"/>
        </identifiers>
        <balance>2200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2202973.08</valUSD>
        <pctVal>0.0751884646</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>Variable</couponKind>
          <annualizedRt>3.15</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>RALEIGH HOUSING AUTHO VAR</name>
        <lei>N/A</lei>
        <title>RALEIGH HOUSING AUTHO VAR</title>
        <cusip>751115CC8</cusip>
        <identifiers>
          <isin value="US751115CC87"/>
          <ticker value="RALMFH"/>
        </identifiers>
        <balance>3450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3458590.16</valUSD>
        <pctVal>0.1180432417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA MEDI 5.00%</name>
        <lei>SYIJ9BNVFR17R33OPQ57</lei>
        <title>NORTH CAROLINA MEDI 5.00%</title>
        <cusip>65821DZC8</cusip>
        <identifiers>
          <isin value="US65821DZC81"/>
          <ticker value="NCSMED"/>
        </identifiers>
        <balance>3055000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3066867.45</valUSD>
        <pctVal>0.1046735690</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>CITY OF PHILADELPHI 5.00%</name>
        <lei>549300IVFOPB4AG7UL47</lei>
        <title>CITY OF PHILADELPHI 5.00%</title>
        <cusip>717813C31</cusip>
        <identifiers>
          <isin value="US717813C318"/>
          <ticker value="PHI"/>
        </identifiers>
        <balance>2725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2869780.07</valUSD>
        <pctVal>0.0979468878</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</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>49151F6V7</cusip>
        <identifiers>
          <isin value="US49151F6V76"/>
          <ticker value="KYSFAC"/>
        </identifiers>
        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3617857.25</valUSD>
        <pctVal>0.1234790993</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>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 HOUSING DEV. VAR</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>ILLINOIS HOUSING DEV. VAR</title>
        <cusip>45203LFT5</cusip>
        <identifiers>
          <isin value="US45203LFT52"/>
          <ticker value="ILSMFH"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1502397.15</valUSD>
        <pctVal>0.0512774922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15</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>ALABAMA HIGHWAY AUT 5.00%</name>
        <lei>549300TKZX0YNENZC895</lei>
        <title>ALABAMA HIGHWAY AUT 5.00%</title>
        <cusip>010559AC6</cusip>
        <identifiers>
          <isin value="US010559AC67"/>
          <ticker value="ALSOBL"/>
        </identifiers>
        <balance>6170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6522021.33</valUSD>
        <pctVal>0.2225995289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</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>STATE OF ILLINOIS 5.00%</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>STATE OF ILLINOIS 5.00%</title>
        <cusip>452152Q61</cusip>
        <identifiers>
          <isin value="US452152Q617"/>
          <ticker value="ILS"/>
        </identifiers>
        <balance>12435000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12592394.77</valUSD>
        <pctVal>0.4297841117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</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>LOWER COLORADO RIVE 5.00%</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>LOWER COLORADO RIVE 5.00%</title>
        <cusip>54811GQ29</cusip>
        <identifiers>
          <isin value="US54811GQ297"/>
          <ticker value="LWCGEN"/>
        </identifiers>
        <balance>2800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2808112.44</valUSD>
        <pctVal>0.0958421438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</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 SPRING HILL 4.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SPRING HILL 4.00%</title>
        <cusip>849658UK3</cusip>
        <identifiers>
          <isin value="US849658UK31"/>
          <ticker value="SPR"/>
        </identifiers>
        <balance>9990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10036715.24</valUSD>
        <pctVal>0.3425576169</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</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 HIGHER 5.00%</name>
        <lei>N/A</lei>
        <title>PENNSYLVANIA HIGHER 5.00%</title>
        <cusip>70917TTF8</cusip>
        <identifiers>
          <isin value="US70917TTF83"/>
          <ticker value="PASHGR"/>
        </identifiers>
        <balance>2240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2260097.73</valUSD>
        <pctVal>0.0771381546</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>CITY OF QUINCY MA 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF QUINCY MA 5.00%</title>
        <cusip>748508Y93</cusip>
        <identifiers>
          <isin value="US748508Y931"/>
          <ticker value="QUI"/>
        </identifiers>
        <balance>11890000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11970695.05</valUSD>
        <pctVal>0.4085652199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-24</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>SPRING BRANCH INDEP 5.00%</name>
        <lei>N/A</lei>
        <title>SPRING BRANCH INDEP 5.00%</title>
        <cusip>849476WW2</cusip>
        <identifiers>
          <isin value="US849476WW27"/>
          <ticker value="SPRSCD"/>
        </identifiers>
        <balance>4315000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4507520.63</valUSD>
        <pctVal>0.1538437116</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>NEW ORLEANS AVIATIO 5.00%</name>
        <lei>N/A</lei>
        <title>NEW ORLEANS AVIATIO 5.00%</title>
        <cusip>64763HLY9</cusip>
        <identifiers>
          <isin value="US64763HLY98"/>
          <ticker value="NEWTRN"/>
        </identifiers>
        <balance>5225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5304415.3</valUSD>
        <pctVal>0.1810420861</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>
        </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>49151F6W5</cusip>
        <identifiers>
          <isin value="US49151F6W59"/>
          <ticker value="KYSFAC"/>
        </identifiers>
        <balance>11600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12247844.92</valUSD>
        <pctVal>0.4180244699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</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>CITY OF SHREVEPORT 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SHREVEPORT 5.00%</title>
        <cusip>825485XW0</cusip>
        <identifiers>
          <isin value="US825485XW09"/>
          <ticker value="SHRUTL"/>
        </identifiers>
        <balance>1350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1421453.07</valUSD>
        <pctVal>0.0485148342</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>WISCONSIN HEALTH &amp; 5.00%</name>
        <lei>N/A</lei>
        <title>WISCONSIN HEALTH &amp; 5.00%</title>
        <cusip>97712JPR8</cusip>
        <identifiers>
          <isin value="US97712JPR85"/>
          <ticker value="WISMED"/>
        </identifiers>
        <balance>575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576961.15</valUSD>
        <pctVal>0.0196919442</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>CITY OF SALT LAKE C 5.00%</name>
        <lei>549300CRGKV67DRSGT85</lei>
        <title>CITY OF SALT LAKE C 5.00%</title>
        <cusip>795576GY7</cusip>
        <identifiers>
          <isin value="US795576GY78"/>
          <ticker value="SALAPT"/>
        </identifiers>
        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2347469.1</valUSD>
        <pctVal>0.0801201789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF MILWAUKEE W 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF MILWAUKEE W 5.00%</title>
        <cusip>602366H33</cusip>
        <identifiers>
          <isin value="US602366H330"/>
          <ticker value="MLW"/>
        </identifiers>
        <balance>8440000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8805504.33</valUSD>
        <pctVal>0.3005358334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</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>LOWER COLORADO RIVE 5.00%</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>LOWER COLORADO RIVE 5.00%</title>
        <cusip>54811GQ45</cusip>
        <identifiers>
          <isin value="US54811GQ453"/>
          <ticker value="LWCGEN"/>
        </identifiers>
        <balance>1565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1636345.69</valUSD>
        <pctVal>0.0558492163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</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>STATE OF RHODE ISLA 5.00%</name>
        <lei>N/A</lei>
        <title>STATE OF RHODE ISLA 5.00%</title>
        <cusip>762223RF4</cusip>
        <identifiers>
          <isin value="US762223RF42"/>
          <ticker value="RIS"/>
        </identifiers>
        <balance>1040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1048493.99</valUSD>
        <pctVal>0.0357855727</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>NORTH CAROLINA MEDI 5.00%</name>
        <lei>SYIJ9BNVFR17R33OPQ57</lei>
        <title>NORTH CAROLINA MEDI 5.00%</title>
        <cusip>65821DZD6</cusip>
        <identifiers>
          <isin value="US65821DZD64"/>
          <ticker value="NCSMED"/>
        </identifiers>
        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1796516.93</valUSD>
        <pctVal>0.0613159329</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOWER COLORADO RIVE 5.00%</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>LOWER COLORADO RIVE 5.00%</title>
        <cusip>54811GQ37</cusip>
        <identifiers>
          <isin value="US54811GQ370"/>
          <ticker value="LWCGEN"/>
        </identifiers>
        <balance>2100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2155431.6</valUSD>
        <pctVal>0.0735658524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</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 PEARLAND TX 5.00%</name>
        <lei>549300UYAWZP0LF3EF82</lei>
        <title>CITY OF PEARLAND TX 5.00%</title>
        <cusip>704865ZA5</cusip>
        <identifiers>
          <isin value="US704865ZA59"/>
          <ticker value="PEA"/>
        </identifiers>
        <balance>2605000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2721332.27</valUSD>
        <pctVal>0.0928802975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</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>HENNEPIN COUNTY HOUSI VAR</name>
        <lei>N/A</lei>
        <title>HENNEPIN COUNTY HOUSI VAR</title>
        <cusip>42552RAN4</cusip>
        <identifiers>
          <isin value="US42552RAN44"/>
          <ticker value="HENMFH"/>
        </identifiers>
        <balance>4500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4505822.1</valUSD>
        <pctVal>0.1537857400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15</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>CUMBERLAND COUNTY M 5.00%</name>
        <lei>N/A</lei>
        <title>CUMBERLAND COUNTY M 5.00%</title>
        <cusip>230614TN9</cusip>
        <identifiers>
          <isin value="US230614TN94"/>
          <ticker value="CUMGEN"/>
        </identifiers>
        <balance>395000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>402173.32</valUSD>
        <pctVal>0.0137263568</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CUMBERLAND COUNTY M 5.00%</name>
        <lei>N/A</lei>
        <title>CUMBERLAND COUNTY M 5.00%</title>
        <cusip>230614TM1</cusip>
        <identifiers>
          <isin value="US230614TM12"/>
          <ticker value="CUMGEN"/>
        </identifiers>
        <balance>295000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>295762.28</valUSD>
        <pctVal>0.0100945000</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>NORTH CAROLINA HOUSIN VAR</name>
        <lei>EC4EE0PS5OP5O69B5C39</lei>
        <title>NORTH CAROLINA HOUSIN VAR</title>
        <cusip>65821BAP0</cusip>
        <identifiers>
          <isin value="US65821BAP04"/>
          <ticker value="NCSMFH"/>
        </identifiers>
        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7006248.9</valUSD>
        <pctVal>0.2391264342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15</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>392274Y91</cusip>
        <identifiers>
          <isin value="US392274Y913"/>
          <ticker value="GREAPT"/>
        </identifiers>
        <balance>5045000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5198973.4</valUSD>
        <pctVal>0.1774433065</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>CITY OF SALT LAKE C 5.00%</name>
        <lei>549300CRGKV67DRSGT85</lei>
        <title>CITY OF SALT LAKE C 5.00%</title>
        <cusip>795576LK1</cusip>
        <identifiers>
          <isin value="US795576LK10"/>
          <ticker value="SALAPT"/>
        </identifiers>
        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1564979.4</valUSD>
        <pctVal>0.0534134526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE OF RHODE ISLA 5.00%</name>
        <lei>5493001B4TX233UP4J06</lei>
        <title>STATE OF RHODE ISLA 5.00%</title>
        <cusip>762223RG2</cusip>
        <identifiers>
          <isin value="US762223RG25"/>
          <ticker value="RIS"/>
        </identifiers>
        <balance>1210000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1248565.85</valUSD>
        <pctVal>0.0426141155</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>NORTH CAROLINA MEDI 5.00%</name>
        <lei>SYIJ9BNVFR17R33OPQ57</lei>
        <title>NORTH CAROLINA MEDI 5.00%</title>
        <cusip>65821DZE4</cusip>
        <identifiers>
          <isin value="US65821DZE48"/>
          <ticker value="NCSMED"/>
        </identifiers>
        <balance>2115000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2218975.09</valUSD>
        <pctVal>0.0757346204</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>CITY OF REDMOND OR 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF REDMOND OR 5.00%</title>
        <cusip>757657YY1</cusip>
        <identifiers>
          <isin value="US757657YY11"/>
          <ticker value="RMD"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1039144.3</valUSD>
        <pctVal>0.0354664635</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>RICHMOND REDEVELOPMEN VAR</name>
        <lei>N/A</lei>
        <title>RICHMOND REDEVELOPMEN VAR</title>
        <cusip>76543PBC1</cusip>
        <identifiers>
          <isin value="US76543PBC14"/>
          <ticker value="RICHSG"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000068.6</valUSD>
        <pctVal>0.0682632432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.0999996</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>WISCONSIN HEALTH &amp; 5.00%</name>
        <lei>N/A</lei>
        <title>WISCONSIN HEALTH &amp; 5.00%</title>
        <cusip>97712JPS6</cusip>
        <identifiers>
          <isin value="US97712JPS68"/>
          <ticker value="WISMED"/>
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        <balance>1220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1248884.72</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</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>CUMBERLAND COUNTY M 5.00%</name>
        <lei>N/A</lei>
        <title>CUMBERLAND COUNTY M 5.00%</title>
        <cusip>230614TP4</cusip>
        <identifiers>
          <isin value="US230614TP43"/>
          <ticker value="CUMGEN"/>
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        <balance>415000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>428263.36</valUSD>
        <pctVal>0.0146168216</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>SPARTA AREA SCHOOLS 5.00%</name>
        <lei>N/A</lei>
        <title>SPARTA AREA SCHOOLS 5.00%</title>
        <cusip>846625NX5</cusip>
        <identifiers>
          <isin value="US846625NX56"/>
          <ticker value="SPASCD"/>
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        <balance>390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>415832.9</valUSD>
        <pctVal>0.0141925644</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>DENTON INDEPENDENT 5.00%</name>
        <lei>5493005I9W678SUI0Z07</lei>
        <title>DENTON INDEPENDENT 5.00%</title>
        <cusip>249002NQ5</cusip>
        <identifiers>
          <isin value="US249002NQ55"/>
          <ticker value="DNNSCD"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5282988.5</valUSD>
        <pctVal>0.1803107797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</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>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
        <cusip>34073JVF3</cusip>
        <identifiers>
          <isin value="US34073JVF38"/>
          <ticker value="FLSMFH"/>
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        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5990460</valUSD>
        <pctVal>0.2044571010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.9999988</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MASSACHUSETTS DEV. 5.00%</name>
        <lei>549300UZSVMFXJK08K70</lei>
        <title>MASSACHUSETTS DEV. 5.00%</title>
        <cusip>57585BNJ3</cusip>
        <identifiers>
          <isin value="US57585BNJ34"/>
          <ticker value="MASDEV"/>
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        <balance>1400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1440138</valUSD>
        <pctVal>0.0491525593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MID-BAY BRIDGE AUTH 5.00%</name>
        <lei>N/A</lei>
        <title>MID-BAY BRIDGE AUTH 5.00%</title>
        <cusip>342814EE6</cusip>
        <identifiers>
          <isin value="US342814EE69"/>
          <ticker value="FLSTRN"/>
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        <balance>3145000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3301321.91</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AKRON BATH COPLEY J 5.00%</name>
        <lei>N/A</lei>
        <title>AKRON BATH COPLEY J 5.00%</title>
        <cusip>009730QE5</cusip>
        <identifiers>
          <isin value="US009730QE53"/>
          <ticker value="AKRMED"/>
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        <balance>1825000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1890863.52</valUSD>
        <pctVal>0.0645360246</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</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>INDIANAPOLIS LOCAL 5.00%</name>
        <lei>549300LX8ESJHDSESB87</lei>
        <title>INDIANAPOLIS LOCAL 5.00%</title>
        <cusip>45528UD81</cusip>
        <identifiers>
          <isin value="US45528UD819"/>
          <ticker value="INPGEN"/>
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        <balance>6325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6545146.05</valUSD>
        <pctVal>0.2233887860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>DECATUR TOWNSHIP MU 5.00%</name>
        <lei>N/A</lei>
        <title>DECATUR TOWNSHIP MU 5.00%</title>
        <cusip>243360JC9</cusip>
        <identifiers>
          <isin value="US243360JC98"/>
          <ticker value="DECEDU"/>
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        <balance>1650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1713889.65</valUSD>
        <pctVal>0.0584958266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</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>WASHINGTON HEALTH C 5.00%</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>WASHINGTON HEALTH C 5.00%</title>
        <cusip>93978HB61</cusip>
        <identifiers>
          <isin value="US93978HB610"/>
          <ticker value="WASMED"/>
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        <balance>2790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2914366.76</valUSD>
        <pctVal>0.0994686517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</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>
        <name>CHICAGO O HARE INTL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CHICAGO O HARE INTL 5.00%</title>
        <cusip>167591BQ8</cusip>
        <identifiers>
          <isin value="US167591BQ84"/>
          <ticker value="CHITRN"/>
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        <balance>5465000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5802200.34</valUSD>
        <pctVal>0.1980317139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN STATE HOUSIN VAR</name>
        <lei>549300NSWW1HVXE93T03</lei>
        <title>MICHIGAN STATE HOUSIN VAR</title>
        <cusip>59465FAP5</cusip>
        <identifiers>
          <isin value="US59465FAP53"/>
          <ticker value="MISMFH"/>
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        <balance>1565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1564766.82</valUSD>
        <pctVal>0.0534061972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.6700012</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>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JCB0</cusip>
        <identifiers>
          <isin value="US13013JCB08"/>
          <ticker value="CCEDEV"/>
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        <balance>3175000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3329670.13</valUSD>
        <pctVal>0.1136431430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</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>HARRIS COUNTY FLOOD 5.00%</name>
        <lei>N/A</lei>
        <title>HARRIS COUNTY FLOOD 5.00%</title>
        <cusip>414019CS6</cusip>
        <identifiers>
          <isin value="US414019CS65"/>
          <ticker value="HARWTR"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1580359.95</valUSD>
        <pctVal>0.0539383977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</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>CITY OF SAN ANTONIO 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SAN ANTONIO 5.00%</title>
        <cusip>79623PTQ8</cusip>
        <identifiers>
          <isin value="US79623PTQ80"/>
          <ticker value="SAN"/>
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        <balance>5240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5460359.82</valUSD>
        <pctVal>0.1863645428</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>
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        <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>93978HB53</cusip>
        <identifiers>
          <isin value="US93978HB537"/>
          <ticker value="WASMED"/>
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        <balance>2675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2745113.36</valUSD>
        <pctVal>0.0936919568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PAGAYA AI DEBT GRA 4.497%</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT GRA 4.497%</title>
        <cusip>69549BAB4</cusip>
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          <isin value="US69549BAB45"/>
          <ticker value="PAID"/>
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        <curCd>USD</curCd>
        <valUSD>2391372.87</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>USF FINC. CORP 5.00%</name>
        <lei>549300P9Y92T23EMUI42</lei>
        <title>USF FINC. CORP 5.00%</title>
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        <identifiers>
          <isin value="US90343SBK06"/>
          <ticker value="USFFIN"/>
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        <curCd>USD</curCd>
        <valUSD>1028171.1</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
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          <isin value="US34074HHW51"/>
          <ticker value="FLSMFH"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH LYON COMMUNIT 5.00%</name>
        <lei>N/A</lei>
        <title>SOUTH LYON COMMUNIT 5.00%</title>
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          <isin value="US838736ZL34"/>
          <ticker value="SLYSCD"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCHOOL DISTRICT OF 5.00%</name>
        <lei>5493006KVNQDJ1D0OD92</lei>
        <title>SCHOOL DISTRICT OF 5.00%</title>
        <cusip>115065E83</cusip>
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          <isin value="US115065E830"/>
          <ticker value="BROEDU"/>
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        <balance>7710000</balance>
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        <curCd>USD</curCd>
        <valUSD>7918171.54</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNIT 4.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 4.00%</title>
        <cusip>13013JBF2</cusip>
        <identifiers>
          <isin value="US13013JBF21"/>
          <ticker value="CCEDEV"/>
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        <balance>2475000</balance>
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        <curCd>USD</curCd>
        <valUSD>2494693.58</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICHIGAN STATE HOUSIN VAR</name>
        <lei>549300NSWW1HVXE93T03</lei>
        <title>MICHIGAN STATE HOUSIN VAR</title>
        <cusip>59465FAN0</cusip>
        <identifiers>
          <isin value="US59465FAN06"/>
          <ticker value="MISMFH"/>
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        <balance>980000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>979885.93</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>.0000108</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BLACK BELT ENERGY G 5.00%</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY G 5.00%</title>
        <cusip>09182THL4</cusip>
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          <isin value="US09182THL44"/>
          <ticker value="BBEUTL"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1036255.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IPS MULTI-SCHOOL BL 4.00%</name>
        <lei>549300BHLK1DUJUYPM91</lei>
        <title>IPS MULTI-SCHOOL BL 4.00%</title>
        <cusip>46263RNS0</cusip>
        <identifiers>
          <isin value="US46263RNS03"/>
          <ticker value="IPSEDU"/>
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        <balance>7200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7321983.84</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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      <invstOrSec>
        <name>CITY OF HOUSTON TX 5.00%</name>
        <lei>549300C64URYS0WQQY42</lei>
        <title>CITY OF HOUSTON TX 5.00%</title>
        <cusip>442332CR1</cusip>
        <identifiers>
          <isin value="US442332CR18"/>
          <ticker value="HOU"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1045231</valUSD>
        <pctVal>0.0356742053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HARRIS COUNTY FLOOD 5.00%</name>
        <lei>N/A</lei>
        <title>HARRIS COUNTY FLOOD 5.00%</title>
        <cusip>414019CW7</cusip>
        <identifiers>
          <isin value="US414019CW77"/>
          <ticker value="HARWTR"/>
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        <balance>13500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14223239.55</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>MASSACHUSETTS DEV. 5.00%</name>
        <lei>549300QPZ5W3279DU141</lei>
        <title>MASSACHUSETTS DEV. 5.00%</title>
        <cusip>57585BNH7</cusip>
        <identifiers>
          <isin value="US57585BNH77"/>
          <ticker value="MASDEV"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2513710</valUSD>
        <pctVal>0.0857940558</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>
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      <invstOrSec>
        <name>CITY OF SAN ANTONIO 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SAN ANTONIO 5.00%</title>
        <cusip>79623PUL7</cusip>
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          <isin value="US79623PUL74"/>
          <ticker value="SAN"/>
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        <balance>2325000</balance>
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        <curCd>USD</curCd>
        <valUSD>2422774.16</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <name>MAINE STATE HOUSING 2.90%</name>
        <lei>549300SO05LH6D240016</lei>
        <title>MAINE STATE HOUSING 2.90%</title>
        <cusip>56052FV85</cusip>
        <identifiers>
          <isin value="US56052FV850"/>
          <ticker value="MESHSG"/>
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        <balance>4400000</balance>
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        <curCd>USD</curCd>
        <valUSD>4380679.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.9</annualizedRt>
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      <invstOrSec>
        <name>ZIONSVILLE COMMUNIT 5.00%</name>
        <lei>N/A</lei>
        <title>ZIONSVILLE COMMUNIT 5.00%</title>
        <cusip>98972LPW5</cusip>
        <identifiers>
          <isin value="US98972LPW53"/>
          <ticker value="ZIOEDU"/>
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        <balance>1400000</balance>
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        <curCd>USD</curCd>
        <valUSD>1425883.62</valUSD>
        <pctVal>0.0486660509</pctVal>
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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>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW YORK CITY TRANS 5.00%</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>NEW YORK CITY TRANS 5.00%</title>
        <cusip>64972LAU7</cusip>
        <identifiers>
          <isin value="US64972LAU70"/>
          <ticker value="NYCFAC"/>
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        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7222175.8</valUSD>
        <pctVal>0.2464961167</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF PHILADELPHI 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHILADELPHI 5.00%</title>
        <cusip>717817YG9</cusip>
        <identifiers>
          <isin value="US717817YG97"/>
          <ticker value="PHIAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1025060.3</valUSD>
        <pctVal>0.0349857703</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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DECATUR TOWNSHIP MU 5.00%</name>
        <lei>N/A</lei>
        <title>DECATUR TOWNSHIP MU 5.00%</title>
        <cusip>243360JD7</cusip>
        <identifiers>
          <isin value="US243360JD71"/>
          <ticker value="DECEDU"/>
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        <balance>2530000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2653467.29</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOBLESVILLE SCHOOLS 6.00%</name>
        <lei>N/A</lei>
        <title>NOBLESVILLE SCHOOLS 6.00%</title>
        <cusip>655165DK1</cusip>
        <identifiers>
          <isin value="US655165DK13"/>
          <ticker value="NOBSCD"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>512920.75</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>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ORANGE SA 4.00%</name>
        <lei>969500MCOONR8990S771</lei>
        <title>ORANGE SA 4.00%</title>
        <cusip>685218AH2</cusip>
        <identifiers>
          <isin value="US685218AH23"/>
          <ticker value="ORAFP"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4949939.1</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SCHOOL DISTRICT OF 5.00%</name>
        <lei>5493006KVNQDJ1D0OD92</lei>
        <title>SCHOOL DISTRICT OF 5.00%</title>
        <cusip>115065E91</cusip>
        <identifiers>
          <isin value="US115065E913"/>
          <ticker value="BROEDU"/>
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        <balance>5575000</balance>
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        <curCd>USD</curCd>
        <valUSD>5839856.54</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW JERSEY TURNPIKE 5.00%</name>
        <lei>5493005YN67D71KSMI84</lei>
        <title>NEW JERSEY TURNPIKE 5.00%</title>
        <cusip>6461397B5</cusip>
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          <isin value="US6461397B53"/>
          <ticker value="NJSTRN"/>
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        <balance>3835000</balance>
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        <curCd>USD</curCd>
        <valUSD>3907981.58</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MICHIGAN FIN. AUTHORI VAR</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>MICHIGAN FIN. AUTHORI VAR</title>
        <cusip>59447T2Y8</cusip>
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          <isin value="US59447T2Y85"/>
          <ticker value="MISFIN"/>
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        <balance>2905000</balance>
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        <curCd>USD</curCd>
        <valUSD>3032253.53</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-01</maturityDt>
          <couponKind>Variable</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ILLINOIS MUNICIPAL 5.00%</name>
        <lei>N/A</lei>
        <title>ILLINOIS MUNICIPAL 5.00%</title>
        <cusip>452024JH6</cusip>
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          <isin value="US452024JH64"/>
          <ticker value="ILSPWR"/>
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        <balance>9450000</balance>
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        <curCd>USD</curCd>
        <valUSD>9831874.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PAGAYA AI DEBT GRA 4.883%</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT GRA 4.883%</title>
        <cusip>69549BAC2</cusip>
        <identifiers>
          <isin value="US69549BAC28"/>
          <ticker value="PAID"/>
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        <balance>6699382.54</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6649908.94</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.883</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OSCEOLA COUNTY HOUSIN VAR</name>
        <lei>N/A</lei>
        <title>OSCEOLA COUNTY HOUSIN VAR</title>
        <cusip>687904CY6</cusip>
        <identifiers>
          <isin value="US687904CY66"/>
          <ticker value="OSCMFH"/>
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        <balance>2675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2663217.7</valUSD>
        <pctVal>0.0908968210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.7500004</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TEXAS MUNICIPAL GAS 5.00%</name>
        <lei>0UDITKOYW0YKG3BBP242</lei>
        <title>TEXAS MUNICIPAL GAS 5.00%</title>
        <cusip>88256HBC1</cusip>
        <identifiers>
          <isin value="US88256HBC16"/>
          <ticker value="TXSUTL"/>
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        <balance>4285000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4401686.55</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FLORIDA MUNICIPAL P 5.00%</name>
        <lei>549300M3I10QJUPNU131</lei>
        <title>FLORIDA MUNICIPAL P 5.00%</title>
        <cusip>342816T96</cusip>
        <identifiers>
          <isin value="US342816T961"/>
          <ticker value="FLSPWR"/>
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        <balance>795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>821526.13</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SANTANDER UK GRP. HLD F2F</name>
        <lei>549300F5XIFGNNW4CF72</lei>
        <title>SANTANDER UK GRP. HLD F2F</title>
        <cusip>80281LAX3</cusip>
        <identifiers>
          <isin value="US80281LAX38"/>
          <ticker value="SANUK"/>
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        <balance>4800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4754977.34</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.32</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAIN STREET NATURAL 5.00%</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>MAIN STREET NATURAL 5.00%</title>
        <cusip>56035DBH4</cusip>
        <identifiers>
          <isin value="US56035DBH44"/>
          <ticker value="MAIUTL"/>
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        <balance>2510000</balance>
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        <curCd>USD</curCd>
        <valUSD>2591748.44</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>STATE OF OHIO 5.00%</name>
        <lei>5493005LGDPOFHUC6Z36</lei>
        <title>STATE OF OHIO 5.00%</title>
        <cusip>67756CHE1</cusip>
        <identifiers>
          <isin value="US67756CHE12"/>
          <ticker value="OHSMED"/>
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        <balance>12800000</balance>
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        <curCd>USD</curCd>
        <valUSD>13561815.04</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WASHINGTON &amp; CLACKA 5.00%</name>
        <lei>N/A</lei>
        <title>WASHINGTON &amp; CLACKA 5.00%</title>
        <cusip>938395TB6</cusip>
        <identifiers>
          <isin value="US938395TB67"/>
          <ticker value="WASSCD"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1545153.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF MONTREAL F2F</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL F2F</title>
        <cusip>06368MXU3</cusip>
        <identifiers>
          <isin value="US06368MXU34"/>
          <ticker value="BMO"/>
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        <balance>16600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16504235.93</valUSD>
        <pctVal>0.5632970144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-22</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0619988</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WASHINGTON HEALTH C 5.00%</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>WASHINGTON HEALTH C 5.00%</title>
        <cusip>93978HD44</cusip>
        <identifiers>
          <isin value="US93978HD442"/>
          <ticker value="WASMED"/>
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        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>679472.11</valUSD>
        <pctVal>0.0231906895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</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>DAIMLER TRUCK FIN. 4.15%</name>
        <lei>5493003HSDTSCZRXBA58</lei>
        <title>DAIMLER TRUCK FIN. 4.15%</title>
        <cusip>233853BK5</cusip>
        <identifiers>
          <isin value="US233853BK59"/>
          <ticker value="DTRGR"/>
        </identifiers>
        <balance>9300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9169744.39</valUSD>
        <pctVal>0.3129675109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.15</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 GREEN BAY W 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF GREEN BAY W 5.00%</title>
        <cusip>392642HJ6</cusip>
        <identifiers>
          <isin value="US392642HJ64"/>
          <ticker value="GRE"/>
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        <balance>1090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1159511.26</valUSD>
        <pctVal>0.0395746422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</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>HHA FOUNTAINVIEW PFC VAR</name>
        <lei>N/A</lei>
        <title>HHA FOUNTAINVIEW PFC VAR</title>
        <cusip>42837AAE8</cusip>
        <identifiers>
          <isin value="US42837AAE82"/>
          <ticker value="HHAMFH"/>
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        <balance>2125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2108501.08</valUSD>
        <pctVal>0.0719640926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.7500004</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>MISSOURI PUBLIC UTI 4.00%</name>
        <lei>N/A</lei>
        <title>MISSOURI PUBLIC UTI 4.00%</title>
        <cusip>606374AU0</cusip>
        <identifiers>
          <isin value="US606374AU06"/>
          <ticker value="MOSUTL"/>
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        <balance>4700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4759323.4</valUSD>
        <pctVal>0.1624378537</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>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>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
        <cusip>34074HJB9</cusip>
        <identifiers>
          <isin value="US34074HJB96"/>
          <ticker value="FLSMFH"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2988051</valUSD>
        <pctVal>0.1019835280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.8000008</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>592647JX0</cusip>
        <identifiers>
          <isin value="US592647JX07"/>
          <ticker value="METAPT"/>
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        <balance>2940000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3084610.07</valUSD>
        <pctVal>0.1052791326</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>PORT AUTHORITY OF N 5.00%</name>
        <lei>N/A</lei>
        <title>PORT AUTHORITY OF N 5.00%</title>
        <cusip>73358XRB0</cusip>
        <identifiers>
          <isin value="US73358XRB00"/>
          <ticker value="PORTRN"/>
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        <balance>6975000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7347810.26</valUSD>
        <pctVal>0.2507840775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</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>DECATUR TOWNSHIP MU 5.00%</name>
        <lei>N/A</lei>
        <title>DECATUR TOWNSHIP MU 5.00%</title>
        <cusip>243360JA3</cusip>
        <identifiers>
          <isin value="US243360JA33"/>
          <ticker value="DECEDU"/>
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        <balance>1320000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1342739.77</valUSD>
        <pctVal>0.0458283138</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>CITY OF SAN ANTONIO 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SAN ANTONIO 5.00%</title>
        <cusip>79623PTM7</cusip>
        <identifiers>
          <isin value="US79623PTM76"/>
          <ticker value="SAN"/>
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        <balance>6350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6617039.09</valUSD>
        <pctVal>0.2258425279</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOBLESVILLE SCHOOLS 6.00%</name>
        <lei>N/A</lei>
        <title>NOBLESVILLE SCHOOLS 6.00%</title>
        <cusip>655165DL9</cusip>
        <identifiers>
          <isin value="US655165DL95"/>
          <ticker value="NOBSCD"/>
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        <balance>1325000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1380444.76</valUSD>
        <pctVal>0.0471152021</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>6</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>CHICAGO MIDWAY INTL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CHICAGO MIDWAY INTL 5.00%</title>
        <cusip>167562UN5</cusip>
        <identifiers>
          <isin value="US167562UN55"/>
          <ticker value="CHIAPT"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3677910.6</valUSD>
        <pctVal>0.1255287472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</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>
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      </invstOrSec>
      <invstOrSec>
        <name>PENNSYLVANIA TURNPI 5.00%</name>
        <lei>549300J8LLBYEYEXZJ24</lei>
        <title>PENNSYLVANIA TURNPI 5.00%</title>
        <cusip>709225RL2</cusip>
        <identifiers>
          <isin value="US709225RL27"/>
          <ticker value="PASTRN"/>
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        <balance>8000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8205294.4</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</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>MET TOWER GBL. FUND 4.00%</name>
        <lei>635400OFJCY9IOGBGY57</lei>
        <title>MET TOWER GBL. FUND 4.00%</title>
        <cusip>58989V2M5</cusip>
        <identifiers>
          <isin value="US58989V2M53"/>
          <ticker value="MET"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9895171.3</valUSD>
        <pctVal>0.3377266584</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-14</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>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DNQ8</cusip>
        <identifiers>
          <isin value="US79766DNQ87"/>
          <ticker value="SFOAPT"/>
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        <balance>1715000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1816234.56</valUSD>
        <pctVal>0.0619889045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACK BELT ENERGY G 5.00%</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY G 5.00%</title>
        <cusip>09182THK6</cusip>
        <identifiers>
          <isin value="US09182THK60"/>
          <ticker value="BBEUTL"/>
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        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1280651.13</valUSD>
        <pctVal>0.0437092005</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF SALT LAKE C 5.00%</name>
        <lei>549300CRGKV67DRSGT85</lei>
        <title>CITY OF SALT LAKE C 5.00%</title>
        <cusip>795576GX9</cusip>
        <identifiers>
          <isin value="US795576GX95"/>
          <ticker value="SALAPT"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3075180.9</valUSD>
        <pctVal>0.1049573108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAMPTON ROADS SANIT 5.00%</name>
        <lei>N/A</lei>
        <title>HAMPTON ROADS SANIT 5.00%</title>
        <cusip>409327MW0</cusip>
        <identifiers>
          <isin value="US409327MW07"/>
          <ticker value="HMRUTL"/>
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        <balance>3355000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3378429.98</valUSD>
        <pctVal>0.1153073386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
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          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SENECA VALLEY SCHOO 5.00%</name>
        <lei>N/A</lei>
        <title>SENECA VALLEY SCHOO 5.00%</title>
        <cusip>817207TE3</cusip>
        <identifiers>
          <isin value="US817207TE35"/>
          <ticker value="SNVSCD"/>
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        <balance>925000</balance>
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        <curCd>USD</curCd>
        <valUSD>946552.32</valUSD>
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        <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>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MESQUITE INDEPENDEN 5.00%</name>
        <lei>549300M7COV11VUIZE16</lei>
        <title>MESQUITE INDEPENDEN 5.00%</title>
        <cusip>590760UL6</cusip>
        <identifiers>
          <isin value="US590760UL68"/>
          <ticker value="MESSCD"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1584541.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHIPPEWA VALLEY SCH 5.00%</name>
        <lei>N/A</lei>
        <title>CHIPPEWA VALLEY SCH 5.00%</title>
        <cusip>170016K32</cusip>
        <identifiers>
          <isin value="US170016K329"/>
          <ticker value="CPVSCD"/>
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        <balance>1300000</balance>
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        <curCd>USD</curCd>
        <valUSD>1302663.57</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SALES TAX SECURITIZ 5.00%</name>
        <lei>N/A</lei>
        <title>SALES TAX SECURITIZ 5.00%</title>
        <cusip>79467BAJ4</cusip>
        <identifiers>
          <isin value="US79467BAJ44"/>
          <ticker value="STSGEN"/>
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        <balance>5170000</balance>
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        <curCd>USD</curCd>
        <valUSD>5372413.26</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>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MIAMI BEACH REDEVEL 5.00%</name>
        <lei>N/A</lei>
        <title>MIAMI BEACH REDEVEL 5.00%</title>
        <cusip>593237FU9</cusip>
        <identifiers>
          <isin value="US593237FU99"/>
          <ticker value="MMBDEV"/>
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        <balance>1700000</balance>
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        <curCd>USD</curCd>
        <valUSD>1765908.83</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY &amp; COUNTY OF HO 5.00%</name>
        <lei>N/A</lei>
        <title>CITY &amp; COUNTY OF HO 5.00%</title>
        <cusip>438687P66</cusip>
        <identifiers>
          <isin value="US438687P662"/>
          <ticker value="HON"/>
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        <balance>11390000</balance>
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        <curCd>USD</curCd>
        <valUSD>12008900.71</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PALM BEACH COUNTY H 2.80%</name>
        <lei>N/A</lei>
        <title>PALM BEACH COUNTY H 2.80%</title>
        <cusip>696513AV2</cusip>
        <identifiers>
          <isin value="US696513AV24"/>
          <ticker value="PALMFH"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>997143.7</valUSD>
        <pctVal>0.0340329641</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>2.8</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COUNTY OF MIAMI-DAD 5.00%</name>
        <lei>549300QG0NBD9HULR263</lei>
        <title>COUNTY OF MIAMI-DAD 5.00%</title>
        <cusip>59333P7E2</cusip>
        <identifiers>
          <isin value="US59333P7E27"/>
          <ticker value="MIATRN"/>
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        <balance>4100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4301667.11</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COUNTY OF PINAL AZ 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF PINAL AZ 5.00%</title>
        <cusip>72205RHA3</cusip>
        <identifiers>
          <isin value="US72205RHA32"/>
          <ticker value="PINREV"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1054339.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MACON-BIBB COUNTY HOU VAR</name>
        <lei>N/A</lei>
        <title>MACON-BIBB COUNTY HOU VAR</title>
        <cusip>55554RAH7</cusip>
        <identifiers>
          <isin value="US55554RAH75"/>
          <ticker value="MABHSG"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3504245.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DRP6</cusip>
        <identifiers>
          <isin value="US79766DRP68"/>
          <ticker value="SFOAPT"/>
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        <balance>10880000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11116345.15</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COUNTY OF LEE FL AI 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF LEE FL AI 5.00%</title>
        <cusip>523470GG1</cusip>
        <identifiers>
          <isin value="US523470GG16"/>
          <ticker value="LEEAPT"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2622967.75</valUSD>
        <pctVal>0.0895230721</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>5444452H1</cusip>
        <identifiers>
          <isin value="US5444452H15"/>
          <ticker value="LOSAPT"/>
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        <balance>6500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6788820.35</valUSD>
        <pctVal>0.2317054998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SENECA VALLEY SCHOO 5.00%</name>
        <lei>N/A</lei>
        <title>SENECA VALLEY SCHOO 5.00%</title>
        <cusip>817207TF0</cusip>
        <identifiers>
          <isin value="US817207TF00"/>
          <ticker value="SNVSCD"/>
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        <balance>1775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1852198.12</valUSD>
        <pctVal>0.0632163570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF EL PASO TX 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF EL PASO TX 5.00%</title>
        <cusip>283735AB4</cusip>
        <identifiers>
          <isin value="US283735AB43"/>
          <ticker value="ELP"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2064186</valUSD>
        <pctVal>0.0704515990</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALABAMA HOUSING FIN. VAR</name>
        <lei>549300VFN7EHPOFS7D76</lei>
        <title>ALABAMA HOUSING FIN. VAR</title>
        <cusip>01030PHD1</cusip>
        <identifiers>
          <isin value="US01030PHD15"/>
          <ticker value="ALSMFH"/>
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        <balance>1900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1903247.48</valUSD>
        <pctVal>0.0649586947</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>Variable</couponKind>
          <annualizedRt>3.15</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ILLINOIS FIN. AUTHO 5.00%</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>ILLINOIS FIN. AUTHO 5.00%</title>
        <cusip>45204FAS4</cusip>
        <identifiers>
          <isin value="US45204FAS48"/>
          <ticker value="ILSGEN"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3153284.7</valUSD>
        <pctVal>0.1076230287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW HAMPSHIRE MUNIC 5.00%</name>
        <lei>N/A</lei>
        <title>NEW HAMPSHIRE MUNIC 5.00%</title>
        <cusip>64465QTD8</cusip>
        <identifiers>
          <isin value="US64465QTD87"/>
          <ticker value="NHMBBK"/>
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        <balance>2000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2067478.2</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DISTRICT OF COLUMBI 5.00%</name>
        <lei>N/A</lei>
        <title>DISTRICT OF COLUMBI 5.00%</title>
        <cusip>254845VA5</cusip>
        <identifiers>
          <isin value="US254845VA54"/>
          <ticker value="DISUTL"/>
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        <balance>765000</balance>
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        <curCd>USD</curCd>
        <valUSD>810234.99</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHIPPEWA VALLEY SCH 5.00%</name>
        <lei>N/A</lei>
        <title>CHIPPEWA VALLEY SCH 5.00%</title>
        <cusip>170016K40</cusip>
        <identifiers>
          <isin value="US170016K402"/>
          <ticker value="CPVSCD"/>
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        <balance>1280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1313874.3</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>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DISTRICT OF COLUMBI 5.00%</name>
        <lei>N/A</lei>
        <title>DISTRICT OF COLUMBI 5.00%</title>
        <cusip>254845UM0</cusip>
        <identifiers>
          <isin value="US254845UM02"/>
          <ticker value="DISUTL"/>
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        <balance>2200000</balance>
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        <curCd>USD</curCd>
        <valUSD>2330087.54</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEXAS MUNICIPAL GAS 5.00%</name>
        <lei>254900OCOQCKZZ4U6C83</lei>
        <title>TEXAS MUNICIPAL GAS 5.00%</title>
        <cusip>88256FAC6</cusip>
        <identifiers>
          <isin value="US88256FAC68"/>
          <ticker value="TGAUTL"/>
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        <balance>625000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>650094.06</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>2029-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WAYNE COUNTY AIRPOR 5.00%</name>
        <lei>N/A</lei>
        <title>WAYNE COUNTY AIRPOR 5.00%</title>
        <cusip>944514ZU5</cusip>
        <identifiers>
          <isin value="US944514ZU52"/>
          <ticker value="WAYAPT"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3098686.2</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF EL PASO TX 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF EL PASO TX 5.00%</title>
        <cusip>283735AC2</cusip>
        <identifiers>
          <isin value="US283735AC26"/>
          <ticker value="ELP"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1052374.4</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OWENSBORO-DAVIESS C 5.00%</name>
        <lei>N/A</lei>
        <title>OWENSBORO-DAVIESS C 5.00%</title>
        <cusip>690882DF9</cusip>
        <identifiers>
          <isin value="US690882DF92"/>
          <ticker value="OWEWTR"/>
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        <balance>2205000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2282601.89</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STATE OF NEW MEXICO 5.00%</name>
        <lei>549300H4YLM23QKOGK29</lei>
        <title>STATE OF NEW MEXICO 5.00%</title>
        <cusip>6473104B4</cusip>
        <identifiers>
          <isin value="US6473104B45"/>
          <ticker value="NMSGEN"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4207465.2</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MESQUITE INDEPENDEN 5.00%</name>
        <lei>549300M7COV11VUIZE16</lei>
        <title>MESQUITE INDEPENDEN 5.00%</title>
        <cusip>590760UK8</cusip>
        <identifiers>
          <isin value="US590760UK85"/>
          <ticker value="MESSCD"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1548345.15</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BOROUGH OF NORTH SL 5.00%</name>
        <lei>N/A</lei>
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        <cusip>662523X53</cusip>
        <identifiers>
          <isin value="US662523X538"/>
          <ticker value="NOR"/>
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        <balance>4100000</balance>
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        <curCd>USD</curCd>
        <valUSD>4222961.46</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>POLK COUNTY HOUSING F VAR</name>
        <lei>N/A</lei>
        <title>POLK COUNTY HOUSING F VAR</title>
        <cusip>731903BP4</cusip>
        <identifiers>
          <isin value="US731903BP40"/>
          <ticker value="POKMFH"/>
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        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2253566.48</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15</annualizedRt>
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      <invstOrSec>
        <name>CHICAGO O HARE INTL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <cusip>167593YY2</cusip>
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          <isin value="US167593YY28"/>
          <ticker value="CHITRN"/>
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        <curCd>USD</curCd>
        <valUSD>2328884.66</valUSD>
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          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>CITY &amp; COUNTY OF DE 5.00%</name>
        <lei>MMTY7HA2MSCBUO4F7J71</lei>
        <title>CITY &amp; COUNTY OF DE 5.00%</title>
        <cusip>249182LA2</cusip>
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          <isin value="US249182LA24"/>
          <ticker value="DENAPT"/>
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        <balance>3865000</balance>
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        <curCd>USD</curCd>
        <valUSD>3990864.88</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5</annualizedRt>
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        <name>BANK OF MONTREAL FRN</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>BANK OF MONTREAL FRN</title>
        <cusip>06368FAD1</cusip>
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          <isin value="US06368FAD15"/>
          <ticker value="BMO"/>
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        <balance>9600000</balance>
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        <curCd>USD</curCd>
        <valUSD>9609770.4</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>NATIONWIDE BLDG. SOCI FRN</name>
        <lei>549300XFX12G42QIKN82</lei>
        <title>NATIONWIDE BLDG. SOCI FRN</title>
        <cusip>63861VAG2</cusip>
        <identifiers>
          <isin value="US63861VAG23"/>
          <ticker value="NWIDE"/>
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        <balance>4300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4316475.28</valUSD>
        <pctVal>0.1473232477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.9557744</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACK BELT ENERGY GAS VAR</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS VAR</title>
        <cusip>09182TBC0</cusip>
        <identifiers>
          <isin value="US09182TBC09"/>
          <ticker value="BBEUTL"/>
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        <balance>1150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1163325.4</valUSD>
        <pctVal>0.0397048205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-01</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 WASHINGTON 5.00%</name>
        <lei>549300X3TODFMUKLQ364</lei>
        <title>STATE OF WASHINGTON 5.00%</title>
        <cusip>93972AFB7</cusip>
        <identifiers>
          <isin value="US93972AFB70"/>
          <ticker value="WASCTF"/>
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        <balance>6800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7091298.4</valUSD>
        <pctVal>0.2420292120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>ATLANTA URBAN RESIDEN VAR</name>
        <lei>N/A</lei>
        <title>ATLANTA URBAN RESIDEN VAR</title>
        <cusip>04785VBT0</cusip>
        <identifiers>
          <isin value="US04785VBT08"/>
          <ticker value="ATLMFH"/>
        </identifiers>
        <balance>4100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4094796.69</valUSD>
        <pctVal>0.1397572575</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>Variable</couponKind>
          <annualizedRt>2.9199996</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 ECONOM 5.00%</name>
        <lei>N/A</lei>
        <title>PENNSYLVANIA ECONOM 5.00%</title>
        <cusip>70870JHB7</cusip>
        <identifiers>
          <isin value="US70870JHB70"/>
          <ticker value="PASMED"/>
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        <balance>2680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2732297.25</valUSD>
        <pctVal>0.0932545372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</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>JERSEY CITY MUNICIP 5.00%</name>
        <lei>N/A</lei>
        <title>JERSEY CITY MUNICIP 5.00%</title>
        <cusip>476624DQ1</cusip>
        <identifiers>
          <isin value="US476624DQ13"/>
          <ticker value="JERUTL"/>
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        <balance>15510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15541269.71</valUSD>
        <pctVal>0.5304305431</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>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>ALBUQUERQUE MUNICIP 5.00%</name>
        <lei>N/A</lei>
        <title>ALBUQUERQUE MUNICIP 5.00%</title>
        <cusip>013595ZN6</cusip>
        <identifiers>
          <isin value="US013595ZN65"/>
          <ticker value="ALBSCD"/>
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        <balance>2150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2167415.22</valUSD>
        <pctVal>0.0739748588</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF RICHARDSON 5.00%</name>
        <lei>549300YMK2Z7UGNHHQ13</lei>
        <title>CITY OF RICHARDSON 5.00%</title>
        <cusip>7632273G8</cusip>
        <identifiers>
          <isin value="US7632273G86"/>
          <ticker value="RCN"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2041227.2</valUSD>
        <pctVal>0.0696680048</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>
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      </invstOrSec>
      <invstOrSec>
        <name>FRASER PUBLIC SCHOO 5.00%</name>
        <lei>N/A</lei>
        <title>FRASER PUBLIC SCHOO 5.00%</title>
        <cusip>355514PX2</cusip>
        <identifiers>
          <isin value="US355514PX27"/>
          <ticker value="FSRSCD"/>
        </identifiers>
        <balance>1415000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1417730.67</valUSD>
        <pctVal>0.0483877871</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>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>KELLER INDEPENDENT 5.00%</name>
        <lei>549300BS0JDJPR8KUN68</lei>
        <title>KELLER INDEPENDENT 5.00%</title>
        <cusip>487694VF5</cusip>
        <identifiers>
          <isin value="US487694VF57"/>
          <ticker value="KELSCD"/>
        </identifiers>
        <balance>4550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4648955.22</valUSD>
        <pctVal>0.1586709380</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>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON &amp; CLACKA 5.00%</name>
        <lei>N/A</lei>
        <title>WASHINGTON &amp; CLACKA 5.00%</title>
        <cusip>938395TC4</cusip>
        <identifiers>
          <isin value="US938395TC41"/>
          <ticker value="WASSCD"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2105353.4</valUSD>
        <pctVal>0.0718566609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</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>
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      </invstOrSec>
      <invstOrSec>
        <name>PORT OF SEATTLE WA 5.00%</name>
        <lei>549300T9UCDUJ3GZL429</lei>
        <title>PORT OF SEATTLE WA 5.00%</title>
        <cusip>7353893K2</cusip>
        <identifiers>
          <isin value="US7353893K26"/>
          <ticker value="PTSGEN"/>
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        <balance>3100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3252480.01</valUSD>
        <pctVal>0.1110086094</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>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF DANE WI 4.00%</name>
        <lei>5493000I57K3U1SCHU17</lei>
        <title>COUNTY OF DANE WI 4.00%</title>
        <cusip>236092RX2</cusip>
        <identifiers>
          <isin value="US236092RX27"/>
          <ticker value="DAN"/>
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        <balance>3965000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4010970.21</valUSD>
        <pctVal>0.1368962219</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</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 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF AUSTIN TX 5.00%</title>
        <cusip>0523973E4</cusip>
        <identifiers>
          <isin value="US0523973E48"/>
          <ticker value="AUS"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3694884.9</valUSD>
        <pctVal>0.1261080877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</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>TARRANT COUNTY CULT 5.00%</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>TARRANT COUNTY CULT 5.00%</title>
        <cusip>87638QUK3</cusip>
        <identifiers>
          <isin value="US87638QUK39"/>
          <ticker value="TAREDU"/>
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        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>632925.72</valUSD>
        <pctVal>0.0216020402</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>
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      </invstOrSec>
      <invstOrSec>
        <name>VILLAGE OF BOLINGBR 5.00%</name>
        <lei>N/A</lei>
        <title>VILLAGE OF BOLINGBR 5.00%</title>
        <cusip>097552TH6</cusip>
        <identifiers>
          <isin value="US097552TH65"/>
          <ticker value="BOL"/>
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        <balance>1490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1543314.88</valUSD>
        <pctVal>0.0526740328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</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>OSCEOLA COUNTY HOUSIN VAR</name>
        <lei>N/A</lei>
        <title>OSCEOLA COUNTY HOUSIN VAR</title>
        <cusip>687904CX8</cusip>
        <identifiers>
          <isin value="US687904CX83"/>
          <ticker value="OSCMFH"/>
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        <balance>1850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1825537.08</valUSD>
        <pctVal>0.0623064037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.6499996</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>UTAH HOUSING CORP VAR</name>
        <lei>549300YXWQEI0S47WI02</lei>
        <title>UTAH HOUSING CORP VAR</title>
        <cusip>917434DR0</cusip>
        <identifiers>
          <isin value="US917434DR07"/>
          <ticker value="UTSMFH"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2460238.75</valUSD>
        <pctVal>0.0839690579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.6499996</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 MUNICIPAL VAR</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL VAR</title>
        <cusip>130483KW9</cusip>
        <identifiers>
          <isin value="US130483KW92"/>
          <ticker value="CASMFH"/>
        </identifiers>
        <balance>4280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4204694.68</valUSD>
        <pctVal>0.1435081254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.4999984</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 ENE 5.00%</name>
        <lei>549300XEJZWHYSY4SL55</lei>
        <title>KENTUCKY PUBLIC ENE 5.00%</title>
        <cusip>74440DET7</cusip>
        <identifiers>
          <isin value="US74440DET72"/>
          <ticker value="KYSPWR"/>
        </identifiers>
        <balance>1050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1083406.28</valUSD>
        <pctVal>0.0369771449</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</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>WISCONSIN HEALTH &amp; 5.00%</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>WISCONSIN HEALTH &amp; 5.00%</title>
        <cusip>97712DD37</cusip>
        <identifiers>
          <isin value="US97712DD374"/>
          <ticker value="WISMED"/>
        </identifiers>
        <balance>1600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1649227.2</valUSD>
        <pctVal>0.0562888680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</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 COLORAD VAR</name>
        <lei>549300V9VTO8HF8HW723</lei>
        <title>UNIVERSITY OF COLORAD VAR</title>
        <cusip>91417NDA0</cusip>
        <identifiers>
          <isin value="US91417NDA00"/>
          <ticker value="UCOHGR"/>
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        <balance>4510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4484298.86</valUSD>
        <pctVal>0.1530511422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.0000016</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>SOUTHEAST ENERGY AUTH VAR</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AUTH VAR</title>
        <cusip>84136FAH0</cusip>
        <identifiers>
          <isin value="US84136FAH01"/>
          <ticker value="SEEPWR"/>
        </identifiers>
        <balance>23950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24371266.13</valUSD>
        <pctVal>0.8318023025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-01</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>HYUNDAI CAP. AMERIC 5.25%</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYUNDAI CAP. AMERIC 5.25%</title>
        <cusip>44891ACT2</cusip>
        <identifiers>
          <isin value="US44891ACT25"/>
          <ticker value="HYNMTR"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5027842.25</valUSD>
        <pctVal>0.1716025232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-08</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY OF KENTU 3.00%</name>
        <lei>549300CXE3YQ1HXYCQ71</lei>
        <title>UNIVERSITY OF KENTU 3.00%</title>
        <cusip>914378PL2</cusip>
        <identifiers>
          <isin value="US914378PL20"/>
          <ticker value="UKYHGR"/>
        </identifiers>
        <balance>2105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2105000</valUSD>
        <pctVal>0.0718445992</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>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>CNH EQUIP. TST. 202 4.77%</name>
        <lei>N/A</lei>
        <title>CNH EQUIP. TST. 202 4.77%</title>
        <cusip>18978FAC0</cusip>
        <identifiers>
          <isin value="US18978FAC05"/>
          <ticker value="CNH"/>
        </identifiers>
        <balance>742112.43</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>747071</valUSD>
        <pctVal>0.0254978701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.77</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA COUNTY ELE 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY ELE 5.00%</title>
        <cusip>567385HP7</cusip>
        <identifiers>
          <isin value="US567385HP72"/>
          <ticker value="MARSCD"/>
        </identifiers>
        <balance>1830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1841151.11</valUSD>
        <pctVal>0.0628393176</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>LOUISIANA LOCAL GOV 5.00%</name>
        <lei>5493004WIZ1HV87IVF85</lei>
        <title>LOUISIANA LOCAL GOV 5.00%</title>
        <cusip>54628C4A7</cusip>
        <identifiers>
          <isin value="US54628C4A79"/>
          <ticker value="LASFAC"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1026825.7</valUSD>
        <pctVal>0.0350460242</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STATE OF NORTH CARO 5.00%</name>
        <lei>N/A</lei>
        <title>STATE OF NORTH CARO 5.00%</title>
        <cusip>65829QGB4</cusip>
        <identifiers>
          <isin value="US65829QGB41"/>
          <ticker value="NCSGEN"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2054056.2</valUSD>
        <pctVal>0.0701058643</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>COUNTY OF LEE FL AI 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF LEE FL AI 5.00%</title>
        <cusip>523470GF3</cusip>
        <identifiers>
          <isin value="US523470GF33"/>
          <ticker value="LEEAPT"/>
        </identifiers>
        <balance>3525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3632058.48</valUSD>
        <pctVal>0.1239637937</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>COMMONWEALTH OF PEN 5.00%</name>
        <lei>N/A</lei>
        <title>COMMONWEALTH OF PEN 5.00%</title>
        <cusip>70914PE32</cusip>
        <identifiers>
          <isin value="US70914PE320"/>
          <ticker value="PAS"/>
        </identifiers>
        <balance>7170000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7248469.2</valUSD>
        <pctVal>0.2473935223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</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>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>544445GL7</cusip>
        <identifiers>
          <isin value="US544445GL74"/>
          <ticker value="LOSAPT"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5222169.5</valUSD>
        <pctVal>0.1782349998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</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>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5055839.5</valUSD>
        <pctVal>0.1725580819</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ING GROEP NV FRN</name>
        <lei>549300NYKK9MWM7GGW15</lei>
        <title>ING GROEP NV FRN</title>
        <cusip>456837AX1</cusip>
        <identifiers>
          <isin value="US456837AX12"/>
          <ticker value="INTNED"/>
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        <balance>23800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23800000</valUSD>
        <pctVal>0.8123047319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.6958112</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>FORT ZUMWALT SCHOOL 5.00%</name>
        <lei>549300GAUDH543HQW865</lei>
        <title>FORT ZUMWALT SCHOOL 5.00%</title>
        <cusip>3495454A8</cusip>
        <identifiers>
          <isin value="US3495454A89"/>
          <ticker value="FTZSCD"/>
        </identifiers>
        <balance>8415000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8784037.3</valUSD>
        <pctVal>0.2998031540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</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>FORT BEND INDEPENDE 5.00%</name>
        <lei>N/A</lei>
        <title>FORT BEND INDEPENDE 5.00%</title>
        <cusip>346843WT8</cusip>
        <identifiers>
          <isin value="US346843WT82"/>
          <ticker value="FORSCD"/>
        </identifiers>
        <balance>1360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1372665.68</valUSD>
        <pctVal>0.0468496986</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>
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      </invstOrSec>
      <invstOrSec>
        <name>MUNICIPAL ELEC. AUT 5.00%</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
        <title>MUNICIPAL ELEC. AUT 5.00%</title>
        <cusip>626207U85</cusip>
        <identifiers>
          <isin value="US626207U851"/>
          <ticker value="MELPWR"/>
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        <curCd>USD</curCd>
        <valUSD>9093567.42</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF DANE WI 5.00%</name>
        <lei>5493000I57K3U1SCHU17</lei>
        <title>COUNTY OF DANE WI 5.00%</title>
        <cusip>236092LS9</cusip>
        <identifiers>
          <isin value="US236092LS95"/>
          <ticker value="DAN"/>
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        <balance>3400000</balance>
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        <curCd>USD</curCd>
        <valUSD>3550395.26</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN TRANSP 5.00%</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>METROPOLITAN TRANSP 5.00%</title>
        <cusip>59261A5T0</cusip>
        <identifiers>
          <isin value="US59261A5T01"/>
          <ticker value="MTATRN"/>
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        <balance>9370000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9941140.85</valUSD>
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        <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>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WASHINGTON HEALTH C 5.00%</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>WASHINGTON HEALTH C 5.00%</title>
        <cusip>93978HD36</cusip>
        <identifiers>
          <isin value="US93978HD368"/>
          <ticker value="WASMED"/>
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        <balance>790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>813913.77</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ORACLE CORP 4.55%</name>
        <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
        <title>ORACLE CORP 4.55%</title>
        <cusip>68389XDW2</cusip>
        <identifiers>
          <isin value="US68389XDW20"/>
          <ticker value="ORCL"/>
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        <balance>14560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14375986.79</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.55</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SAUDI ARABIAN OIL C 4.00%</name>
        <lei>5586006WD91QHB7J4X50</lei>
        <title>SAUDI ARABIAN OIL C 4.00%</title>
        <cusip>80415RAB7</cusip>
        <identifiers>
          <isin value="US80415RAB78"/>
          <ticker value="ARAMCO"/>
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        <balance>5620000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5502058.68</valUSD>
        <pctVal>0.1877877437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-02</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>
        <name>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN STATE HOSP 5.00%</title>
        <cusip>59465HXP6</cusip>
        <identifiers>
          <isin value="US59465HXP62"/>
          <ticker value="MISMED"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002771.5</valUSD>
        <pctVal>0.0342250435</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-15</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>KNOX COUNTY HEALTH ED VAR</name>
        <lei>N/A</lei>
        <title>KNOX COUNTY HEALTH ED VAR</title>
        <cusip>499652AN5</cusip>
        <identifiers>
          <isin value="US499652AN57"/>
          <ticker value="KXVMFH"/>
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        <balance>4665000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4701344.08</valUSD>
        <pctVal>0.1604589934</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>Variable</couponKind>
          <annualizedRt>4.05</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>BOARD OF REGENTS OF 2.40%</name>
        <lei>N/A</lei>
        <title>BOARD OF REGENTS OF 2.40%</title>
        <cusip>91514YQM8</cusip>
        <identifiers>
          <isin value="US91514YQM83"/>
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        <balance>6330000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6329102.41</valUSD>
        <pctVal>0.2160151192</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>2.4</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>DALLAS FORT WORTH I 5.00%</name>
        <lei>N/A</lei>
        <title>DALLAS FORT WORTH I 5.00%</title>
        <cusip>23503CFP7</cusip>
        <identifiers>
          <isin value="US23503CFP77"/>
          <ticker value="DALAPT"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1050637</valUSD>
        <pctVal>0.0358587146</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</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>MIAMI-DADE COUNTY HOU VAR</name>
        <lei>N/A</lei>
        <title>MIAMI-DADE COUNTY HOU VAR</title>
        <cusip>593344DM3</cusip>
        <identifiers>
          <isin value="US593344DM34"/>
          <ticker value="MIAMFH"/>
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        <balance>2750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2736285.48</valUSD>
        <pctVal>0.0933906573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.6499996</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PORT OF SEATTLE WA 5.00%</name>
        <lei>549300T9UCDUJ3GZL429</lei>
        <title>PORT OF SEATTLE WA 5.00%</title>
        <cusip>735389F60</cusip>
        <identifiers>
          <isin value="US735389F609"/>
          <ticker value="PTSGEN"/>
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        <balance>1035000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1078085.08</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NATWEST MARKETS PLC FRN</name>
        <lei>RR3QWICWWIPCS8A4S074</lei>
        <title>NATWEST MARKETS PLC FRN</title>
        <cusip>63906YAE8</cusip>
        <identifiers>
          <isin value="US63906YAE86"/>
          <ticker value="NWG"/>
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        <balance>2800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2804028.25</valUSD>
        <pctVal>0.0957027486</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.4452368</annualizedRt>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUMITOMO MITSUI FINAN FRN</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMITOMO MITSUI FINAN FRN</title>
        <cusip>86562MCL2</cusip>
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          <isin value="US86562MCL28"/>
          <ticker value="SUMIBK"/>
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        <balance>9880000</balance>
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        <curCd>USD</curCd>
        <valUSD>9905447.92</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>4.5492876</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COOPERATIEVE RABOBANK F2V</name>
        <lei>DG3RU1DBUFHT4ZF9WN62</lei>
        <title>COOPERATIEVE RABOBANK F2V</title>
        <cusip>74977RDN1</cusip>
        <identifiers>
          <isin value="US74977RDN17"/>
          <ticker value="RABOBK"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9909321.1</valUSD>
        <pctVal>0.3382095975</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.6489996</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <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>19648FVL5</cusip>
        <identifiers>
          <isin value="US19648FVL56"/>
          <ticker value="COSMED"/>
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        <balance>11205000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11780420.45</valUSD>
        <pctVal>0.4020710620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-05-15</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>DEUTSCHE BANK AG/NEW F2F</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK AG/NEW F2F</title>
        <cusip>251526CU1</cusip>
        <identifiers>
          <isin value="US251526CU14"/>
          <ticker value="DB"/>
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        <balance>20809000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21848782.03</valUSD>
        <pctVal>0.7457087828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.8190012</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>CONNECTICUT STATE H 5.00%</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>CONNECTICUT STATE H 5.00%</title>
        <cusip>20775DYD8</cusip>
        <identifiers>
          <isin value="US20775DYD82"/>
          <ticker value="CTSHGR"/>
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        <balance>5500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5654255.2</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE OF NORTH CARO 5.00%</name>
        <lei>N/A</lei>
        <title>STATE OF NORTH CARO 5.00%</title>
        <cusip>658268EZ6</cusip>
        <identifiers>
          <isin value="US658268EZ64"/>
          <ticker value="NCSGEN"/>
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        <balance>12640000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13223818.85</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENERGY NORTHWEST 5.00%</name>
        <lei>N/A</lei>
        <title>ENERGY NORTHWEST 5.00%</title>
        <cusip>29270C6X8</cusip>
        <identifiers>
          <isin value="US29270C6X81"/>
          <ticker value="ENEPWR"/>
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        <balance>3260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3434940.08</valUSD>
        <pctVal>0.1172360538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOWER COLORADO RIVE 5.00%</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>LOWER COLORADO RIVE 5.00%</title>
        <cusip>54811BS36</cusip>
        <identifiers>
          <isin value="US54811BS369"/>
          <ticker value="LWCGEN"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>769797</valUSD>
        <pctVal>0.0262735187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</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>NEW JERSEY HOUSING 2.95%</name>
        <lei>5493002ONULJL0FIGU24</lei>
        <title>NEW JERSEY HOUSING 2.95%</title>
        <cusip>6461087N4</cusip>
        <identifiers>
          <isin value="US6461087N47"/>
          <ticker value="NJSMFH"/>
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        <balance>2770000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2757622.81</valUSD>
        <pctVal>0.0941189100</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>2.95</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOUTH DAKOTA HEALTH 5.00%</name>
        <lei>549300ZW6LKR8UI2C378</lei>
        <title>SOUTH DAKOTA HEALTH 5.00%</title>
        <cusip>83755VU85</cusip>
        <identifiers>
          <isin value="US83755VU854"/>
          <ticker value="SDSMED"/>
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        <balance>360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>364468.61</valUSD>
        <pctVal>0.0124394780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</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>ILLINOIS FIN. AUTHORI FRN</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>ILLINOIS FIN. AUTHORI FRN</title>
        <cusip>45204E2L1</cusip>
        <identifiers>
          <isin value="US45204E2L19"/>
          <ticker value="ILSGEN"/>
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        <balance>7250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7259000.88</valUSD>
        <pctVal>0.2477529733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.69800115</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>COMMONWEALTH FINC. 5.00%</name>
        <lei>N/A</lei>
        <title>COMMONWEALTH FINC. 5.00%</title>
        <cusip>20282EAJ5</cusip>
        <identifiers>
          <isin value="US20282EAJ55"/>
          <ticker value="CMNGEN"/>
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        <balance>2280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2389136.99</valUSD>
        <pctVal>0.0815423228</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>
        <name>CITY OF FORT SMITH 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF FORT SMITH 5.00%</title>
        <cusip>348815PC9</cusip>
        <identifiers>
          <isin value="US348815PC98"/>
          <ticker value="FTSUTL"/>
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        <balance>2385000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2412245.52</valUSD>
        <pctVal>0.0823310273</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>
        <name>BAY AREA TOLL AUTHORI FRN</name>
        <lei>5493001FUZGUQMIP5D78</lei>
        <title>BAY AREA TOLL AUTHORI FRN</title>
        <cusip>072024XT4</cusip>
        <identifiers>
          <isin value="US072024XT43"/>
          <ticker value="BAYTRN"/>
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        <balance>8500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8444216.2</valUSD>
        <pctVal>0.2882049066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.71999825</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLEGHENY COUNTY HIGH FRN</name>
        <lei>N/A</lei>
        <title>ALLEGHENY COUNTY HIGH FRN</title>
        <cusip>01729EKZ9</cusip>
        <identifiers>
          <isin value="US01729EKZ96"/>
          <ticker value="ALLHGR"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4984569</valUSD>
        <pctVal>0.1701255876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.8449998</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLEGHENY COUNTY HOSP FRN</name>
        <lei>54930046B973R604OG22</lei>
        <title>ALLEGHENY COUNTY HOSP FRN</title>
        <cusip>01728A5V4</cusip>
        <identifiers>
          <isin value="US01728A5V46"/>
          <ticker value="ALLMED"/>
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        <balance>40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39710600</valUSD>
        <pctVal>1.3553406843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.12000175</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COLORADO HEALTH FACIL FRN</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>COLORADO HEALTH FACIL FRN</title>
        <cusip>19648FVM3</cusip>
        <identifiers>
          <isin value="US19648FVM30"/>
          <ticker value="COSMED"/>
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        <balance>22100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22096351.29</valUSD>
        <pctVal>0.7541584332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.97000135</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>CHICAGO O HARE INTL 5.00%</name>
        <lei>N/A</lei>
        <title>CHICAGO O HARE INTL 5.00%</title>
        <cusip>1675935M0</cusip>
        <identifiers>
          <isin value="US1675935M00"/>
          <ticker value="CHITRN"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3156548.7</valUSD>
        <pctVal>0.1077344305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</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>
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      <invstOrSec>
        <name>TENNESSEE HOUSING D 3.30%</name>
        <lei>25490004PSQYQLFJGI76</lei>
        <title>TENNESSEE HOUSING D 3.30%</title>
        <cusip>880461HL5</cusip>
        <identifiers>
          <isin value="US880461HL54"/>
          <ticker value="TNSHSG"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1750311.15</valUSD>
        <pctVal>0.0597389088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.3</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>COUNTY OF COOK IL S 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF COOK IL S 5.00%</title>
        <cusip>213248FB8</cusip>
        <identifiers>
          <isin value="US213248FB86"/>
          <ticker value="COOGEN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1056521.6</valUSD>
        <pctVal>0.0360595586</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>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 BROWNSVILLE 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF BROWNSVILLE 5.00%</title>
        <cusip>1164753S1</cusip>
        <identifiers>
          <isin value="US1164753S16"/>
          <ticker value="BROUTL"/>
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        <balance>720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>726608.38</valUSD>
        <pctVal>0.0247994717</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</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>VALPARAISO 21ST CEN 5.00%</name>
        <lei>N/A</lei>
        <title>VALPARAISO 21ST CEN 5.00%</title>
        <cusip>920272AC5</cusip>
        <identifiers>
          <isin value="US920272AC55"/>
          <ticker value="VPREDU"/>
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        <balance>1020000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1037812.67</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACK BELT ENERGY G 5.00%</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY G 5.00%</title>
        <cusip>09182TFU6</cusip>
        <identifiers>
          <isin value="US09182TFU60"/>
          <ticker value="BBEUTL"/>
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        <balance>510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>524476.15</valUSD>
        <pctVal>0.0179006075</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MEDICAL UNIVERSITY 5.00%</name>
        <lei>N/A</lei>
        <title>MEDICAL UNIVERSITY 5.00%</title>
        <cusip>58463YAA1</cusip>
        <identifiers>
          <isin value="US58463YAA10"/>
          <ticker value="MDUMED"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1056495.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MARYLAND STADIUM AU 5.00%</name>
        <lei>549300VA283TTQRDNF71</lei>
        <title>MARYLAND STADIUM AU 5.00%</title>
        <cusip>574294AD6</cusip>
        <identifiers>
          <isin value="US574294AD61"/>
          <ticker value="MDSEDU"/>
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        <balance>2180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2188804.58</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>METROPOLITAN TRANSPOR FRN</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>METROPOLITAN TRANSPOR FRN</title>
        <cusip>59261AM87</cusip>
        <identifiers>
          <isin value="US59261AM870"/>
          <ticker value="MTATRN"/>
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        <balance>40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40000000</valUSD>
        <pctVal>1.3652180368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.08899865</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <balance>3700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3810723.24</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</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>PEARLAND INDEPENDEN 5.00%</name>
        <lei>549300UU8ZB6DL6OXQ09</lei>
        <title>PEARLAND INDEPENDEN 5.00%</title>
        <cusip>704880BQ5</cusip>
        <identifiers>
          <isin value="US704880BQ50"/>
          <ticker value="PEASCD"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1568290.05</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>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WASHTENAW COUNTY IN 5.00%</name>
        <lei>N/A</lei>
        <title>WASHTENAW COUNTY IN 5.00%</title>
        <cusip>941009CW0</cusip>
        <identifiers>
          <isin value="US941009CW06"/>
          <ticker value="WASSCD"/>
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        <balance>4360000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4472078.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DISTRICT OF COLUMBI 2.95%</name>
        <lei>N/A</lei>
        <title>DISTRICT OF COLUMBI 2.95%</title>
        <cusip>25477PQF5</cusip>
        <identifiers>
          <isin value="US25477PQF52"/>
          <ticker value="DISMFH"/>
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        <balance>4500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4478238.9</valUSD>
        <pctVal>0.1528443130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.95</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>YAKIMA COUNTY SCHOO 5.00%</name>
        <lei>N/A</lei>
        <title>YAKIMA COUNTY SCHOO 5.00%</title>
        <cusip>984392FY1</cusip>
        <identifiers>
          <isin value="US984392FY14"/>
          <ticker value="YAKSCD"/>
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        <balance>1605000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1667933.49</valUSD>
        <pctVal>0.0569273221</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF BROWNSVILLE 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF BROWNSVILLE 5.00%</title>
        <cusip>1164753U6</cusip>
        <identifiers>
          <isin value="US1164753U61"/>
          <ticker value="BROUTL"/>
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        <balance>625000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>657683.19</valUSD>
        <pctVal>0.0224470238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</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>
        <name>COUNTY OF HAMILTON 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF HAMILTON 5.00%</title>
        <cusip>407216PC8</cusip>
        <identifiers>
          <isin value="US407216PC89"/>
          <ticker value="HML"/>
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        <balance>2885000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2901574.61</valUSD>
        <pctVal>0.0990320498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-30</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>VALPARAISO 21ST CEN 5.00%</name>
        <lei>N/A</lei>
        <title>VALPARAISO 21ST CEN 5.00%</title>
        <cusip>920272AD3</cusip>
        <identifiers>
          <isin value="US920272AD39"/>
          <ticker value="VPREDU"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>411295.24</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SAN FRANCISCO CITY 5.00%</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>SAN FRANCISCO CITY 5.00%</title>
        <cusip>79766DVC0</cusip>
        <identifiers>
          <isin value="US79766DVC00"/>
          <ticker value="SFOAPT"/>
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        <balance>2300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2402866.58</valUSD>
        <pctVal>0.0820109199</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>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CENTRAL FLORIDA TOU 5.00%</name>
        <lei>549300DLSKH6SZ96KV94</lei>
        <title>CENTRAL FLORIDA TOU 5.00%</title>
        <cusip>758449QM7</cusip>
        <identifiers>
          <isin value="US758449QM73"/>
          <ticker value="REEGEN"/>
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        <balance>1315000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1319814.08</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>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>9671557.01</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9671557.01</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BLACK BELT ENERGY GAS FRN</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS FRN</title>
        <cusip>09182TAN7</cusip>
        <identifiers>
          <isin value="US09182TAN72"/>
          <ticker value="BBEUTL"/>
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        <balance>29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28950601.4</valUSD>
        <pctVal>0.9880970802</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>Floating</couponKind>
          <annualizedRt>2.7699996</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 GAS FRN</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS FRN</title>
        <cusip>09182NCC2</cusip>
        <identifiers>
          <isin value="US09182NCC20"/>
          <ticker value="BBEUTL"/>
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        <balance>20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20085626</valUSD>
        <pctVal>0.6855314724</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>Floating</couponKind>
          <annualizedRt>3.83900065</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BLACK BELT ENERGY GAS VAR</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS VAR</title>
        <cusip>09182TCG0</cusip>
        <identifiers>
          <isin value="US09182TCG04"/>
          <ticker value="BBEUTL"/>
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        <balance>34930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36644081.47</valUSD>
        <pctVal>1.2506790241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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>STATE OF ILLINOIS 5.00%</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>STATE OF ILLINOIS 5.00%</title>
        <cusip>4521526R7</cusip>
        <identifiers>
          <isin value="US4521526R78"/>
          <ticker value="ILS"/>
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        <balance>3430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3538229.53</valUSD>
        <pctVal>0.1207613693</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY TURNPIKE 5.00%</name>
        <lei>5493005YN67D71KSMI84</lei>
        <title>NEW JERSEY TURNPIKE 5.00%</title>
        <cusip>646140FM0</cusip>
        <identifiers>
          <isin value="US646140FM00"/>
          <ticker value="NJSTRN"/>
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        <balance>4490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4575446.5</valUSD>
        <pctVal>0.1561620522</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF TUCSON AZ 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF TUCSON AZ 5.00%</title>
        <cusip>898711X84</cusip>
        <identifiers>
          <isin value="US898711X840"/>
          <ticker value="TUC"/>
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        <balance>6460000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6647708.22</valUSD>
        <pctVal>0.2268892791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WAYNE STATE UNIVERS 5.00%</name>
        <lei>N/A</lei>
        <title>WAYNE STATE UNIVERS 5.00%</title>
        <cusip>946303J70</cusip>
        <identifiers>
          <isin value="US946303J706"/>
          <ticker value="WAYHGR"/>
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        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>518044.8</valUSD>
        <pctVal>0.0176811026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</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>NORTH WEST HENDRICK 5.00%</name>
        <lei>N/A</lei>
        <title>NORTH WEST HENDRICK 5.00%</title>
        <cusip>66328RDV5</cusip>
        <identifiers>
          <isin value="US66328RDV50"/>
          <ticker value="NHKSCD"/>
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        <balance>680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>703194.6</valUSD>
        <pctVal>0.0240003488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</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>CITY OF BROWNSVILLE 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF BROWNSVILLE 5.00%</title>
        <cusip>1164753T9</cusip>
        <identifiers>
          <isin value="US1164753T98"/>
          <ticker value="BROUTL"/>
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        <balance>660000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>679987.9</valUSD>
        <pctVal>0.0232082936</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>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 HAMILTON 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF HAMILTON 5.00%</title>
        <cusip>407216PD6</cusip>
        <identifiers>
          <isin value="US407216PD62"/>
          <ticker value="HML"/>
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        <balance>1260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1281796.99</valUSD>
        <pctVal>0.0437483093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</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 DAKOTA HEALTH 5.00%</name>
        <lei>549300ZW6LKR8UI2C378</lei>
        <title>SOUTH DAKOTA HEALTH 5.00%</title>
        <cusip>83755VU93</cusip>
        <identifiers>
          <isin value="US83755VU938"/>
          <ticker value="SDSMED"/>
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        <balance>915000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>943384.12</valUSD>
        <pctVal>0.0321981254</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>ZIONSVILLE COMMUNIT 5.00%</name>
        <lei>N/A</lei>
        <title>ZIONSVILLE COMMUNIT 5.00%</title>
        <cusip>98972LPX3</cusip>
        <identifiers>
          <isin value="US98972LPX37"/>
          <ticker value="ZIOEDU"/>
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        <balance>510000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>525253.79</valUSD>
        <pctVal>0.0179271487</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>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHERN MINNESOTA 5.00%</name>
        <lei>N/A</lei>
        <title>SOUTHERN MINNESOTA 5.00%</title>
        <cusip>843375F84</cusip>
        <identifiers>
          <isin value="US843375F847"/>
          <ticker value="SOUPWR"/>
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        <balance>1240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1262740.24</valUSD>
        <pctVal>0.0430978938</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>INDUSTRIAL DEV. BOARD VAR</name>
        <lei>N/A</lei>
        <title>INDUSTRIAL DEV. BOARD VAR</title>
        <cusip>607167DX8</cusip>
        <identifiers>
          <isin value="US607167DX82"/>
          <ticker value="MOBPOL"/>
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        <balance>6500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6442150</valUSD>
        <pctVal>0.2198734844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.7500004</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MINNESOTA MUNICIPAL G FRN</name>
        <lei>549300SISI6N1C6S3136</lei>
        <title>MINNESOTA MUNICIPAL G FRN</title>
        <cusip>60406UAN7</cusip>
        <identifiers>
          <isin value="US60406UAN72"/>
          <ticker value="MGAUTL"/>
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        <balance>40000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39900288</valUSD>
        <pctVal>1.3618148213</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>Floating</couponKind>
          <annualizedRt>3.4380007</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>RURAL WATER FINC. A 3.05%</name>
        <lei>N/A</lei>
        <title>RURAL WATER FINC. A 3.05%</title>
        <cusip>781741CW1</cusip>
        <identifiers>
          <isin value="US781741CW17"/>
          <ticker value="RWFWTR"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10000259</valUSD>
        <pctVal>0.3413133490</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>3.05</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>NORTH WEST HENDRICK 5.00%</name>
        <lei>N/A</lei>
        <title>NORTH WEST HENDRICK 5.00%</title>
        <cusip>66328RDU7</cusip>
        <identifiers>
          <isin value="US66328RDU77"/>
          <ticker value="NHKSCD"/>
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        <balance>785000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>804451.52</valUSD>
        <pctVal>0.0274562931</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF RACINE WI 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF RACINE WI 5.00%</title>
        <cusip>750022KR5</cusip>
        <identifiers>
          <isin value="US750022KR50"/>
          <ticker value="RAC"/>
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        <balance>2885000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2895664.98</valUSD>
        <pctVal>0.0988303515</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PARK CREEK METROPOL 5.00%</name>
        <lei>N/A</lei>
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        <cusip>700385BN6</cusip>
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          <ticker value="PKCGEN"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STATE OF CONNECTICU 5.00%</name>
        <lei>5493007GRO6CU0IKP741</lei>
        <title>STATE OF CONNECTICU 5.00%</title>
        <cusip>20772KG94</cusip>
        <identifiers>
          <isin value="US20772KG949"/>
          <ticker value="CTS"/>
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        <balance>8075000</balance>
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        <curCd>USD</curCd>
        <valUSD>8539109.82</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>2028-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF PENSACOLA F 5.00%</name>
        <lei>549300Y7HMDKHDFTZ042</lei>
        <title>CITY OF PENSACOLA F 5.00%</title>
        <cusip>709427EM6</cusip>
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          <isin value="US709427EM68"/>
          <ticker value="PENAPT"/>
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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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF SAN ANTONIO 5.00%</name>
        <lei>N/A</lei>
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        <cusip>79625GAE3</cusip>
        <identifiers>
          <isin value="US79625GAE35"/>
          <ticker value="SANUTL"/>
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        <balance>4745000</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>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>METROPOLITAN TRANSPOR FRN</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>METROPOLITAN TRANSPOR FRN</title>
        <cusip>59261AL96</cusip>
        <identifiers>
          <isin value="US59261AL963"/>
          <ticker value="MTATRN"/>
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        <balance>200000</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>2026-11-01</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICHIGAN FIN. AUTHO 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN FIN. AUTHO 5.00%</title>
        <cusip>59447T3G6</cusip>
        <identifiers>
          <isin value="US59447T3G60"/>
          <ticker value="MISFIN"/>
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        <balance>3915000</balance>
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        <curCd>USD</curCd>
        <valUSD>4005598.97</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TENNESSEE ENERGY ACQU VAR</name>
        <lei>549300OJ2Z8PGEY46K92</lei>
        <title>TENNESSEE ENERGY ACQU VAR</title>
        <cusip>880443JF4</cusip>
        <identifiers>
          <isin value="US880443JF46"/>
          <ticker value="TNSUTL"/>
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        <balance>14100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14543583.18</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>2053-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF IRVING TX W 5.00%</name>
        <lei>5493002R7BX8XPQ92O37</lei>
        <title>CITY OF IRVING TX W 5.00%</title>
        <cusip>463831UZ8</cusip>
        <identifiers>
          <isin value="US463831UZ83"/>
          <ticker value="IRVUTL"/>
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        <balance>1585000</balance>
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        <curCd>USD</curCd>
        <valUSD>1599820.54</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIZONA HEALTH FACILI FRN</name>
        <lei>N/A</lei>
        <title>ARIZONA HEALTH FACILI FRN</title>
        <cusip>040507QT5</cusip>
        <identifiers>
          <isin value="US040507QT52"/>
          <ticker value="AZSMED"/>
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        <balance>7335000</balance>
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        <curCd>USD</curCd>
        <valUSD>7292273.63</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MINNESOTA RURAL WAT 3.30%</name>
        <lei>N/A</lei>
        <title>MINNESOTA RURAL WAT 3.30%</title>
        <cusip>60411PBE0</cusip>
        <identifiers>
          <isin value="US60411PBE07"/>
          <ticker value="MNSWTR"/>
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        <balance>10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10002838</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TRAVERSE CITY AREA 5.00%</name>
        <lei>N/A</lei>
        <title>TRAVERSE CITY AREA 5.00%</title>
        <cusip>894282SU7</cusip>
        <identifiers>
          <isin value="US894282SU74"/>
          <ticker value="TRASCD"/>
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        <balance>8100000</balance>
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        <curCd>USD</curCd>
        <valUSD>8304712.92</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>CIVICVENTURES/AK 5.00%</name>
        <lei>N/A</lei>
        <title>CIVICVENTURES/AK 5.00%</title>
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          <isin value="US178860CA82"/>
          <ticker value="CIV"/>
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        <balance>975000</balance>
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        <curCd>USD</curCd>
        <valUSD>1021297.97</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>HEALTH &amp; EDUCATIONA 5.00%</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>HEALTH &amp; EDUCATIONA 5.00%</title>
        <cusip>60637AXV9</cusip>
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          <isin value="US60637AXV96"/>
          <ticker value="MOSMED"/>
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        <balance>750000</balance>
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        <curCd>USD</curCd>
        <valUSD>788715.3</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>PARK CREEK METROPOL 5.00%</name>
        <lei>N/A</lei>
        <title>PARK CREEK METROPOL 5.00%</title>
        <cusip>700385BP1</cusip>
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          <isin value="US700385BP18"/>
          <ticker value="PKCGEN"/>
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        <curCd>USD</curCd>
        <valUSD>1036884.3</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>STATE OF MICHIGAN 5.00%</name>
        <lei>CADMV8WVNQO7XM117W54</lei>
        <title>STATE OF MICHIGAN 5.00%</title>
        <cusip>594612DJ9</cusip>
        <identifiers>
          <isin value="US594612DJ99"/>
          <ticker value="MIS"/>
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        <balance>4435000</balance>
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        <curCd>USD</curCd>
        <valUSD>4538066.74</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCHOOL DISTRICT OF 5.00%</name>
        <lei>5493006KVNQDJ1D0OD92</lei>
        <title>SCHOOL DISTRICT OF 5.00%</title>
        <cusip>115065ZN7</cusip>
        <identifiers>
          <isin value="US115065ZN77"/>
          <ticker value="BROEDU"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5027672.5</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOUTH CAROLINA PORT 5.00%</name>
        <lei>5493001YXW15H9J1M026</lei>
        <title>SOUTH CAROLINA PORT 5.00%</title>
        <cusip>837123GX0</cusip>
        <identifiers>
          <isin value="US837123GX02"/>
          <ticker value="SCSTRN"/>
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        <balance>2920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2935577.91</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</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>DELAWARE VALLEY REGIO FRN</name>
        <lei>549300HGYP3NW885TT18</lei>
        <title>DELAWARE VALLEY REGIO FRN</title>
        <cusip>246579LL8</cusip>
        <identifiers>
          <isin value="US246579LL85"/>
          <ticker value="DLVGEN"/>
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        <balance>11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10986444.7</valUSD>
        <pctVal>0.3749723116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.9350015</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SWEETWATER COUNTY 2 6.00%</name>
        <lei>N/A</lei>
        <title>SWEETWATER COUNTY 2 6.00%</title>
        <cusip>87048HAC7</cusip>
        <identifiers>
          <isin value="US87048HAC79"/>
          <ticker value="STWGEN"/>
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        <balance>2655000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2672789.56</valUSD>
        <pctVal>0.0912235129</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>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEVELOPMENT AUTHORITY VAR</name>
        <lei>D981X4Z4RWS7PDMJUZ03</lei>
        <title>DEVELOPMENT AUTHORITY VAR</title>
        <cusip>121342QL6</cusip>
        <identifiers>
          <isin value="US121342QL65"/>
          <ticker value="BURPOL"/>
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        <balance>3800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3811936.18</valUSD>
        <pctVal>0.1301031007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.375</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WEST OTTAWA PUBLIC 5.00%</name>
        <lei>N/A</lei>
        <title>WEST OTTAWA PUBLIC 5.00%</title>
        <cusip>955023XB7</cusip>
        <identifiers>
          <isin value="US955023XB73"/>
          <ticker value="WOTSCD"/>
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        <balance>9125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9245122.41</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>STATE OF ALASKA 5.00%</name>
        <lei>N/A</lei>
        <title>STATE OF ALASKA 5.00%</title>
        <cusip>0117706C3</cusip>
        <identifiers>
          <isin value="US0117706C37"/>
          <ticker value="AKS"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2065078.8</valUSD>
        <pctVal>0.0704820706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEVELAND COUNTY IN 4.00%</name>
        <lei>N/A</lei>
        <title>CLEVELAND COUNTY IN 4.00%</title>
        <cusip>186054JX1</cusip>
        <identifiers>
          <isin value="US186054JX12"/>
          <ticker value="CLESCD"/>
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        <balance>5520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5585273.45</valUSD>
        <pctVal>0.1906279014</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>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE OF ILLINOIS 5.25%</name>
        <lei>N/A</lei>
        <title>STATE OF ILLINOIS 5.25%</title>
        <cusip>452153NN5</cusip>
        <identifiers>
          <isin value="US452153NN55"/>
          <ticker value="ILS"/>
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        <balance>23415000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24681290.22</valUSD>
        <pctVal>0.8423835645</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</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>
        <name>VALPARAISO 21ST CEN 5.00%</name>
        <lei>N/A</lei>
        <title>VALPARAISO 21ST CEN 5.00%</title>
        <cusip>920272AF8</cusip>
        <identifiers>
          <isin value="US920272AF86"/>
          <ticker value="VPREDU"/>
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        <balance>4025000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4223253.79</valUSD>
        <pctVal>0.1441415562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</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>
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      <invstOrSec>
        <name>SOUTHERN MINNESOTA 5.00%</name>
        <lei>N/A</lei>
        <title>SOUTHERN MINNESOTA 5.00%</title>
        <cusip>843375F92</cusip>
        <identifiers>
          <isin value="US843375F920"/>
          <ticker value="SOUPWR"/>
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        <balance>1200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1249683.96</valUSD>
        <pctVal>0.0426522771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>INDIANA FIN. AUTHOR 5.00%</name>
        <lei>549300IMOY6ECI21DH68</lei>
        <title>INDIANA FIN. AUTHOR 5.00%</title>
        <cusip>45506EQE6</cusip>
        <identifiers>
          <isin value="US45506EQE67"/>
          <ticker value="INSFIN"/>
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        <balance>6290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6642087.15</valUSD>
        <pctVal>0.2266974295</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>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF PHOENIX CIVIC 5%</name>
        <lei>N/A</lei>
        <title>CITY OF PHOENIX CIVIC 5%</title>
        <cusip>71883RNQ2</cusip>
        <identifiers>
          <isin value="US71883RNQ29"/>
          <ticker value="PHOWTR"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1756759.9</valUSD>
        <pctVal>0.0599590075</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEW JERSEY ECONOMIC 4.25%</name>
        <lei>5493006JS6QWDVU4R678</lei>
        <title>NEW JERSEY ECONOMIC 4.25%</title>
        <cusip>64577BKK9</cusip>
        <identifiers>
          <isin value="US64577BKK97"/>
          <ticker value="NJSDEV"/>
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        <balance>13565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13573784.69</valUSD>
        <pctVal>0.4632793922</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>4.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY VAR</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNITY VAR</title>
        <cusip>13013JBJ4</cusip>
        <identifiers>
          <isin value="US13013JBJ43"/>
          <ticker value="CCEDEV"/>
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        <balance>8725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8831369.97</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICHIGAN STATE HOUS 3.35%</name>
        <lei>549300NSWW1HVXE93T03</lei>
        <title>MICHIGAN STATE HOUS 3.35%</title>
        <cusip>59465PDL9</cusip>
        <identifiers>
          <isin value="US59465PDL94"/>
          <ticker value="MISHSG"/>
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        <balance>655000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>655000</valUSD>
        <pctVal>0.0223554454</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>3.35</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF DALLAS TX 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF DALLAS TX 5.00%</title>
        <cusip>235219UU4</cusip>
        <identifiers>
          <isin value="US235219UU41"/>
          <ticker value="DAL"/>
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        <balance>5565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5815231.34</valUSD>
        <pctVal>0.1984764678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY &amp; COUNTY OF DE 5.00%</name>
        <lei>MMTY7HA2MSCBUO4F7J71</lei>
        <title>CITY &amp; COUNTY OF DE 5.00%</title>
        <cusip>249182TR7</cusip>
        <identifiers>
          <isin value="US249182TR76"/>
          <ticker value="DENAPT"/>
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        <balance>15560000</balance>
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        <curCd>USD</curCd>
        <valUSD>15789903.67</valUSD>
        <pctVal>0.5389165323</pctVal>
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        <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>CITY OF TULSA OK 3.00%</name>
        <lei>N/A</lei>
        <title>CITY OF TULSA OK 3.00%</title>
        <cusip>899645J30</cusip>
        <identifiers>
          <isin value="US899645J301"/>
          <ticker value="TUL"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3002446.5</valUSD>
        <pctVal>0.1024748529</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</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>N/A</lei>
        <title>STATE OF ILLINOIS 5.00%</title>
        <cusip>452153LL1</cusip>
        <identifiers>
          <isin value="US452153LL18"/>
          <ticker value="ILS"/>
        </identifiers>
        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7076176.8</valUSD>
        <pctVal>0.2415131050</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOBLESVILLE SCHOOLS 6.00%</name>
        <lei>N/A</lei>
        <title>NOBLESVILLE SCHOOLS 6.00%</title>
        <cusip>655165DM7</cusip>
        <identifiers>
          <isin value="US655165DM78"/>
          <ticker value="NOBSCD"/>
        </identifiers>
        <balance>1345000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1422323.92</valUSD>
        <pctVal>0.0485445567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>STATE OF HAWAII 5.00%</name>
        <lei>N/A</lei>
        <title>STATE OF HAWAII 5.00%</title>
        <cusip>419792HU3</cusip>
        <identifiers>
          <isin value="US419792HU35"/>
          <ticker value="HIS"/>
        </identifiers>
        <balance>6895000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6909374.01</valUSD>
        <pctVal>0.2358200505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</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 OHIO 5.00%</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>STATE OF OHIO 5.00%</title>
        <cusip>677561LU4</cusip>
        <identifiers>
          <isin value="US677561LU49"/>
          <ticker value="OHSMED"/>
        </identifiers>
        <balance>3220000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3277141.15</valUSD>
        <pctVal>0.1118503052</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF SPOTSYLVA 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF SPOTSYLVA 5.00%</title>
        <cusip>849269GJ8</cusip>
        <identifiers>
          <isin value="US849269GJ82"/>
          <ticker value="SPOUTL"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1002056.6</valUSD>
        <pctVal>0.0342006436</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>ILLINOIS HOUSING DE 3.80%</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>ILLINOIS HOUSING DE 3.80%</title>
        <cusip>45203MTL5</cusip>
        <identifiers>
          <isin value="US45203MTL53"/>
          <ticker value="ILSHSG"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>602683.44</valUSD>
        <pctVal>0.0205698576</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>3.8</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>7500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7595412</valUSD>
        <pctVal>0.2592348365</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>CONNECTICUT STATE HEA VAR</name>
        <lei>549300ZOQJ5U8YBS5Q35</lei>
        <title>CONNECTICUT STATE HEA VAR</title>
        <cusip>20775DYS5</cusip>
        <identifiers>
          <isin value="US20775DYS51"/>
          <ticker value="CTSHGR"/>
        </identifiers>
        <balance>20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21282746</valUSD>
        <pctVal>0.7263897178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>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>DALLAS INDEPENDENT 5.00%</name>
        <lei>N/A</lei>
        <title>DALLAS INDEPENDENT 5.00%</title>
        <cusip>235308R39</cusip>
        <identifiers>
          <isin value="US235308R393"/>
          <ticker value="DALSCD"/>
        </identifiers>
        <balance>2285000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2390740.66</valUSD>
        <pctVal>0.0815970568</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</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>DECATUR HOUSING AUTHO VAR</name>
        <lei>N/A</lei>
        <title>DECATUR HOUSING AUTHO VAR</title>
        <cusip>24311PAF5</cusip>
        <identifiers>
          <isin value="US24311PAF53"/>
          <ticker value="DECHSG"/>
        </identifiers>
        <balance>4500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4510209.6</valUSD>
        <pctVal>0.1539354874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.2500008</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 MILWAUKEE W 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF MILWAUKEE W 5.00%</title>
        <cusip>6023663V6</cusip>
        <identifiers>
          <isin value="US6023663V62"/>
          <ticker value="MLW"/>
        </identifiers>
        <balance>9480000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9969050.45</valUSD>
        <pctVal>0.3402481871</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>CITY OF LEANDER TX 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LEANDER TX 5.00%</title>
        <cusip>521838Y63</cusip>
        <identifiers>
          <isin value="US521838Y638"/>
          <ticker value="LDR"/>
        </identifiers>
        <balance>1250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1315762.75</valUSD>
        <pctVal>0.0449075760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</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>METROPOLITAN TRANSP 5.00%</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>METROPOLITAN TRANSP 5.00%</title>
        <cusip>59261A5S2</cusip>
        <identifiers>
          <isin value="US59261A5S28"/>
          <ticker value="MTATRN"/>
        </identifiers>
        <balance>1120000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1163301.89</valUSD>
        <pctVal>0.0397040181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</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>VIRGINIA HOUSING DEV. VAR</name>
        <lei>549300LW3QBOVLQBP895</lei>
        <title>VIRGINIA HOUSING DEV. VAR</title>
        <cusip>92812XRF1</cusip>
        <identifiers>
          <isin value="US92812XRF14"/>
          <ticker value="VASHSG"/>
        </identifiers>
        <balance>6315000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6315126.3</valUSD>
        <pctVal>0.2155381082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.1250016</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>BURLESON INDEPENDEN 5.00%</name>
        <lei>N/A</lei>
        <title>BURLESON INDEPENDEN 5.00%</title>
        <cusip>1214034Q9</cusip>
        <identifiers>
          <isin value="US1214034Q95"/>
          <ticker value="BRLSCD"/>
        </identifiers>
        <balance>2230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2302860.34</valUSD>
        <pctVal>0.0785976618</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>HYUNDAI CAP. AMERIC 4.25%</name>
        <lei>549300RIPPWJB5Z0FK07</lei>
        <title>HYUNDAI CAP. AMERIC 4.25%</title>
        <cusip>44891AED5</cusip>
        <identifiers>
          <isin value="US44891AED54"/>
          <ticker value="HYNMTR"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4945203.5</valUSD>
        <pctVal>0.1687820253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</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>SUMITOMO MITSUI FI 4.108%</name>
        <lei>35380028MYWPB6AUO129</lei>
        <title>SUMITOMO MITSUI FI 4.108%</title>
        <cusip>86562MEJ5</cusip>
        <identifiers>
          <isin value="US86562MEJ53"/>
          <ticker value="SUMIBK"/>
        </identifiers>
        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3469379.45</valUSD>
        <pctVal>0.1184114850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.108</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>LADUE SCHOOL DISTR 2.125%</name>
        <lei>N/A</lei>
        <title>LADUE SCHOOL DISTR 2.125%</title>
        <cusip>505786HM8</cusip>
        <identifiers>
          <isin value="US505786HM88"/>
          <ticker value="LADSCD"/>
        </identifiers>
        <balance>2310000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2268550.75</valUSD>
        <pctVal>0.0774266600</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.125</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>56035DDP4</cusip>
        <identifiers>
          <isin value="US56035DDP42"/>
          <ticker value="MAIUTL"/>
        </identifiers>
        <balance>7500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7483902</valUSD>
        <pctVal>0.2554289499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</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>CITY OF LUBBOCK TX 5.00%</name>
        <lei>549300I1QTL3QZV4BX74</lei>
        <title>CITY OF LUBBOCK TX 5.00%</title>
        <cusip>549203YP6</cusip>
        <identifiers>
          <isin value="US549203YP61"/>
          <ticker value="LUBPWR"/>
        </identifiers>
        <balance>675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>675621.07</valUSD>
        <pctVal>0.0230592518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-15</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>TEXAS STATE AFFORDABL VAR</name>
        <lei>N/A</lei>
        <title>TEXAS STATE AFFORDABL VAR</title>
        <cusip>88271FFR9</cusip>
        <identifiers>
          <isin value="US88271FFR91"/>
          <ticker value="TXSMFH"/>
        </identifiers>
        <balance>3400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3417036.38</valUSD>
        <pctVal>0.1166249925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.6249984</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>MARYLAND HEALTH &amp; H 5.00%</name>
        <lei>N/A</lei>
        <title>MARYLAND HEALTH &amp; H 5.00%</title>
        <cusip>57421CNW0</cusip>
        <identifiers>
          <isin value="US57421CNW00"/>
          <ticker value="MDSMED"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1032079.3</valUSD>
        <pctVal>0.0352253319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</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>PENNSYLVANIA HOUSING VAR</name>
        <lei>N/A</lei>
        <title>PENNSYLVANIA HOUSING VAR</title>
        <cusip>708797BP9</cusip>
        <identifiers>
          <isin value="US708797BP96"/>
          <ticker value="PASMFH"/>
        </identifiers>
        <balance>1685000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1662146.35</valUSD>
        <pctVal>0.0567298044</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>Variable</couponKind>
          <annualizedRt>2.6499996</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>CLARK COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>CLARK COUNTY SCHOOL 5.00%</title>
        <cusip>181059UY0</cusip>
        <identifiers>
          <isin value="US181059UY04"/>
          <ticker value="CLASCD"/>
        </identifiers>
        <balance>1040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1045249.4</valUSD>
        <pctVal>0.0356748333</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK AG/NEW FRN</name>
        <lei>N/A</lei>
        <title>DEUTSCHE BANK AG/NEW FRN</title>
        <cusip>251526CN7</cusip>
        <identifiers>
          <isin value="US251526CN70"/>
          <ticker value="DB"/>
        </identifiers>
        <balance>7500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7520130</valUSD>
        <pctVal>0.2566654279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.8847752</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>OHIO AIR QUALITY DEV. VAR</name>
        <lei>549300DZUU80AYOR6M80</lei>
        <title>OHIO AIR QUALITY DEV. VAR</title>
        <cusip>677525WS2</cusip>
        <identifiers>
          <isin value="US677525WS29"/>
          <ticker value="OHSDEV"/>
        </identifiers>
        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7089713.4</valUSD>
        <pctVal>0.2419751152</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.2500016</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>EAST CAROLINA UNIVE 5.00%</name>
        <lei>N/A</lei>
        <title>EAST CAROLINA UNIVE 5.00%</title>
        <cusip>271371XD3</cusip>
        <identifiers>
          <isin value="US271371XD30"/>
          <ticker value="EASHGR"/>
        </identifiers>
        <balance>1225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1227247.88</valUSD>
        <pctVal>0.0418865235</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>OKLAHOMA COUNTY IND 4.00%</name>
        <lei>N/A</lei>
        <title>OKLAHOMA COUNTY IND 4.00%</title>
        <cusip>678739XB4</cusip>
        <identifiers>
          <isin value="US678739XB43"/>
          <ticker value="OKSSCD"/>
        </identifiers>
        <balance>3425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3468302.28</valUSD>
        <pctVal>0.1183747207</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PORT AUTHORITY OF N 5.00%</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>PORT AUTHORITY OF N 5.00%</title>
        <cusip>73358XBZ4</cusip>
        <identifiers>
          <isin value="US73358XBZ42"/>
          <ticker value="PORTRN"/>
        </identifiers>
        <balance>3520000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3708142.24</valUSD>
        <pctVal>0.1265605667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-15</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 NEW YORK NY 5.00%</name>
        <lei>549300ABYZD2SFD5JB29</lei>
        <title>CITY OF NEW YORK NY 5.00%</title>
        <cusip>64966SPV2</cusip>
        <identifiers>
          <isin value="US64966SPV24"/>
          <ticker value="NYC"/>
        </identifiers>
        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10517835</valUSD>
        <pctVal>0.3589784513</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</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>HARRIS COUNTY HOUSING VAR</name>
        <lei>N/A</lei>
        <title>HARRIS COUNTY HOUSING VAR</title>
        <cusip>414158TQ8</cusip>
        <identifiers>
          <isin value="US414158TQ85"/>
          <ticker value="HARMFH"/>
        </identifiers>
        <balance>4150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4133756.49</valUSD>
        <pctVal>0.1410869730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.9499984</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>RURAL WATER FINC. A 2.75%</name>
        <lei>N/A</lei>
        <title>RURAL WATER FINC. A 2.75%</title>
        <cusip>781741JR5</cusip>
        <identifiers>
          <isin value="US781741JR58"/>
          <ticker value="RWFWTR"/>
        </identifiers>
        <balance>32025000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31633971.55</valUSD>
        <pctVal>1.0796817134</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>2.75</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 ATLANTA GA 5.00%</name>
        <lei>549300GHLQ0J51NUBM84</lei>
        <title>CITY OF ATLANTA GA 5.00%</title>
        <cusip>04780M2J7</cusip>
        <identifiers>
          <isin value="US04780M2J71"/>
          <ticker value="ATLAPT"/>
        </identifiers>
        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4178610.8</valUSD>
        <pctVal>0.1426178708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOUGLAS COUNTY SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>DOUGLAS COUNTY SCHO 5.00%</title>
        <cusip>259030RA4</cusip>
        <identifiers>
          <isin value="US259030RA47"/>
          <ticker value="DOUSCD"/>
        </identifiers>
        <balance>1850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1939735.92</valUSD>
        <pctVal>0.0662040616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</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>INDUSTRIAL DEV. AUTHO VAR</name>
        <lei>549300QDTQ25545R4K19</lei>
        <title>INDUSTRIAL DEV. AUTHO VAR</title>
        <cusip>721779LM6</cusip>
        <identifiers>
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        <balance>7595000</balance>
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        <curCd>USD</curCd>
        <valUSD>7528499.7</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-10-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW JERSEY HOUSING 2.95%</name>
        <lei>5493002ONULJL0FIGU24</lei>
        <title>NEW JERSEY HOUSING 2.95%</title>
        <cusip>64610ABG9</cusip>
        <identifiers>
          <isin value="US64610ABG94"/>
          <ticker value="NJSMFH"/>
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        <balance>16795000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-11-01</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SANTANDER COMMER. 4.0781%</name>
        <lei>N/A</lei>
        <title>SANTANDER COMMER. 4.0781%</title>
        <cusip>78398LAA7</cusip>
        <identifiers>
          <isin value="US78398LAA70"/>
          <ticker value="SCMS"/>
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        <balance>2841143.97</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MONROE &amp; ST CLAIR C 5.00%</name>
        <lei>N/A</lei>
        <title>MONROE &amp; ST CLAIR C 5.00%</title>
        <cusip>610253DS2</cusip>
        <identifiers>
          <isin value="US610253DS21"/>
          <ticker value="MONSCD"/>
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        <balance>1110000</balance>
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        <curCd>USD</curCd>
        <valUSD>1173309.07</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF NEW ORLEANS 5.00%</name>
        <lei>54930084B6KHR5PR2651</lei>
        <title>CITY OF NEW ORLEANS 5.00%</title>
        <cusip>64763FD30</cusip>
        <identifiers>
          <isin value="US64763FD306"/>
          <ticker value="NEW"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
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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>2028-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DTE ENERGY CO 4.875%</name>
        <lei>549300IX8SD6XXD71I78</lei>
        <title>DTE ENERGY CO 4.875%</title>
        <cusip>233331BJ5</cusip>
        <identifiers>
          <isin value="US233331BJ54"/>
          <ticker value="DTE"/>
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        <balance>4200000</balance>
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        <curCd>USD</curCd>
        <valUSD>4237697.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.875</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GENERAL MOTORS FINL 5.40%</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>GENERAL MOTORS FINL 5.40%</title>
        <cusip>37045XEQ5</cusip>
        <identifiers>
          <isin value="US37045XEQ51"/>
          <ticker value="GM"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5044027.85</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INDIANAPOLIS LOCAL 5.00%</name>
        <lei>549300LX8ESJHDSESB87</lei>
        <title>INDIANAPOLIS LOCAL 5.00%</title>
        <cusip>45528VDZ9</cusip>
        <identifiers>
          <isin value="US45528VDZ94"/>
          <ticker value="INPBBK"/>
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        <balance>780000</balance>
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        <curCd>USD</curCd>
        <valUSD>794964.38</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KENTUCKY STATE PROP 5.00%</name>
        <lei>N/A</lei>
        <title>KENTUCKY STATE PROP 5.00%</title>
        <cusip>49151F4P2</cusip>
        <identifiers>
          <isin value="US49151F4P27"/>
          <ticker value="KYSFAC"/>
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        <balance>1500000</balance>
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        <curCd>USD</curCd>
        <valUSD>1569196.65</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLACKAMAS &amp; WASHING 5.00%</name>
        <lei>N/A</lei>
        <title>CLACKAMAS &amp; WASHING 5.00%</title>
        <cusip>178882QM1</cusip>
        <identifiers>
          <isin value="US178882QM11"/>
          <ticker value="CLASCD"/>
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        <balance>8310000</balance>
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        <curCd>USD</curCd>
        <valUSD>8548120.56</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WESTERN MICHIGAN UN 5.00%</name>
        <lei>N/A</lei>
        <title>WESTERN MICHIGAN UN 5.00%</title>
        <cusip>958638ZS0</cusip>
        <identifiers>
          <isin value="US958638ZS08"/>
          <ticker value="WMIHGR"/>
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        <balance>4595000</balance>
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        <curCd>USD</curCd>
        <valUSD>4754898.65</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>CITY OF ALBUQUERQUE 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF ALBUQUERQUE 5.00%</title>
        <cusip>013519CG6</cusip>
        <identifiers>
          <isin value="US013519CG64"/>
          <ticker value="ALB"/>
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        <balance>1715000</balance>
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        <curCd>USD</curCd>
        <valUSD>1725493.74</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>ROCKFORD PUBLIC SCH 5.00%</name>
        <lei>N/A</lei>
        <title>ROCKFORD PUBLIC SCH 5.00%</title>
        <cusip>773318XQ8</cusip>
        <identifiers>
          <isin value="US773318XQ85"/>
          <ticker value="ROCSCD"/>
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        <balance>6185000</balance>
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        <curCd>USD</curCd>
        <valUSD>6196935.81</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <name>COUNTY OF FORT BEND 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF FORT BEND 5.00%</title>
        <cusip>346766Z50</cusip>
        <identifiers>
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          <ticker value="FOR"/>
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        <balance>2765000</balance>
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        <curCd>USD</curCd>
        <valUSD>2824124.27</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <name>CIVICVENTURES/AK 5.00%</name>
        <lei>N/A</lei>
        <title>CIVICVENTURES/AK 5.00%</title>
        <cusip>178860BZ4</cusip>
        <identifiers>
          <isin value="US178860BZ43"/>
          <ticker value="CIV"/>
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        <balance>930000</balance>
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        <curCd>USD</curCd>
        <valUSD>957248.26</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>PROSPER INDEPENDENT 5.00%</name>
        <lei>N/A</lei>
        <title>PROSPER INDEPENDENT 5.00%</title>
        <cusip>7436003V8</cusip>
        <identifiers>
          <isin value="US7436003V80"/>
          <ticker value="PSPSCD"/>
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        <balance>2110000</balance>
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        <curCd>USD</curCd>
        <valUSD>2153862.89</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PORT AUTHORITY OF N 5.00%</name>
        <lei>N/A</lei>
        <title>PORT AUTHORITY OF N 5.00%</title>
        <cusip>73358XNG3</cusip>
        <identifiers>
          <isin value="US73358XNG33"/>
          <ticker value="PORTRN"/>
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        <balance>15005000</balance>
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        <curCd>USD</curCd>
        <valUSD>15438090.82</valUSD>
        <pctVal>0.5269090010</pctVal>
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        <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>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>NEW YORK STATE DORM 5.00%</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>NEW YORK STATE DORM 5.00%</title>
        <cusip>64990KHG1</cusip>
        <identifiers>
          <isin value="US64990KHG13"/>
          <ticker value="NYSGEN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RICHMOND COUNTY BOA 5.00%</name>
        <lei>N/A</lei>
        <title>RICHMOND COUNTY BOA 5.00%</title>
        <cusip>764581KQ6</cusip>
        <identifiers>
          <isin value="US764581KQ63"/>
          <ticker value="RICEDU"/>
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        <balance>11705000</balance>
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        <curCd>USD</curCd>
        <valUSD>12403549.72</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>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CALIFORNIA COMMUNIT 5.00%</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>CALIFORNIA COMMUNIT 5.00%</title>
        <cusip>13013JGS9</cusip>
        <identifiers>
          <isin value="US13013JGS96"/>
          <ticker value="CCEDEV"/>
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        <balance>1750000</balance>
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        <curCd>USD</curCd>
        <valUSD>1809229.98</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BONNEVILLE JOINT SC 5.00%</name>
        <lei>N/A</lei>
        <title>BONNEVILLE JOINT SC 5.00%</title>
        <cusip>098419NK6</cusip>
        <identifiers>
          <isin value="US098419NK67"/>
          <ticker value="BNV"/>
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        <balance>525000</balance>
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        <curCd>USD</curCd>
        <valUSD>530727.44</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GOLDMAN SACHS GRP. IN F2F</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>GOLDMAN SACHS GRP. IN F2F</title>
        <cusip>38145GAP5</cusip>
        <identifiers>
          <isin value="US38145GAP54"/>
          <ticker value="GS"/>
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        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9938295</valUSD>
        <pctVal>0.3391984897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.1479992</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BEXAR MGT. AND DEV. C VAR</name>
        <lei>2549009KNEM1RHMCBG65</lei>
        <title>BEXAR MGT. AND DEV. C VAR</title>
        <cusip>08857CAC4</cusip>
        <identifiers>
          <isin value="US08857CAC47"/>
          <ticker value="BMGMFH"/>
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        <balance>1600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1585515.52</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>2029-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.6499996</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNESOTA HOUSING F 3.25%</name>
        <lei>549300R89XDTQBK4GE22</lei>
        <title>MINNESOTA HOUSING F 3.25%</title>
        <cusip>60416UNU5</cusip>
        <identifiers>
          <isin value="US60416UNU50"/>
          <ticker value="MNSHSG"/>
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        <balance>5875000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5880075.41</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF DALLAS TX 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF DALLAS TX 5.00%</title>
        <cusip>235219ZF2</cusip>
        <identifiers>
          <isin value="US235219ZF29"/>
          <ticker value="DAL"/>
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        <balance>1160000</balance>
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        <curCd>USD</curCd>
        <valUSD>1198659.67</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</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>
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      <invstOrSec>
        <name>NEW MEXICO FIN. AUT 2.00%</name>
        <lei>549300L6217Y7X40SP94</lei>
        <title>NEW MEXICO FIN. AUT 2.00%</title>
        <cusip>64711NH81</cusip>
        <identifiers>
          <isin value="US64711NH813"/>
          <ticker value="NMSGEN"/>
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        <balance>4600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4484327.48</valUSD>
        <pctVal>0.1530521190</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>2</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>CENTRAL PLAINS ENER 5.00%</name>
        <lei>SVQOT7V5CPLIGNP5BE29</lei>
        <title>CENTRAL PLAINS ENER 5.00%</title>
        <cusip>154871CC9</cusip>
        <identifiers>
          <isin value="US154871CC96"/>
          <ticker value="CENPWR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1021308.1</valUSD>
        <pctVal>0.0348577060</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>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARICOPA COUNTY INDL. VAR</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY INDL. VAR</title>
        <cusip>56682HDV8</cusip>
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          <isin value="US56682HDV87"/>
          <ticker value="MARDEV"/>
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        <balance>10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10393782</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.0000004</annualizedRt>
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      <invstOrSec>
        <name>MERCEDES-BENZ AUTO 4.80%</name>
        <lei>N/A</lei>
        <title>MERCEDES-BENZ AUTO 4.80%</title>
        <cusip>587918AD5</cusip>
        <identifiers>
          <isin value="US587918AD51"/>
          <ticker value="MBART"/>
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        <balance>4044268.41</balance>
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        <curCd>USD</curCd>
        <valUSD>4062593.8</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-04-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.8</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BMW VEHICLE LEASE T 5.00%</name>
        <lei>N/A</lei>
        <title>BMW VEHICLE LEASE T 5.00%</title>
        <cusip>05611UAE3</cusip>
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          <isin value="US05611UAE38"/>
          <ticker value="BMWLT"/>
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        <balance>6100000</balance>
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        <curCd>USD</curCd>
        <valUSD>6118246.32</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLEVELAND COUNTY IN 4.00%</name>
        <lei>N/A</lei>
        <title>CLEVELAND COUNTY IN 4.00%</title>
        <cusip>186054JY9</cusip>
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          <isin value="US186054JY94"/>
          <ticker value="CLESCD"/>
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        <balance>7440000</balance>
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        <curCd>USD</curCd>
        <valUSD>7614114.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>MARICOPA COUNTY UNI 5.00%</name>
        <lei>N/A</lei>
        <title>MARICOPA COUNTY UNI 5.00%</title>
        <cusip>567505SL7</cusip>
        <identifiers>
          <isin value="US567505SL78"/>
          <ticker value="MARSCD"/>
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        <balance>2265000</balance>
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        <curCd>USD</curCd>
        <valUSD>2335628.36</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>JACKSON COUNTY CONS 6.00%</name>
        <lei>N/A</lei>
        <title>JACKSON COUNTY CONS 6.00%</title>
        <cusip>467484SK8</cusip>
        <identifiers>
          <isin value="US467484SK85"/>
          <ticker value="JACSCD"/>
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        <balance>2830000</balance>
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        <curCd>USD</curCd>
        <valUSD>2916439.24</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>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
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      <invstOrSec>
        <name>PORT AUTHORITY OF N 5.00%</name>
        <lei>N/A</lei>
        <title>PORT AUTHORITY OF N 5.00%</title>
        <cusip>73358XRA2</cusip>
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          <isin value="US73358XRA27"/>
          <ticker value="PORTRN"/>
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        <balance>3750000</balance>
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        <curCd>USD</curCd>
        <valUSD>3867245.25</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHEMEKETA COMMUNITY 5.00%</name>
        <lei>N/A</lei>
        <title>CHEMEKETA COMMUNITY 5.00%</title>
        <cusip>163597JF5</cusip>
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          <isin value="US163597JF58"/>
          <ticker value="CHEHGR"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4210706.8</valUSD>
        <pctVal>0.1437133218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</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 SOMERVILLE 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SOMERVILLE 5.00%</title>
        <cusip>835241MV9</cusip>
        <identifiers>
          <isin value="US835241MV98"/>
          <ticker value="SMV"/>
        </identifiers>
        <balance>13230000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13311648.95</valUSD>
        <pctVal>0.4543325812</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>LOWER COLORADO RIVE 5.00%</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>LOWER COLORADO RIVE 5.00%</title>
        <cusip>54811BS44</cusip>
        <identifiers>
          <isin value="US54811BS443"/>
          <ticker value="LWCGEN"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2613970.75</valUSD>
        <pctVal>0.0892160004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</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>DISTRICT OF COLUMBIA VAR</name>
        <lei>N/A</lei>
        <title>DISTRICT OF COLUMBIA VAR</title>
        <cusip>25477PQG3</cusip>
        <identifiers>
          <isin value="US25477PQG36"/>
          <ticker value="DISMFH"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2499680.5</valUSD>
        <pctVal>0.0853152226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.8749996</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>544525Z92</cusip>
        <identifiers>
          <isin value="US544525Z920"/>
          <ticker value="LOSUTL"/>
        </identifiers>
        <balance>6630000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6930767.3</valUSD>
        <pctVal>0.2365502132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LANSING SCHOOL DIST 5.00%</name>
        <lei>N/A</lei>
        <title>LANSING SCHOOL DIST 5.00%</title>
        <cusip>516444VD5</cusip>
        <identifiers>
          <isin value="US516444VD58"/>
          <ticker value="LANSCD"/>
        </identifiers>
        <balance>345000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>353868.6</valUSD>
        <pctVal>0.0120776949</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OHIO HOUSING FIN. AGE VAR</name>
        <lei>549300K10X7VPG6JVX38</lei>
        <title>OHIO HOUSING FIN. AGE VAR</title>
        <cusip>676900YQ0</cusip>
        <identifiers>
          <isin value="US676900YQ00"/>
          <ticker value="OHSMFH"/>
        </identifiers>
        <balance>900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>888803.82</valUSD>
        <pctVal>0.0303352752</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>Variable</couponKind>
          <annualizedRt>2.6799984</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>KOOTENAI COUNTY SCH 4.00%</name>
        <lei>N/A</lei>
        <title>KOOTENAI COUNTY SCH 4.00%</title>
        <cusip>500548GK2</cusip>
        <identifiers>
          <isin value="US500548GK24"/>
          <ticker value="KOOSCD"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3039244.8</valUSD>
        <pctVal>0.1037307955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAIN STREET NATURAL G VAR</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>MAIN STREET NATURAL G VAR</title>
        <cusip>56035DEE8</cusip>
        <identifiers>
          <isin value="US56035DEE85"/>
          <ticker value="MAIUTL"/>
        </identifiers>
        <balance>34565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>36063565.58</valUSD>
        <pctVal>1.2308657551</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>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>COUNTY OF FORT BEND 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF FORT BEND 5.00%</title>
        <cusip>346766W38</cusip>
        <identifiers>
          <isin value="US346766W380"/>
          <ticker value="FOR"/>
        </identifiers>
        <balance>1535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1567823.06</valUSD>
        <pctVal>0.0535105080</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>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>HIDALGO COUNTY DRAI 5.00%</name>
        <lei>N/A</lei>
        <title>HIDALGO COUNTY DRAI 5.00%</title>
        <cusip>429335PJ5</cusip>
        <identifiers>
          <isin value="US429335PJ58"/>
          <ticker value="HIDUTL"/>
        </identifiers>
        <balance>1560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1611868.6</valUSD>
        <pctVal>0.0550138021</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>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>WEST VIRGINIA HOUSI 3.55%</name>
        <lei>N/A</lei>
        <title>WEST VIRGINIA HOUSI 3.55%</title>
        <cusip>95662NLR7</cusip>
        <identifiers>
          <isin value="US95662NLR79"/>
          <ticker value="WVSSFH"/>
        </identifiers>
        <balance>475000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>475878.04</valUSD>
        <pctVal>0.0162419321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.55</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 HOUS 3.625%</name>
        <lei>N/A</lei>
        <title>NEW HAMPSHIRE HOUS 3.625%</title>
        <cusip>64469MRK9</cusip>
        <identifiers>
          <isin value="US64469MRK98"/>
          <ticker value="NHSHSG"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000000</valUSD>
        <pctVal>0.0341304509</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>3.625</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>INDIANA FIN. AUTHORIT VAR</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>INDIANA FIN. AUTHORIT VAR</title>
        <cusip>455054BH8</cusip>
        <identifiers>
          <isin value="US455054BH84"/>
          <ticker value="INSENV"/>
        </identifiers>
        <balance>5750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5785770.75</valUSD>
        <pctVal>0.1974709646</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>Variable</couponKind>
          <annualizedRt>3.7500012</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 MUNICIPAL VAR</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIPAL VAR</title>
        <cusip>130483KM1</cusip>
        <identifiers>
          <isin value="US130483KM11"/>
          <ticker value="CASMFH"/>
        </identifiers>
        <balance>2280000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2281013.69</valUSD>
        <pctVal>0.0778520258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.9499984</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>WYOMING COMMUNITY D 3.05%</name>
        <lei>549300UQ62NB8FGTHW65</lei>
        <title>WYOMING COMMUNITY D 3.05%</title>
        <cusip>98322QC54</cusip>
        <identifiers>
          <isin value="US98322QC540"/>
          <ticker value="WYSHSG"/>
        </identifiers>
        <balance>1030000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1031288.12</valUSD>
        <pctVal>0.0351983286</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>3.05</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>MINNESOTA HOUSING F 2.60%</name>
        <lei>549300R89XDTQBK4GE22</lei>
        <title>MINNESOTA HOUSING F 2.60%</title>
        <cusip>60416UF67</cusip>
        <identifiers>
          <isin value="US60416UF671"/>
          <ticker value="MNSHSG"/>
        </identifiers>
        <balance>2780000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2764790.06</valUSD>
        <pctVal>0.0943635314</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>2.6</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>ILLINOIS FIN. AUTHO 2.70%</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>ILLINOIS FIN. AUTHO 2.70%</title>
        <cusip>45203UAK9</cusip>
        <identifiers>
          <isin value="US45203UAK97"/>
        </identifiers>
        <balance>12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12000073.2</valUSD>
        <pctVal>0.4095679094</pctVal>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF AUSTIN TX A 5.00%</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>CITY OF AUSTIN TX A 5.00%</title>
        <cusip>052398HY3</cusip>
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          <isin value="US052398HY38"/>
          <ticker value="AUSAPT"/>
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        <curCd>USD</curCd>
        <valUSD>911451.87</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
        <cusip>34074HHS4</cusip>
        <identifiers>
          <isin value="US34074HHS40"/>
          <ticker value="FLSMFH"/>
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        <balance>9325000</balance>
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        <curCd>USD</curCd>
        <valUSD>9332934.64</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>2044-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.2000004</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOUISIANA STATE CIT 5.00%</name>
        <lei>N/A</lei>
        <title>LOUISIANA STATE CIT 5.00%</title>
        <cusip>546456EF7</cusip>
        <identifiers>
          <isin value="US546456EF75"/>
          <ticker value="LASGEN"/>
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        <balance>14700000</balance>
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        <curCd>USD</curCd>
        <valUSD>14754639.9</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>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PORT OF PORTLAND OR 5.00%</name>
        <lei>549300BRH7XZ3ZK0DS46</lei>
        <title>PORT OF PORTLAND OR 5.00%</title>
        <cusip>735240V75</cusip>
        <identifiers>
          <isin value="US735240V759"/>
          <ticker value="PTPAPT"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1025557.1</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF AUSTIN TX A 5.00%</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>CITY OF AUSTIN TX A 5.00%</title>
        <cusip>052398JA3</cusip>
        <identifiers>
          <isin value="US052398JA34"/>
          <ticker value="AUSAPT"/>
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        <balance>1525000</balance>
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        <curCd>USD</curCd>
        <valUSD>1600884.92</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>544525Z84</cusip>
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          <isin value="US544525Z847"/>
          <ticker value="LOSUTL"/>
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        <balance>2675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2753395.42</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</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>
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      <invstOrSec>
        <name>MAIN STREET NATURAL G VAR</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>MAIN STREET NATURAL G VAR</title>
        <cusip>56035DCZ3</cusip>
        <identifiers>
          <isin value="US56035DCZ33"/>
          <ticker value="MAIUTL"/>
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        <balance>11045000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11156064.1</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>2052-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.9999996</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JPMORGAN CHASE &amp; CO FRN</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE &amp; CO FRN</title>
        <cusip>46647PCQ7</cusip>
        <identifiers>
          <isin value="US46647PCQ72"/>
          <ticker value="JPM"/>
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        <balance>11400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11405898.82</valUSD>
        <pctVal>0.3892884699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3936416</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>JOHNSON CITY HEALTH &amp; VAR</name>
        <lei>N/A</lei>
        <title>JOHNSON CITY HEALTH &amp; VAR</title>
        <cusip>47827TAD0</cusip>
        <identifiers>
          <isin value="US47827TAD00"/>
          <ticker value="JOHMED"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3014332.8</valUSD>
        <pctVal>0.1028805377</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>Variable</couponKind>
          <annualizedRt>3.6</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>CARMAX AUTO OWNER T 4.92%</name>
        <lei>N/A</lei>
        <title>CARMAX AUTO OWNER T 4.92%</title>
        <cusip>14318WAD9</cusip>
        <identifiers>
          <isin value="US14318WAD92"/>
          <ticker value="CARMX"/>
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        <balance>732422.29</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>736501.44</valUSD>
        <pctVal>0.0251371263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.92</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY PUBLIC SCHO 4.00%</name>
        <lei>N/A</lei>
        <title>LIBERTY PUBLIC SCHO 4.00%</title>
        <cusip>18347AKS9</cusip>
        <identifiers>
          <isin value="US18347AKS95"/>
          <ticker value="CLASCD"/>
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        <balance>2150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2209246.69</valUSD>
        <pctVal>0.0754025857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COUNTY OF BROWARD F 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF BROWARD F 5.00%</title>
        <cusip>11506KHD6</cusip>
        <identifiers>
          <isin value="US11506KHD63"/>
          <ticker value="BROTRN"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1007881.8</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORD CREDIT AUTO LE 5.05%</name>
        <lei>N/A</lei>
        <title>FORD CREDIT AUTO LE 5.05%</title>
        <cusip>345290AE0</cusip>
        <identifiers>
          <isin value="US345290AE02"/>
          <ticker value="FORDL"/>
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        <balance>1000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1001311.3</valUSD>
        <pctVal>0.0341752062</pctVal>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.05</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PENNSYLVANIA ECONOM 5.00%</name>
        <lei>N/A</lei>
        <title>PENNSYLVANIA ECONOM 5.00%</title>
        <cusip>70870JHC5</cusip>
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          <isin value="US70870JHC53"/>
          <ticker value="PASMED"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
        <valUSD>3641596.7</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>SOUTHEAST ENERGY AU 5.00%</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AU 5.00%</title>
        <cusip>84136HCR2</cusip>
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          <isin value="US84136HCR21"/>
          <ticker value="SEEPWR"/>
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        <balance>5000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5195941</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WAYNE TOWNSHIP SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>WAYNE TOWNSHIP SCHO 5.00%</title>
        <cusip>946363UD8</cusip>
        <identifiers>
          <isin value="US946363UD89"/>
          <ticker value="WAYEDU"/>
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        <balance>1155000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1162254.32</valUSD>
        <pctVal>0.0396682640</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OKLAHOMA COUNTY IND 3.25%</name>
        <lei>N/A</lei>
        <title>OKLAHOMA COUNTY IND 3.25%</title>
        <cusip>678705TN4</cusip>
        <identifiers>
          <isin value="US678705TN45"/>
          <ticker value="OKSSCD"/>
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        <balance>17375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17436067.91</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN WASHIN 5.00%</name>
        <lei>7HERAVJJLN8J1DZ6AZ19</lei>
        <title>METROPOLITAN WASHIN 5.00%</title>
        <cusip>592647NJ6</cusip>
        <identifiers>
          <isin value="US592647NJ66"/>
          <ticker value="METAPT"/>
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        <balance>550000</balance>
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        <curCd>USD</curCd>
        <valUSD>567195.2</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</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>
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          <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>523494SK9</cusip>
        <identifiers>
          <isin value="US523494SK91"/>
          <ticker value="LEEEDU"/>
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        <balance>5350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5633003.77</valUSD>
        <pctVal>0.1922569587</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</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF MILWAUKEE W 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF MILWAUKEE W 5.00%</title>
        <cusip>602366YK6</cusip>
        <identifiers>
          <isin value="US602366YK66"/>
          <ticker value="MLW"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2608265.5</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SPRINGFIELD SCHOOL 5.50%</name>
        <lei>N/A</lei>
        <title>SPRINGFIELD SCHOOL 5.50%</title>
        <cusip>851035VN2</cusip>
        <identifiers>
          <isin value="US851035VN29"/>
          <ticker value="SPRSCD"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4214858</valUSD>
        <pctVal>0.1438550041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</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>
        <name>NEW MEXICO MTGE. FIN. VAR</name>
        <lei>N/A</lei>
        <title>NEW MEXICO MTGE. FIN. VAR</title>
        <cusip>64720AAC6</cusip>
        <identifiers>
          <isin value="US64720AAC62"/>
          <ticker value="NMSHSG"/>
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        <balance>9110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9111479.46</valUSD>
        <pctVal>0.3109789025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-09-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.9999988</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COUNTY OF BROWARD F 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF BROWARD F 5.00%</title>
        <cusip>11506KHE4</cusip>
        <identifiers>
          <isin value="US11506KHE47"/>
          <ticker value="BROTRN"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1025495.9</valUSD>
        <pctVal>0.0350006375</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>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 JERSEY HOUSING 2.95%</name>
        <lei>5493002ONULJL0FIGU24</lei>
        <title>NEW JERSEY HOUSING 2.95%</title>
        <cusip>64610ABF1</cusip>
        <identifiers>
          <isin value="US64610ABF12"/>
          <ticker value="NJSMFH"/>
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        <balance>6875000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6866663.38</valUSD>
        <pctVal>0.2343623175</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>2.95</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>COUNTY OF BROWARD F 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF BROWARD F 5.00%</title>
        <cusip>11506KHF1</cusip>
        <identifiers>
          <isin value="US11506KHF12"/>
          <ticker value="BROTRN"/>
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        <balance>2125000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2206201.78</valUSD>
        <pctVal>0.0752986616</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</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>
        <name>CITY OF YUMA AZ 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF YUMA AZ 5.00%</title>
        <cusip>98851WBR3</cusip>
        <identifiers>
          <isin value="US98851WBR34"/>
          <ticker value="YUMGEN"/>
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        <balance>865000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>870358.42</valUSD>
        <pctVal>0.0297057253</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>
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      <invstOrSec>
        <name>PARISH OF LIVINGSTO 5.00%</name>
        <lei>N/A</lei>
        <title>PARISH OF LIVINGSTO 5.00%</title>
        <cusip>53880CAC1</cusip>
        <identifiers>
          <isin value="US53880CAC10"/>
          <ticker value="LVNGEN"/>
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        <balance>5835000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6149702.56</valUSD>
        <pctVal>0.2098921214</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>
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      <invstOrSec>
        <name>NEW JERSEY HOUSING 2.90%</name>
        <lei>5493002ONULJL0FIGU24</lei>
        <title>NEW JERSEY HOUSING 2.90%</title>
        <cusip>6461087M6</cusip>
        <identifiers>
          <isin value="US6461087M63"/>
          <ticker value="NJSMFH"/>
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        <balance>3750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3731448.38</valUSD>
        <pctVal>0.1273560158</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>2.9</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>COUNTY OF FORT BEND 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF FORT BEND 5.00%</title>
        <cusip>346766Z68</cusip>
        <identifiers>
          <isin value="US346766Z680"/>
          <ticker value="FOR"/>
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        <balance>3550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3708533.42</valUSD>
        <pctVal>0.1265739179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COUNTY OF FORT BEND 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF FORT BEND 5.00%</title>
        <cusip>346766T99</cusip>
        <identifiers>
          <isin value="US346766T998"/>
          <ticker value="FOR"/>
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        <balance>865000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>903297.88</valUSD>
        <pctVal>0.0308299640</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF AUSTIN TX 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF AUSTIN TX 5.00%</title>
        <cusip>0523973D6</cusip>
        <identifiers>
          <isin value="US0523973D64"/>
          <ticker value="AUS"/>
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        <balance>4000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4140360</valUSD>
        <pctVal>0.1413123538</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>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LANCASTER INDEPENDE 5.00%</name>
        <lei>N/A</lei>
        <title>LANCASTER INDEPENDE 5.00%</title>
        <cusip>514462T59</cusip>
        <identifiers>
          <isin value="US514462T594"/>
          <ticker value="LANSCD"/>
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        <balance>980000</balance>
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        <curCd>USD</curCd>
        <valUSD>999945.06</valUSD>
        <pctVal>0.0341285758</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TARRANT COUNTY CULT 5.00%</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>TARRANT COUNTY CULT 5.00%</title>
        <cusip>87638QUJ6</cusip>
        <identifiers>
          <isin value="US87638QUJ65"/>
          <ticker value="TAREDU"/>
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        <balance>870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>899665.35</valUSD>
        <pctVal>0.0307059841</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARYLAND HEALTH &amp; H 5.00%</name>
        <lei>N/A</lei>
        <title>MARYLAND HEALTH &amp; H 5.00%</title>
        <cusip>57421CNX8</cusip>
        <identifiers>
          <isin value="US57421CNX82"/>
          <ticker value="MDSMED"/>
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        <balance>1035000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1088419.46</valUSD>
        <pctVal>0.0371482470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-15</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>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN STATE HOSP 5.00%</title>
        <cusip>59465HXQ4</cusip>
        <identifiers>
          <isin value="US59465HXQ46"/>
          <ticker value="MISMED"/>
        </identifiers>
        <balance>340000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>348666.02</valUSD>
        <pctVal>0.0119001285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</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>PMA LEVY &amp; AID ANTI 5.00%</name>
        <lei>N/A</lei>
        <title>PMA LEVY &amp; AID ANTI 5.00%</title>
        <cusip>730146DP9</cusip>
        <identifiers>
          <isin value="US730146DP96"/>
          <ticker value="PMANTS"/>
        </identifiers>
        <balance>1430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1437275.41</valUSD>
        <pctVal>0.0490548578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-25</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>SPARTA AREA SCHOOLS 5.00%</name>
        <lei>N/A</lei>
        <title>SPARTA AREA SCHOOLS 5.00%</title>
        <cusip>846625NW7</cusip>
        <identifiers>
          <isin value="US846625NW73"/>
          <ticker value="SPASCD"/>
        </identifiers>
        <balance>260000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>272280.03</valUSD>
        <pctVal>0.0092930402</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>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
        <cusip>34074HHF2</cusip>
        <identifiers>
          <isin value="US34074HHF29"/>
          <ticker value="FLSMFH"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3020019.9</valUSD>
        <pctVal>0.1030746410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2058-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.4999992</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>DECATUR TOWNSHIP MU 5.00%</name>
        <lei>N/A</lei>
        <title>DECATUR TOWNSHIP MU 5.00%</title>
        <cusip>243360JB1</cusip>
        <identifiers>
          <isin value="US243360JB16"/>
          <ticker value="DECEDU"/>
        </identifiers>
        <balance>1385000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1423576.27</valUSD>
        <pctVal>0.0485873000</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>NOBLESVILLE SCHOOLS 6.00%</name>
        <lei>N/A</lei>
        <title>NOBLESVILLE SCHOOLS 6.00%</title>
        <cusip>655165DN5</cusip>
        <identifiers>
          <isin value="US655165DN51"/>
          <ticker value="NOBSCD"/>
        </identifiers>
        <balance>1635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1752673.24</valUSD>
        <pctVal>0.0598195280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>CHICAGO MIDWAY INTL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CHICAGO MIDWAY INTL 5.00%</title>
        <cusip>167562UL9</cusip>
        <identifiers>
          <isin value="US167562UL99"/>
          <ticker value="CHIAPT"/>
        </identifiers>
        <balance>3615000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3669944.75</valUSD>
        <pctVal>0.1252568692</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIPPECANOE SCHOOL C 5.00%</name>
        <lei>N/A</lei>
        <title>TIPPECANOE SCHOOL C 5.00%</title>
        <cusip>887870FM0</cusip>
        <identifiers>
          <isin value="US887870FM06"/>
          <ticker value="TIPSCD"/>
        </identifiers>
        <balance>1635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1663294.98</valUSD>
        <pctVal>0.0567690077</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>
        </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>45528VHB8</cusip>
        <identifiers>
          <isin value="US45528VHB80"/>
          <ticker value="INPBBK"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2546437.75</valUSD>
        <pctVal>0.0869110686</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN STATE HOSP 5.00%</title>
        <cusip>59465HXS0</cusip>
        <identifiers>
          <isin value="US59465HXS02"/>
          <ticker value="MISMED"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>531173.4</valUSD>
        <pctVal>0.0181291877</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORT WAYNE COMMUNIT 5.00%</name>
        <lei>N/A</lei>
        <title>FORT WAYNE COMMUNIT 5.00%</title>
        <cusip>349244HK2</cusip>
        <identifiers>
          <isin value="US349244HK22"/>
          <ticker value="FORSCD"/>
        </identifiers>
        <balance>725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>753588.78</valUSD>
        <pctVal>0.0257203249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</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>ST CHARLES COUNTY P 5.00%</name>
        <lei>54930038VJHZW7PR1R14</lei>
        <title>ST CHARLES COUNTY P 5.00%</title>
        <cusip>78764YFQ5</cusip>
        <identifiers>
          <isin value="US78764YFQ52"/>
          <ticker value="STSWTR"/>
        </identifiers>
        <balance>765000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>793699.05</valUSD>
        <pctVal>0.0270893065</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>CALIFORNIA MUNICIP 5.425%</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CALIFORNIA MUNICIP 5.425%</title>
        <cusip>13048V5N4</cusip>
        <identifiers>
          <isin value="US13048V5N41"/>
          <ticker value="CASFIN"/>
        </identifiers>
        <balance>350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>348788.13</valUSD>
        <pctVal>0.0119042962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.425</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 PIMA AZ 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF PIMA AZ 5.00%</title>
        <cusip>721664KP4</cusip>
        <identifiers>
          <isin value="US721664KP49"/>
          <ticker value="PIMCTF"/>
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        <balance>2860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2968338.23</valUSD>
        <pctVal>0.1013107223</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHOOL BOARD OF MIA 5.00%</name>
        <lei>N/A</lei>
        <title>SCHOOL BOARD OF MIA 5.00%</title>
        <cusip>59333MW76</cusip>
        <identifiers>
          <isin value="US59333MW764"/>
          <ticker value="MIAEDU"/>
        </identifiers>
        <balance>8840000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9071166.88</valUSD>
        <pctVal>0.3096030160</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WYANDOTTE COUNTY-KA 4.00%</name>
        <lei>N/A</lei>
        <title>WYANDOTTE COUNTY-KA 4.00%</title>
        <cusip>98267ADF3</cusip>
        <identifiers>
          <isin value="US98267ADF30"/>
          <ticker value="WYAGEN"/>
        </identifiers>
        <balance>2065000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2103874.86</valUSD>
        <pctVal>0.0718061977</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>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>COUNTY OF LUZERNE P 5.00%</name>
        <lei>5493001Z1Y4QDISEER29</lei>
        <title>COUNTY OF LUZERNE P 5.00%</title>
        <cusip>550697WQ5</cusip>
        <identifiers>
          <isin value="US550697WQ55"/>
          <ticker value="LUZ"/>
        </identifiers>
        <balance>2380000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2447022.47</valUSD>
        <pctVal>0.0835179803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</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>ROANOKE ECONOMIC DE 5.00%</name>
        <lei>549300P5QQORJY0U4T83</lei>
        <title>ROANOKE ECONOMIC DE 5.00%</title>
        <cusip>770082CE3</cusip>
        <identifiers>
          <isin value="US770082CE35"/>
          <ticker value="ROADEV"/>
        </identifiers>
        <balance>1010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1015666.5</valUSD>
        <pctVal>0.0346651556</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>CHICAGO MIDWAY INTL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
        <title>CHICAGO MIDWAY INTL 5.00%</title>
        <cusip>167562UM7</cusip>
        <identifiers>
          <isin value="US167562UM72"/>
          <ticker value="CHIAPT"/>
        </identifiers>
        <balance>1565000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1619199.71</valUSD>
        <pctVal>0.0552640162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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>45204FTD7</cusip>
        <identifiers>
          <isin value="US45204FTD77"/>
          <ticker value="ILSGEN"/>
        </identifiers>
        <balance>1490000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1523166.66</valUSD>
        <pctVal>0.0519863649</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-15</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>FLORIDA HOUSING FIN. VAR</name>
        <lei>549300W0PCIJCI0JCF10</lei>
        <title>FLORIDA HOUSING FIN. VAR</title>
        <cusip>34074HHY1</cusip>
        <identifiers>
          <isin value="US34074HHY18"/>
          <ticker value="FLSMFH"/>
        </identifiers>
        <balance>7750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7760375.7</valUSD>
        <pctVal>0.2648651220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15</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 OHIO 5.00%</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>STATE OF OHIO 5.00%</title>
        <cusip>677523RG9</cusip>
        <identifiers>
          <isin value="US677523RG97"/>
          <ticker value="OHS"/>
        </identifiers>
        <balance>5245000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5512246.91</valUSD>
        <pctVal>0.1881354726</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK CITY TRANS 5.00%</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>NEW YORK CITY TRANS 5.00%</title>
        <cusip>64972JA99</cusip>
        <identifiers>
          <isin value="US64972JA996"/>
          <ticker value="NYCGEN"/>
        </identifiers>
        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2349562.28</valUSD>
        <pctVal>0.0801916201</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>WEST VIRGINIA HOUSING VAR</name>
        <lei>N/A</lei>
        <title>WEST VIRGINIA HOUSING VAR</title>
        <cusip>956629AK5</cusip>
        <identifiers>
          <isin value="US956629AK59"/>
          <ticker value="WVSMFH"/>
        </identifiers>
        <balance>3300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3291784.32</valUSD>
        <pctVal>0.1123500832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.8749996</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 HAYS TX 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF HAYS TX 5.00%</title>
        <cusip>4210202G2</cusip>
        <identifiers>
          <isin value="US4210202G23"/>
          <ticker value="HAY"/>
        </identifiers>
        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>417313.2</valUSD>
        <pctVal>0.0142430877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</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>COUNTY OF ECTOR TX 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF ECTOR TX 5.00%</title>
        <cusip>279245KA1</cusip>
        <identifiers>
          <isin value="US279245KA19"/>
          <ticker value="ECT"/>
        </identifiers>
        <balance>3105000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3169547.05</valUSD>
        <pctVal>0.1081780700</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>CUMBERLAND COUNTY IND VAR</name>
        <lei>N/A</lei>
        <title>CUMBERLAND COUNTY IND VAR</title>
        <cusip>230589AB9</cusip>
        <identifiers>
          <isin value="US230589AB90"/>
          <ticker value="CUMPOL"/>
        </identifiers>
        <balance>20500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>20502111.5</valUSD>
        <pctVal>0.6997463103</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>Variable</couponKind>
          <annualizedRt>3.1250016</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 INFRA. &amp; E VAR</name>
        <lei>549300C1OG9RDIM8ET06</lei>
        <title>CALIFORNIA INFRA. &amp; E VAR</title>
        <cusip>13034A7F1</cusip>
        <identifiers>
          <isin value="US13034A7F19"/>
          <ticker value="CASDEV"/>
        </identifiers>
        <balance>30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30014157</valUSD>
        <pctVal>1.0243967124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.4999992</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>KANE COUNTY COMMUNI 5.00%</name>
        <lei>N/A</lei>
        <title>KANE COUNTY COMMUNI 5.00%</title>
        <cusip>484026NQ8</cusip>
        <identifiers>
          <isin value="US484026NQ84"/>
          <ticker value="KANSCD"/>
        </identifiers>
        <balance>2725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2836395.28</valUSD>
        <pctVal>0.0968074499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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 CITY TRANS 5.00%</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>NEW YORK CITY TRANS 5.00%</title>
        <cusip>64972JB23</cusip>
        <identifiers>
          <isin value="US64972JB234"/>
          <ticker value="NYCGEN"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2662221</valUSD>
        <pctVal>0.0908628032</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>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 HAYS TX 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF HAYS TX 5.00%</title>
        <cusip>421020Y44</cusip>
        <identifiers>
          <isin value="US421020Y444"/>
          <ticker value="HAY"/>
        </identifiers>
        <balance>635000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>674507.03</valUSD>
        <pctVal>0.0230212291</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>AMERICAN MUNICIPAL 5.00%</name>
        <lei>EARKGGZJJEMVD66XQ486</lei>
        <title>AMERICAN MUNICIPAL 5.00%</title>
        <cusip>02765URP1</cusip>
        <identifiers>
          <isin value="US02765URP11"/>
          <ticker value="AMEPWR"/>
        </identifiers>
        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10395387</valUSD>
        <pctVal>0.3547992458</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</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>NEW ALBANY-FLOYD CO 5.00%</name>
        <lei>N/A</lei>
        <title>NEW ALBANY-FLOYD CO 5.00%</title>
        <cusip>641667SA9</cusip>
        <identifiers>
          <isin value="US641667SA94"/>
          <ticker value="NEWEDU"/>
        </identifiers>
        <balance>1725000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1773710.72</valUSD>
        <pctVal>0.0605375467</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>SNOHOMISH COUNTY SC 5.00%</name>
        <lei>N/A</lei>
        <title>SNOHOMISH COUNTY SC 5.00%</title>
        <cusip>833221WY6</cusip>
        <identifiers>
          <isin value="US833221WY68"/>
          <ticker value="SNOSCD"/>
        </identifiers>
        <balance>2525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2566963.99</valUSD>
        <pctVal>0.0876116385</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>
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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>KENTUCKY STATE PROP 5.00%</name>
        <lei>N/A</lei>
        <title>KENTUCKY STATE PROP 5.00%</title>
        <cusip>49151F5Y2</cusip>
        <identifiers>
          <isin value="US49151F5Y25"/>
          <ticker value="KYSFAC"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3167546.1</valUSD>
        <pctVal>0.1081097767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITY OF SAN ANTONIO 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF SAN ANTONIO 5.00%</title>
        <cusip>79625GMH3</cusip>
        <identifiers>
          <isin value="US79625GMH38"/>
          <ticker value="SANUTL"/>
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        <balance>8200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8547836.62</valUSD>
        <pctVal>0.2917415182</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF GLENDALE AZ 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF GLENDALE AZ 5.00%</title>
        <cusip>378352RY6</cusip>
        <identifiers>
          <isin value="US378352RY62"/>
          <ticker value="GLEUTL"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3018204.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF GARLAND TX 5.00%</name>
        <lei>549300O5KXJ5HAWVEN53</lei>
        <title>CITY OF GARLAND TX 5.00%</title>
        <cusip>366120FR9</cusip>
        <identifiers>
          <isin value="US366120FR95"/>
          <ticker value="GAR"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1020264.9</valUSD>
        <pctVal>0.0348221011</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>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF SANTA BAR 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF SANTA BAR 5.00%</title>
        <cusip>80136PCL5</cusip>
        <identifiers>
          <isin value="US80136PCL58"/>
          <ticker value="SBBCTF"/>
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        <balance>1195000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1233738.08</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF LOS ANGELES 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF LOS ANGELES 5.00%</title>
        <cusip>544445XR5</cusip>
        <identifiers>
          <isin value="US544445XR51"/>
          <ticker value="LOSAPT"/>
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        <balance>4530000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4731285.57</valUSD>
        <pctVal>0.1614809099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</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>
        <name>WAYNE COUNTY AIRPOR 5.00%</name>
        <lei>N/A</lei>
        <title>WAYNE COUNTY AIRPOR 5.00%</title>
        <cusip>9445142S6</cusip>
        <identifiers>
          <isin value="US9445142S60"/>
          <ticker value="WAYAPT"/>
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        <balance>7750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8133335.15</valUSD>
        <pctVal>0.2775943962</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>
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      <invstOrSec>
        <name>USF FINC. CORP 5.00%</name>
        <lei>549300P9Y92T23EMUI42</lei>
        <title>USF FINC. CORP 5.00%</title>
        <cusip>90343SBL8</cusip>
        <identifiers>
          <isin value="US90343SBL88"/>
          <ticker value="USFFIN"/>
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        <balance>1135000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1191554.44</valUSD>
        <pctVal>0.0406682903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HUMBLE INDEPENDENT 5.00%</name>
        <lei>N/A</lei>
        <title>HUMBLE INDEPENDENT 5.00%</title>
        <cusip>445047QE6</cusip>
        <identifiers>
          <isin value="US445047QE65"/>
          <ticker value="HUMSCD"/>
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        <balance>2040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2168183.81</valUSD>
        <pctVal>0.0740010911</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF HOUSTON TX 5.00%</name>
        <lei>549300C64URYS0WQQY42</lei>
        <title>CITY OF HOUSTON TX 5.00%</title>
        <cusip>442349JA5</cusip>
        <identifiers>
          <isin value="US442349JA52"/>
          <ticker value="HOUAPT"/>
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        <balance>1500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1561985.85</valUSD>
        <pctVal>0.0533112814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SOUTH DAKOTA HEALTH 5.00%</name>
        <lei>549300ZW6LKR8UI2C378</lei>
        <title>SOUTH DAKOTA HEALTH 5.00%</title>
        <cusip>83755VZ72</cusip>
        <identifiers>
          <isin value="US83755VZ721"/>
          <ticker value="SDSMED"/>
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        <balance>1075000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1107688.49</valUSD>
        <pctVal>0.0378059076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GRAND RAPIDS PUBLIC 5.00%</name>
        <lei>N/A</lei>
        <title>GRAND RAPIDS PUBLIC 5.00%</title>
        <cusip>386280SS1</cusip>
        <identifiers>
          <isin value="US386280SS10"/>
          <ticker value="GRASCD"/>
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        <balance>3965000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4061350.29</valUSD>
        <pctVal>0.1386157167</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ILLINOIS HOUSING DEV. VAR</name>
        <lei>54930053Z6M9JVHBQZ16</lei>
        <title>ILLINOIS HOUSING DEV. VAR</title>
        <cusip>45203LFV0</cusip>
        <identifiers>
          <isin value="US45203LFV09"/>
          <ticker value="ILSMFH"/>
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        <balance>1750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1742633.03</valUSD>
        <pctVal>0.0594768511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.8000008</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KANSAS DEV. FIN. AUTH VAR</name>
        <lei>549300WTL7BL8KBDPR87</lei>
        <title>KANSAS DEV. FIN. AUTH VAR</title>
        <cusip>48542AFH9</cusip>
        <identifiers>
          <isin value="US48542AFH95"/>
          <ticker value="KSSMED"/>
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        <balance>4130000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4353780.75</valUSD>
        <pctVal>0.1485965002</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>STATE OF TEXAS 5.00%</name>
        <lei>549300X9CH74QB747L76</lei>
        <title>STATE OF TEXAS 5.00%</title>
        <cusip>882725CS1</cusip>
        <identifiers>
          <isin value="US882725CS19"/>
          <ticker value="TXS"/>
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        <balance>7000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7409028.2</valUSD>
        <pctVal>0.2528734734</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>
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      </invstOrSec>
      <invstOrSec>
        <name>TARRANT COUNTY CULT 5.00%</name>
        <lei>549300ROY505NVTMMI25</lei>
        <title>TARRANT COUNTY CULT 5.00%</title>
        <cusip>87638QTM1</cusip>
        <identifiers>
          <isin value="US87638QTM14"/>
          <ticker value="TAREDU"/>
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        <balance>2150000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2276504.71</valUSD>
        <pctVal>0.0776981323</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>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 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"/>
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        <balance>655000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>695751.35</valUSD>
        <pctVal>0.0237463073</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORT WAYNE COMMUNIT 5.00%</name>
        <lei>N/A</lei>
        <title>FORT WAYNE COMMUNIT 5.00%</title>
        <cusip>349244HM8</cusip>
        <identifiers>
          <isin value="US349244HM87"/>
          <ticker value="FORSCD"/>
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        <balance>400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>423579.16</valUSD>
        <pctVal>0.0144569477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-15</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>SARASOTA COUNTY SCH 5.00%</name>
        <lei>N/A</lei>
        <title>SARASOTA COUNTY SCH 5.00%</title>
        <cusip>80330QDE2</cusip>
        <identifiers>
          <isin value="US80330QDE26"/>
          <ticker value="SAREDU"/>
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        <balance>1375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1383201.05</valUSD>
        <pctVal>0.0472092756</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ALASKA HOUSING FIN. 5.00%</name>
        <lei>549300HJ8NOJNYW6ER36</lei>
        <title>ALASKA HOUSING FIN. 5.00%</title>
        <cusip>011839XJ1</cusip>
        <identifiers>
          <isin value="US011839XJ14"/>
          <ticker value="AKSHSG"/>
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        <balance>2605000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2673364.32</valUSD>
        <pctVal>0.0912431297</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>VIRGINIA RES. AUTHO 5.00%</name>
        <lei>N/A</lei>
        <title>VIRGINIA RES. AUTHO 5.00%</title>
        <cusip>92818PF81</cusip>
        <identifiers>
          <isin value="US92818PF811"/>
          <ticker value="VASDEV"/>
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        <balance>2095000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2176862.54</valUSD>
        <pctVal>0.0742973001</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>COUNTY OF DANE WI 5.00%</name>
        <lei>5493000I57K3U1SCHU17</lei>
        <title>COUNTY OF DANE WI 5.00%</title>
        <cusip>236092LR1</cusip>
        <identifiers>
          <isin value="US236092LR13"/>
          <ticker value="DAN"/>
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        <balance>4560000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4664738.18</valUSD>
        <pctVal>0.1592096175</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>PERRY TOWNSHIP SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>PERRY TOWNSHIP SCHO 5.00%</title>
        <cusip>715000CF0</cusip>
        <identifiers>
          <isin value="US715000CF04"/>
          <ticker value="PRYSCD"/>
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        <balance>1350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1358479.08</valUSD>
        <pctVal>0.0463655036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>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 AUSTIN TX A 5.00%</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
        <title>CITY OF AUSTIN TX A 5.00%</title>
        <cusip>052398HZ0</cusip>
        <identifiers>
          <isin value="US052398HZ03"/>
          <ticker value="AUSAPT"/>
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        <balance>1425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1471145.78</valUSD>
        <pctVal>0.0502108688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</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>TROY SCHOOL DISTRIC 5.00%</name>
        <lei>N/A</lei>
        <title>TROY SCHOOL DISTRIC 5.00%</title>
        <cusip>897404UE7</cusip>
        <identifiers>
          <isin value="US897404UE76"/>
          <ticker value="TROSCD"/>
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        <balance>1535000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1639961</valUSD>
        <pctVal>0.0559726084</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>MICHIGAN FIN. AUTH ADJ</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>MICHIGAN FIN. AUTH ADJ</title>
        <cusip>59447T3W1</cusip>
        <identifiers>
          <isin value="US59447T3W11"/>
          <ticker value="MISFIN"/>
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        <balance>15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14968707</valUSD>
        <pctVal>0.5108887196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.16999945</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 HAMPSHIRE HOUSI 3.80%</name>
        <lei>N/A</lei>
        <title>NEW HAMPSHIRE HOUSI 3.80%</title>
        <cusip>64469MQL8</cusip>
        <identifiers>
          <isin value="US64469MQL80"/>
          <ticker value="NHSHSG"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000583</valUSD>
        <pctVal>0.0341503490</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>3.8</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>CHICAGO TRANSIT AUT 5.00%</name>
        <lei>549300CB8XLRGIPN3E12</lei>
        <title>CHICAGO TRANSIT AUT 5.00%</title>
        <cusip>16772PDV5</cusip>
        <identifiers>
          <isin value="US16772PDV58"/>
          <ticker value="CHITRN"/>
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        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2331795.38</valUSD>
        <pctVal>0.0795852278</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DUPAGE COUNTY FORES 5.00%</name>
        <lei>N/A</lei>
        <title>DUPAGE COUNTY FORES 5.00%</title>
        <cusip>262651VH2</cusip>
        <identifiers>
          <isin value="US262651VH20"/>
          <ticker value="DUPFAC"/>
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        <balance>1600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1658420.32</valUSD>
        <pctVal>0.0566026333</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>
        <name>CITY OF JACKSONVILL 5.00%</name>
        <lei>549300XQE0JVN9WV0J40</lei>
        <title>CITY OF JACKSONVILL 5.00%</title>
        <cusip>469487QC9</cusip>
        <identifiers>
          <isin value="US469487QC98"/>
          <ticker value="JAC"/>
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        <balance>8650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8752211.86</valUSD>
        <pctVal>0.2987169373</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORROW COUNTY SCHOO 5.00%</name>
        <lei>N/A</lei>
        <title>MORROW COUNTY SCHOO 5.00%</title>
        <cusip>618890DD6</cusip>
        <identifiers>
          <isin value="US618890DD61"/>
          <ticker value="MORSCD"/>
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        <balance>1375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1416058.88</valUSD>
        <pctVal>0.0483307281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-15</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>
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      <invstOrSec>
        <name>MICHIGAN FIN. AUTHO 5.00%</name>
        <lei>N/A</lei>
        <title>MICHIGAN FIN. AUTHO 5.00%</title>
        <cusip>59447UAG5</cusip>
        <identifiers>
          <isin value="US59447UAG58"/>
          <ticker value="MISFIN"/>
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        <balance>2645000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2782067.6</valUSD>
        <pctVal>0.0949532217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STATE OF OHIO 5.00%</name>
        <lei>P35YK5QO6QSHOB2Y1B40</lei>
        <title>STATE OF OHIO 5.00%</title>
        <cusip>67756CGH5</cusip>
        <identifiers>
          <isin value="US67756CGH51"/>
          <ticker value="OHSMED"/>
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        <balance>2160000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2192981.69</valUSD>
        <pctVal>0.0748474539</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>
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      </invstOrSec>
      <invstOrSec>
        <name>COUNTY OF POLK FL 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF POLK FL 5.00%</title>
        <cusip>731124CD3</cusip>
        <identifiers>
          <isin value="US731124CD38"/>
          <ticker value="POKFAC"/>
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        <balance>795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>808153.99</valUSD>
        <pctVal>0.0275826601</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSITY OF OKLAH 5.00%</name>
        <lei>N/A</lei>
        <title>UNIVERSITY OF OKLAH 5.00%</title>
        <cusip>91476PD88</cusip>
        <identifiers>
          <isin value="US91476PD889"/>
          <ticker value="UNIHSG"/>
        </identifiers>
        <balance>375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>377274.6</valUSD>
        <pctVal>0.0128765522</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>HILLSBOROUGH COUNTY H VAR</name>
        <lei>5493003JJ1KK4FWWU787</lei>
        <title>HILLSBOROUGH COUNTY H VAR</title>
        <cusip>43232EDG1</cusip>
        <identifiers>
          <isin value="US43232EDG17"/>
          <ticker value="HILMFH"/>
        </identifiers>
        <balance>2605000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2608079.11</valUSD>
        <pctVal>0.0890149161</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>Variable</couponKind>
          <annualizedRt>3.1250016</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW MEXICO MTGE. FIN. VAR</name>
        <lei>N/A</lei>
        <title>NEW MEXICO MTGE. FIN. VAR</title>
        <cusip>64719HET3</cusip>
        <identifiers>
          <isin value="US64719HET32"/>
          <ticker value="NMSMFH"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1999930.2</valUSD>
        <pctVal>0.0682585195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.9199996</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>PALM BEACH COUNTY HOU VAR</name>
        <lei>N/A</lei>
        <title>PALM BEACH COUNTY HOU VAR</title>
        <cusip>69651MAT5</cusip>
        <identifiers>
          <isin value="US69651MAT53"/>
          <ticker value="PALMFH"/>
        </identifiers>
        <balance>1525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1501170.5</valUSD>
        <pctVal>0.0512356261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.9000016</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 STRAT. FUN 5.00%</name>
        <lei>N/A</lei>
        <title>MICHIGAN STRAT. FUN 5.00%</title>
        <cusip>594698TG7</cusip>
        <identifiers>
          <isin value="US594698TG75"/>
          <ticker value="MISGEN"/>
        </identifiers>
        <balance>3090000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3141353.95</valUSD>
        <pctVal>0.1072158268</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEXAS WATER DEV. BO 5.00%</name>
        <lei>N/A</lei>
        <title>TEXAS WATER DEV. BO 5.00%</title>
        <cusip>882854T77</cusip>
        <identifiers>
          <isin value="US882854T778"/>
          <ticker value="TXSWTR"/>
        </identifiers>
        <balance>3865000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3896306.89</valUSD>
        <pctVal>0.1329827111</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>STATE OF ILLINOIS 3.25%</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>STATE OF ILLINOIS 3.25%</title>
        <cusip>452152Q53</cusip>
        <identifiers>
          <isin value="US452152Q534"/>
          <ticker value="ILS"/>
        </identifiers>
        <balance>6855000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6872889.49</valUSD>
        <pctVal>0.2345748174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25</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>CARMEL CLAY SCHOOLS 5.00%</name>
        <lei>N/A</lei>
        <title>CARMEL CLAY SCHOOLS 5.00%</title>
        <cusip>143267GT3</cusip>
        <identifiers>
          <isin value="US143267GT31"/>
          <ticker value="CARSCD"/>
        </identifiers>
        <balance>2405000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2449274.61</valUSD>
        <pctVal>0.0835948469</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH WEST HENDRICK 5.00%</name>
        <lei>N/A</lei>
        <title>NORTH WEST HENDRICK 5.00%</title>
        <cusip>66328RDW3</cusip>
        <identifiers>
          <isin value="US66328RDW34"/>
          <ticker value="NHKSCD"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>730990.33</valUSD>
        <pctVal>0.0249490296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-15</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>WESTMORELAND COUNTY 5.00%</name>
        <lei>N/A</lei>
        <title>WESTMORELAND COUNTY 5.00%</title>
        <cusip>961017SL5</cusip>
        <identifiers>
          <isin value="US961017SL58"/>
          <ticker value="WESGEN"/>
        </identifiers>
        <balance>1830000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1884449.09</valUSD>
        <pctVal>0.0643170972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-15</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>UTICA COMMUNITY SCH 5.00%</name>
        <lei>N/A</lei>
        <title>UTICA COMMUNITY SCH 5.00%</title>
        <cusip>9176612N9</cusip>
        <identifiers>
          <isin value="US9176612N91"/>
          <ticker value="UTISCD"/>
        </identifiers>
        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1782056.96</valUSD>
        <pctVal>0.0608224076</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>
        </debtSec>
        <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"/>
        </identifiers>
        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1999470.2</valUSD>
        <pctVal>0.0682428195</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORTH CAROLINA TURN 5.00%</name>
        <lei>549300FCT1PN0GJGQ240</lei>
        <title>NORTH CAROLINA TURN 5.00%</title>
        <cusip>65830RBX6</cusip>
        <identifiers>
          <isin value="US65830RBX61"/>
          <ticker value="NCSTRN"/>
        </identifiers>
        <balance>2395000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2520042.95</valUSD>
        <pctVal>0.0860102022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-01-01</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>MANATEE COUNTY SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>MANATEE COUNTY SCHO 5.00%</title>
        <cusip>56185NHH4</cusip>
        <identifiers>
          <isin value="US56185NHH44"/>
          <ticker value="MANEDU"/>
        </identifiers>
        <balance>595000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>625118.6</valUSD>
        <pctVal>0.0213355797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEALTH &amp; EDUCATIONAL VAR</name>
        <lei>549300IWTBCMX5JB3277</lei>
        <title>HEALTH &amp; EDUCATIONAL VAR</title>
        <cusip>60637ATR3</cusip>
        <identifiers>
          <isin value="US60637ATR31"/>
          <ticker value="MOSMED"/>
        </identifiers>
        <balance>17500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18283042.75</valUSD>
        <pctVal>0.6240084933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</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>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>544532CS1</cusip>
        <identifiers>
          <isin value="US544532CS18"/>
          <ticker value="LOSUTL"/>
        </identifiers>
        <balance>6270000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6294246.72</valUSD>
        <pctVal>0.2148254788</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>SOUTHEAST ENERGY AUTH VAR</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AUTH VAR</title>
        <cusip>84136FBB2</cusip>
        <identifiers>
          <isin value="US84136FBB22"/>
          <ticker value="SEEPWR"/>
        </identifiers>
        <balance>10600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10981887.26</valUSD>
        <pctVal>0.3748167641</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>WEST VIRGINIA HOUSI 3.50%</name>
        <lei>N/A</lei>
        <title>WEST VIRGINIA HOUSI 3.50%</title>
        <cusip>95662NLQ9</cusip>
        <identifiers>
          <isin value="US95662NLQ96"/>
          <ticker value="WVSSFH"/>
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        <balance>500000</balance>
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        <curCd>USD</curCd>
        <valUSD>500121.1</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN TRANSP 5.00%</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>METROPOLITAN TRANSP 5.00%</title>
        <cusip>59261AWY9</cusip>
        <identifiers>
          <isin value="US59261AWY99"/>
          <ticker value="MTATRN"/>
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        <balance>2675000</balance>
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        <curCd>USD</curCd>
        <valUSD>2778421.92</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COLLIN COUNTY COMMU 5.00%</name>
        <lei>N/A</lei>
        <title>COLLIN COUNTY COMMU 5.00%</title>
        <cusip>194742FL1</cusip>
        <identifiers>
          <isin value="US194742FL12"/>
          <ticker value="CLNHGR"/>
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        <balance>5580000</balance>
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        <curCd>USD</curCd>
        <valUSD>5758238.03</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF CHICAGO IL 5.00%</name>
        <lei>T5UYO5SYLC8K73MJQX30</lei>
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        <cusip>167727YW0</cusip>
        <identifiers>
          <isin value="US167727YW03"/>
          <ticker value="CHIUTL"/>
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        <balance>2300000</balance>
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        <curCd>USD</curCd>
        <valUSD>2339796.9</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SOUTH DAKOTA HEALTH 5.00%</name>
        <lei>549300ZW6LKR8UI2C378</lei>
        <title>SOUTH DAKOTA HEALTH 5.00%</title>
        <cusip>83755VV27</cusip>
        <identifiers>
          <isin value="US83755VV274"/>
          <ticker value="SDSMED"/>
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        <balance>1165000</balance>
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        <curCd>USD</curCd>
        <valUSD>1225536.31</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CITY OF PHILADELPHI 5.00%</name>
        <lei>N/A</lei>
        <title>CITY OF PHILADELPHI 5.00%</title>
        <cusip>717817YH7</cusip>
        <identifiers>
          <isin value="US717817YH70"/>
          <ticker value="PHIAPT"/>
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        <balance>860000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>898401.32</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DEL VALLE INDEPENDE 5.00%</name>
        <lei>N/A</lei>
        <title>DEL VALLE INDEPENDE 5.00%</title>
        <cusip>245505YR7</cusip>
        <identifiers>
          <isin value="US245505YR77"/>
          <ticker value="DVLSCD"/>
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        <balance>795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>799178.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COUNTY OF LUZERNE P 5.00%</name>
        <lei>5493001Z1Y4QDISEER29</lei>
        <title>COUNTY OF LUZERNE P 5.00%</title>
        <cusip>550697WP7</cusip>
        <identifiers>
          <isin value="US550697WP72"/>
          <ticker value="LUZ"/>
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        <balance>200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>200971.54</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>COUNTY OF LUZERNE P 5.00%</name>
        <lei>5493001Z1Y4QDISEER29</lei>
        <title>COUNTY OF LUZERNE P 5.00%</title>
        <cusip>550697WR3</cusip>
        <identifiers>
          <isin value="US550697WR39"/>
          <ticker value="LUZ"/>
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        <balance>3490000</balance>
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        <curCd>USD</curCd>
        <valUSD>3666008.03</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>STATE OF OHIO 5.00%</name>
        <lei>P35YK5QO6QSHOB2Y1B40</lei>
        <title>STATE OF OHIO 5.00%</title>
        <cusip>67756CGJ1</cusip>
        <identifiers>
          <isin value="US67756CGJ18"/>
          <ticker value="OHSMED"/>
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        <balance>6240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6454058.83</valUSD>
        <pctVal>0.2202799381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>NEW ALBANY-FLOYD CO 5.00%</name>
        <lei>N/A</lei>
        <title>NEW ALBANY-FLOYD CO 5.00%</title>
        <cusip>641667RZ5</cusip>
        <identifiers>
          <isin value="US641667RZ54"/>
          <ticker value="NEWEDU"/>
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        <balance>4905000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4990657.98</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>2027-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>METROPOLITAN GOV. NAS VAR</name>
        <lei>N/A</lei>
        <title>METROPOLITAN GOV. NAS VAR</title>
        <cusip>592113CW2</cusip>
        <identifiers>
          <isin value="US592113CW26"/>
          <ticker value="METHSG"/>
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        <balance>2240000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2243759.17</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.15</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UTICA COMMUNITY SCH 5.00%</name>
        <lei>N/A</lei>
        <title>UTICA COMMUNITY SCH 5.00%</title>
        <cusip>9176612P4</cusip>
        <identifiers>
          <isin value="US9176612P40"/>
          <ticker value="UTISCD"/>
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        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>800136.9</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ADAMS COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>ADAMS COUNTY SCHOOL 5.00%</title>
        <cusip>005824LQ8</cusip>
        <identifiers>
          <isin value="US005824LQ83"/>
          <ticker value="ADASCD"/>
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        <balance>300000</balance>
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        <curCd>USD</curCd>
        <valUSD>305256.48</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
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        <name>PUBLIC AUTHORITY FO 6.25%</name>
        <lei>549300C6IJKXQOMRAB11</lei>
        <title>PUBLIC AUTHORITY FO 6.25%</title>
        <cusip>744387AC5</cusip>
        <identifiers>
          <isin value="US744387AC51"/>
          <ticker value="PUBUTL"/>
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        <balance>5225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5466037.09</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DISTRICT OF COLUMBI 5.00%</name>
        <lei>549300HWFOZXPKGOX654</lei>
        <title>DISTRICT OF COLUMBI 5.00%</title>
        <cusip>25476FUA4</cusip>
        <identifiers>
          <isin value="US25476FUA47"/>
          <ticker value="DIS"/>
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        <balance>2175000</balance>
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        <curCd>USD</curCd>
        <valUSD>2235306.01</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BLACK BELT ENERGY GAS VAR</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>BLACK BELT ENERGY GAS VAR</title>
        <cusip>09182TCR6</cusip>
        <identifiers>
          <isin value="US09182TCR68"/>
          <ticker value="BBEUTL"/>
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        <balance>20040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21070552.99</valUSD>
        <pctVal>0.7191474747</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>5.5000008</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LANCASTER COUNTY PU 5.00%</name>
        <lei>5493004EFQNI7UOCFI47</lei>
        <title>LANCASTER COUNTY PU 5.00%</title>
        <cusip>514116AC6</cusip>
        <identifiers>
          <isin value="US514116AC64"/>
          <ticker value="LCPDEV"/>
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        <balance>375000</balance>
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        <curCd>USD</curCd>
        <valUSD>376482.15</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LOWER COLORADO RIVE 5.00%</name>
        <lei>549300QJFPW2NNBYR215</lei>
        <title>LOWER COLORADO RIVE 5.00%</title>
        <cusip>54811BP39</cusip>
        <identifiers>
          <isin value="US54811BP399"/>
          <ticker value="LWCGEN"/>
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        <balance>4000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4105584</valUSD>
        <pctVal>0.1401254332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ROANOKE ECONOMIC DE 5.00%</name>
        <lei>549300P5QQORJY0U4T83</lei>
        <title>ROANOKE ECONOMIC DE 5.00%</title>
        <cusip>770082CF0</cusip>
        <identifiers>
          <isin value="US770082CF00"/>
          <ticker value="ROADEV"/>
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        <balance>800000</balance>
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        <curCd>USD</curCd>
        <valUSD>821838.96</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NEW ALBANY-FLOYD CO 5.00%</name>
        <lei>N/A</lei>
        <title>NEW ALBANY-FLOYD CO 5.00%</title>
        <cusip>641667RY8</cusip>
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          <isin value="US641667RY89"/>
          <ticker value="NEWEDU"/>
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        <balance>1490000</balance>
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        <curCd>USD</curCd>
        <valUSD>1499575.49</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN STATE HOSP 5.00%</title>
        <cusip>59465HXR2</cusip>
        <identifiers>
          <isin value="US59465HXR29"/>
          <ticker value="MISMED"/>
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        <balance>795000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>830358.42</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ADAMS COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>ADAMS COUNTY SCHOOL 5.00%</title>
        <cusip>005824LR6</cusip>
        <identifiers>
          <isin value="US005824LR66"/>
          <ticker value="ADASCD"/>
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        <balance>355000</balance>
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        <curCd>USD</curCd>
        <valUSD>368427.45</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ST CHARLES COUNTY P 5.00%</name>
        <lei>54930038VJHZW7PR1R14</lei>
        <title>ST CHARLES COUNTY P 5.00%</title>
        <cusip>78764YFP7</cusip>
        <identifiers>
          <isin value="US78764YFP79"/>
          <ticker value="STSWTR"/>
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        <balance>900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>913804.11</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DICKSON HEALTH &amp; EDUC VAR</name>
        <lei>N/A</lei>
        <title>DICKSON HEALTH &amp; EDUC VAR</title>
        <cusip>253509AC7</cusip>
        <identifiers>
          <isin value="US253509AC72"/>
          <ticker value="DICMFH"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5002713</valUSD>
        <pctVal>0.1707448505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.0499992</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>5444952C7</cusip>
        <identifiers>
          <isin value="US5444952C72"/>
          <ticker value="LOSUTL"/>
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        <balance>3180000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3235034.03</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>PORT OF SEATTLE WA 5.00%</name>
        <lei>549300T9UCDUJ3GZL429</lei>
        <title>PORT OF SEATTLE WA 5.00%</title>
        <cusip>735389G69</cusip>
        <identifiers>
          <isin value="US735389G698"/>
          <ticker value="PTSGEN"/>
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        <balance>2055000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2139144.85</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>SOUTH CAROLINA PUBL 5.00%</name>
        <lei>EMBXY64GWKA9MZGFUD26</lei>
        <title>SOUTH CAROLINA PUBL 5.00%</title>
        <cusip>8371515X3</cusip>
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          <isin value="US8371515X38"/>
          <ticker value="SCSUTL"/>
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        <balance>4395000</balance>
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        <curCd>USD</curCd>
        <valUSD>4465664.57</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>CITY OF MANHATTAN K 4.00%</name>
        <lei>N/A</lei>
        <title>CITY OF MANHATTAN K 4.00%</title>
        <cusip>562895XX5</cusip>
        <identifiers>
          <isin value="US562895XX50"/>
          <ticker value="MAN"/>
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        <balance>19150000</balance>
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        <curCd>USD</curCd>
        <valUSD>19189341.76</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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      <invstOrSec>
        <name>PAULDING COUNTY SCH 5.00%</name>
        <lei>N/A</lei>
        <title>PAULDING COUNTY SCH 5.00%</title>
        <cusip>703600GF7</cusip>
        <identifiers>
          <isin value="US703600GF75"/>
          <ticker value="PAUSCD"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3060831</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <name>MID-BAY BRIDGE AUTH 5.00%</name>
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        <title>MID-BAY BRIDGE AUTH 5.00%</title>
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          <isin value="US342814ED86"/>
          <ticker value="FLSTRN"/>
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        <balance>1700000</balance>
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        <curCd>USD</curCd>
        <valUSD>1752415.08</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>544532GJ7</cusip>
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          <isin value="US544532GJ72"/>
          <ticker value="LOSUTL"/>
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        <balance>1990000</balance>
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        <curCd>USD</curCd>
        <valUSD>1999309.82</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <name>OKLAHOMA CAPITOL IM 5.00%</name>
        <lei>549300LYHYBINTZ5AY71</lei>
        <title>OKLAHOMA CAPITOL IM 5.00%</title>
        <cusip>678514DT4</cusip>
        <identifiers>
          <isin value="US678514DT48"/>
          <ticker value="OKSTRN"/>
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        <balance>510000</balance>
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        <curCd>USD</curCd>
        <valUSD>537574.32</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FRISCO INDEPENDENT 5.00%</name>
        <lei>N/A</lei>
        <title>FRISCO INDEPENDENT 5.00%</title>
        <cusip>35880C2Q6</cusip>
        <identifiers>
          <isin value="US35880C2Q66"/>
          <ticker value="FSCSCD"/>
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        <balance>4850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5070804.5</valUSD>
        <pctVal>0.1730688441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</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>FRASER PUBLIC SCHOO 5.00%</name>
        <lei>N/A</lei>
        <title>FRASER PUBLIC SCHOO 5.00%</title>
        <cusip>355514PY0</cusip>
        <identifiers>
          <isin value="US355514PY00"/>
          <ticker value="FSRSCD"/>
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        <balance>2850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2921103.8</valUSD>
        <pctVal>0.0996985899</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>
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      </invstOrSec>
      <invstOrSec>
        <name>COLORADO HEALTH FAC 5.00%</name>
        <lei>5493002JB6DRFRZPEQ21</lei>
        <title>COLORADO HEALTH FAC 5.00%</title>
        <cusip>19648FKD5</cusip>
        <identifiers>
          <isin value="US19648FKD59"/>
          <ticker value="COSMED"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5142673</valUSD>
        <pctVal>0.1755217484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>5444954E1</cusip>
        <identifiers>
          <isin value="US5444954E11"/>
          <ticker value="LOSUTL"/>
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        <balance>1930000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1939029.12</valUSD>
        <pctVal>0.0661799382</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>
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      </invstOrSec>
      <invstOrSec>
        <name>TULSA COUNTY INDL. 5.00%</name>
        <lei>549300WEYXBXLGN1E271</lei>
        <title>TULSA COUNTY INDL. 5.00%</title>
        <cusip>89952PFD2</cusip>
        <identifiers>
          <isin value="US89952PFD24"/>
          <ticker value="TULEDU"/>
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        <balance>8480000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8742550.98</valUSD>
        <pctVal>0.2983872071</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>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>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>5444957D0</cusip>
        <identifiers>
          <isin value="US5444957D01"/>
          <ticker value="LOSUTL"/>
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        <balance>2225000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2288263.43</valUSD>
        <pctVal>0.0780994627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN MUNICIPAL 5.00%</name>
        <lei>EARKGGZJJEMVD66XQ486</lei>
        <title>AMERICAN MUNICIPAL 5.00%</title>
        <cusip>02765URN6</cusip>
        <identifiers>
          <isin value="US02765URN62"/>
          <ticker value="AMEPWR"/>
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        <balance>6765000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6891432.44</valUSD>
        <pctVal>0.2352076967</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>
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      </invstOrSec>
      <invstOrSec>
        <name>DUVAL COUNTY PUBLIC 5.00%</name>
        <lei>254900RS6MO5WEO2WC42</lei>
        <title>DUVAL COUNTY PUBLIC 5.00%</title>
        <cusip>267169HM5</cusip>
        <identifiers>
          <isin value="US267169HM58"/>
          <ticker value="DUVEDU"/>
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        <balance>2850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2934912.9</valUSD>
        <pctVal>0.1001699007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LAKE COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>LAKE COUNTY SCHOOL 5.00%</title>
        <cusip>50825JLZ7</cusip>
        <identifiers>
          <isin value="US50825JLZ74"/>
          <ticker value="LAKEDU"/>
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        <balance>1135000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1188131.62</valUSD>
        <pctVal>0.0405514679</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>
        <name>WASHINGTON &amp; MULTNO 5.00%</name>
        <lei>N/A</lei>
        <title>WASHINGTON &amp; MULTNO 5.00%</title>
        <cusip>9384292Y2</cusip>
        <identifiers>
          <isin value="US9384292Y20"/>
          <ticker value="WASSCD"/>
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        <balance>1355000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1426974.35</valUSD>
        <pctVal>0.0487032780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</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>
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      <invstOrSec>
        <name>BRISTOL WARREN REGI 5.00%</name>
        <lei>N/A</lei>
        <title>BRISTOL WARREN REGI 5.00%</title>
        <cusip>110377DP0</cusip>
        <identifiers>
          <isin value="US110377DP00"/>
          <ticker value="BRISCD"/>
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        <balance>25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>25099660</valUSD>
        <pctVal>0.8566627138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-04</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>KENTUCKY ASSET LIAB 5.00%</name>
        <lei>N/A</lei>
        <title>KENTUCKY ASSET LIAB 5.00%</title>
        <cusip>49118NGE9</cusip>
        <identifiers>
          <isin value="US49118NGE94"/>
          <ticker value="KSYGEN"/>
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        <balance>6290000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6347731.51</valUSD>
        <pctVal>0.2166509388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</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>
        <name>MULTNOMAH COUNTY SC 5.00%</name>
        <lei>N/A</lei>
        <title>MULTNOMAH COUNTY SC 5.00%</title>
        <cusip>625574QE1</cusip>
        <identifiers>
          <isin value="US625574QE14"/>
          <ticker value="MULSCD"/>
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        <balance>695000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>729317.64</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MID-BAY BRIDGE AUTH 5.00%</name>
        <lei>N/A</lei>
        <title>MID-BAY BRIDGE AUTH 5.00%</title>
        <cusip>342814EC0</cusip>
        <identifiers>
          <isin value="US342814EC04"/>
          <ticker value="FLSTRN"/>
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        <balance>3250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3284242.98</valUSD>
        <pctVal>0.1120926938</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MINNEAPOLIS-ST PAUL 5.00%</name>
        <lei>N/A</lei>
        <title>MINNEAPOLIS-ST PAUL 5.00%</title>
        <cusip>603827WT9</cusip>
        <identifiers>
          <isin value="US603827WT94"/>
          <ticker value="MINAPT"/>
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        <balance>11705000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11901998.66</valUSD>
        <pctVal>0.4062205811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
        <title>LOS ANGELES DEPT. O 5.00%</title>
        <cusip>544532AT1</cusip>
        <identifiers>
          <isin value="US544532AT19"/>
          <ticker value="LOSUTL"/>
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        <balance>4035000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4053876.94</valUSD>
        <pctVal>0.1383606479</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>
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      <invstOrSec>
        <name>LAKE COUNTY SCHOOL 5.00%</name>
        <lei>N/A</lei>
        <title>LAKE COUNTY SCHOOL 5.00%</title>
        <cusip>50825JLY0</cusip>
        <identifiers>
          <isin value="US50825JLY00"/>
          <ticker value="LAKEDU"/>
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        <balance>1945000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1995342.05</valUSD>
        <pctVal>0.0681019239</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>COUNTY OF WILLIAMSO 5.00%</name>
        <lei>N/A</lei>
        <title>COUNTY OF WILLIAMSO 5.00%</title>
        <cusip>969888CX2</cusip>
        <identifiers>
          <isin value="US969888CX28"/>
          <ticker value="WIL"/>
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        <balance>900000</balance>
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        <curCd>USD</curCd>
        <valUSD>919101.96</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-15</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CLIFTON HIGHER EDUC 5.00%</name>
        <lei>N/A</lei>
        <title>CLIFTON HIGHER EDUC 5.00%</title>
        <cusip>187145UV7</cusip>
        <identifiers>
          <isin value="US187145UV75"/>
          <ticker value="CLIEDU"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3056615.4</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MISSOURI JOINT MUNI 5.00%</name>
        <lei>N/A</lei>
        <title>MISSOURI JOINT MUNI 5.00%</title>
        <cusip>606092PY4</cusip>
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          <isin value="US606092PY48"/>
          <ticker value="MOSPWR"/>
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        <curCd>USD</curCd>
        <valUSD>3942568.32</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
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          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OREGON STATE LOTTER 5.00%</name>
        <lei>N/A</lei>
        <title>OREGON STATE LOTTER 5.00%</title>
        <cusip>68607V5Z4</cusip>
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          <isin value="US68607V5Z44"/>
          <ticker value="ORSGEN"/>
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        <curCd>USD</curCd>
        <valUSD>5124573</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCHOOL DISTRICT OF 5.00%</name>
        <lei>5493006KVNQDJ1D0OD92</lei>
        <title>SCHOOL DISTRICT OF 5.00%</title>
        <cusip>115065E26</cusip>
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          <isin value="US115065E269"/>
          <ticker value="BROEDU"/>
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        <curCd>USD</curCd>
        <valUSD>7047196.96</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MADISON METROPOLITA 5.00%</name>
        <lei>N/A</lei>
        <title>MADISON METROPOLITA 5.00%</title>
        <cusip>558495QK6</cusip>
        <identifiers>
          <isin value="US558495QK64"/>
          <ticker value="MADSCD"/>
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        <balance>2560000</balance>
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        <curCd>USD</curCd>
        <valUSD>2676183.3</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITY OF MOORHEAD MN 4.00%</name>
        <lei>N/A</lei>
        <title>CITY OF MOORHEAD MN 4.00%</title>
        <cusip>616142WS0</cusip>
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          <isin value="US616142WS04"/>
          <ticker value="MOO"/>
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        <balance>18845000</balance>
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        <curCd>USD</curCd>
        <valUSD>19078227.6</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>5444954F8</cusip>
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          <isin value="US5444954F85"/>
          <ticker value="LOSUTL"/>
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        <balance>3040000</balance>
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        <curCd>USD</curCd>
        <valUSD>3126436.32</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PALM BEACH COUNTY S 5.00%</name>
        <lei>N/A</lei>
        <title>PALM BEACH COUNTY S 5.00%</title>
        <cusip>696550L83</cusip>
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          <isin value="US696550L833"/>
          <ticker value="PALEDU"/>
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        <balance>4675000</balance>
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        <curCd>USD</curCd>
        <valUSD>4825188.58</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOS ANGELES DEPT. O 5.00%</name>
        <lei>549300S8NXV6YU61GG95</lei>
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        <cusip>5444954Z4</cusip>
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          <isin value="US5444954Z40"/>
          <ticker value="LOSUTL"/>
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        <curCd>USD</curCd>
        <valUSD>2610054.46</valUSD>
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        <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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INDIANA FIN. AUTHOR 5.00%</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>INDIANA FIN. AUTHOR 5.00%</title>
        <cusip>45506EMR1</cusip>
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          <isin value="US45506EMR17"/>
          <ticker value="INSFIN"/>
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        <balance>2710000</balance>
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        <curCd>USD</curCd>
        <valUSD>2816546.9</valUSD>
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        <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>
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      <invstOrSec>
        <name>MULTNOMAH COUNTY SC 5.00%</name>
        <lei>N/A</lei>
        <title>MULTNOMAH COUNTY SC 5.00%</title>
        <cusip>625574QD3</cusip>
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          <isin value="US625574QD31"/>
          <ticker value="MULSCD"/>
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        <balance>4680000</balance>
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        <curCd>USD</curCd>
        <valUSD>4806779.33</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2027-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CITY OF SPRINGFIELD 5.00%</name>
        <lei>N/A</lei>
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          <isin value="US850578TX34"/>
          <ticker value="SPRPWR"/>
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        <curCd>USD</curCd>
        <valUSD>3284670.8</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NEW JERSEY TURNPIKE 5.00%</name>
        <lei>5493005YN67D71KSMI84</lei>
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        <cusip>646140JK0</cusip>
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          <isin value="US646140JK08"/>
          <ticker value="NJSTRN"/>
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        <curCd>USD</curCd>
        <valUSD>3636121.8</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2028-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>KUBOTA CREDIT OWNER 4.61%</name>
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          <isin value="US50117FAB76"/>
          <ticker value="KCOT"/>
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        <balance>2010237.84</balance>
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        <valUSD>2014951.04</valUSD>
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        <name>SANTANDER HLDGS. USA FRN</name>
        <lei>549300SMVCQN2P0O6I58</lei>
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          <ticker value="SANUSA"/>
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        <valUSD>20155703.8</valUSD>
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      <invstOrSec>
        <name>AMERICAN HONDA FIN. 4.25%</name>
        <lei>B6Q2VFHD1797Q7NZ3E43</lei>
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        <cusip>02665WGK1</cusip>
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          <isin value="US02665WGK18"/>
          <ticker value="HNDA"/>
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        <curCd>USD</curCd>
        <valUSD>9917211.3</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25</annualizedRt>
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      <invstOrSec>
        <name>PUBLIC FIN. AUTHORI 5.00%</name>
        <lei>N/A</lei>
        <title>PUBLIC FIN. AUTHORI 5.00%</title>
        <cusip>74443DMR9</cusip>
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          <isin value="US74443DMR97"/>
          <ticker value="PUBFIN"/>
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        <curCd>USD</curCd>
        <valUSD>564317.49</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SEASONED LOANS STRU 3.50%</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>SEASONED LOANS STRU 3.50%</title>
        <cusip>35564CAN7</cusip>
        <identifiers>
          <isin value="US35564CAN74"/>
          <ticker value="FHLMC"/>
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        <balance>5796680.25</balance>
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        <curCd>USD</curCd>
        <valUSD>5690456.66</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SYNCHRONY CARD FNDG 5.04%</name>
        <lei>N/A</lei>
        <title>SYNCHRONY CARD FNDG 5.04%</title>
        <cusip>87166PAM3</cusip>
        <identifiers>
          <isin value="US87166PAM32"/>
          <ticker value="SYNIT"/>
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        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2269685.03</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.04</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AERCAP IRELAND CAP. 6.45%</name>
        <lei>549300TI38531ODB1G63</lei>
        <title>AERCAP IRELAND CAP. 6.45%</title>
        <cusip>00774MBG9</cusip>
        <identifiers>
          <isin value="US00774MBG96"/>
          <ticker value="AER"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5094118.9</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.45</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HSBC HLDGS. PLC FRN</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC HLDGS. PLC FRN</title>
        <cusip>404280ET2</cusip>
        <identifiers>
          <isin value="US404280ET24"/>
          <ticker value="HSBC"/>
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        <balance>6000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6015900</valUSD>
        <pctVal>0.2053253797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-03</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.6898568</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>BMW US CAP. LLC FRN</name>
        <lei>KK5MZM9DIXLXZL9DZL15</lei>
        <title>BMW US CAP. LLC FRN</title>
        <cusip>05565EDE2</cusip>
        <identifiers>
          <isin value="US05565EDE23"/>
          <ticker value="BMW"/>
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        <balance>1700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1699997.16</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3753752</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NOVA SCOTIA/T F2F</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA/T F2F</title>
        <cusip>06418GAU1</cusip>
        <identifiers>
          <isin value="US06418GAU13"/>
          <ticker value="BNS"/>
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        <balance>24500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24343981.55</valUSD>
        <pctVal>0.8308710675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.0430016</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>VOLKSWAGEN GRP. OF 4.45%</name>
        <lei>5493002SQ1AVQBY41K40</lei>
        <title>VOLKSWAGEN GRP. OF 4.45%</title>
        <cusip>928668CV2</cusip>
        <identifiers>
          <isin value="US928668CV22"/>
          <ticker value="VW"/>
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        <balance>12300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12263956.08</valUSD>
        <pctVal>0.4185743511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.45</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN STATE HOSP 5.00%</title>
        <cusip>59465HYE0</cusip>
        <identifiers>
          <isin value="US59465HYE07"/>
          <ticker value="MISMED"/>
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        <balance>295000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>308120.42</valUSD>
        <pctVal>0.0105162889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MONMOUTH COUNTY IMP 4.00%</name>
        <lei>N/A</lei>
        <title>MONMOUTH COUNTY IMP 4.00%</title>
        <cusip>60956PV41</cusip>
        <identifiers>
          <isin value="US60956PV418"/>
          <ticker value="MONIMP"/>
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        <balance>2995000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3036373.53</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>PK ALIFT LOAN FNDG. 4.75%</name>
        <lei>N/A</lei>
        <title>PK ALIFT LOAN FNDG. 4.75%</title>
        <cusip>69291NAA0</cusip>
        <identifiers>
          <isin value="US69291NAA00"/>
          <ticker value="PKAIR"/>
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        <balance>4151323.5</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4130814.72</valUSD>
        <pctVal>0.1409865691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <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>425000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>451497.39</valUSD>
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        <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>
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      <invstOrSec>
        <name>WF CARD ISSUANCE TR 4.94%</name>
        <lei>N/A</lei>
        <title>WF CARD ISSUANCE TR 4.94%</title>
        <cusip>92970QAA3</cusip>
        <identifiers>
          <isin value="US92970QAA31"/>
          <ticker value="WFCIT"/>
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        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5040584</valUSD>
        <pctVal>0.1720374048</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.94</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>SANTANDER DRIVE AUT 5.14%</name>
        <lei>N/A</lei>
        <title>SANTANDER DRIVE AUT 5.14%</title>
        <cusip>802920AG3</cusip>
        <identifiers>
          <isin value="US802920AG32"/>
          <ticker value="DRIVE"/>
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        <balance>6545000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6580544.59</valUSD>
        <pctVal>0.2245969542</pctVal>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-02-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.14</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PAGAYA AI DEBT GRA 5.008%</name>
        <lei>N/A</lei>
        <title>PAGAYA AI DEBT GRA 5.008%</title>
        <cusip>69549BAD0</cusip>
        <identifiers>
          <isin value="US69549BAD01"/>
          <ticker value="PAID"/>
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        <balance>2399778.82</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2388588.17</valUSD>
        <pctVal>0.0815235913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.008</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>WASHINGTON HEALTH C 5.00%</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>WASHINGTON HEALTH C 5.00%</title>
        <cusip>93978HUS2</cusip>
        <identifiers>
          <isin value="US93978HUS20"/>
          <ticker value="WASMED"/>
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        <balance>1865000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1920533.36</valUSD>
        <pctVal>0.0655486696</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>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MARSH &amp; MCLENNAN COS FRN</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>MARSH &amp; MCLENNAN COS FRN</title>
        <cusip>571748BZ4</cusip>
        <identifiers>
          <isin value="US571748BZ47"/>
          <ticker value="MRSH"/>
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        <balance>3530000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3537448.69</valUSD>
        <pctVal>0.1207347189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.3650288</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="98824.530000000000"/>
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      <invstOrSec>
        <name>CITIGROUP INC FRN</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC FRN</title>
        <cusip>17327CAX1</cusip>
        <identifiers>
          <isin value="US17327CAX11"/>
          <ticker value="C"/>
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        <balance>12900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12900129</valUSD>
        <pctVal>0.4402872197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-04</maturityDt>
          <couponKind>Floating</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HUMBLE INDEPENDENT 5.00%</name>
        <lei>N/A</lei>
        <title>HUMBLE INDEPENDENT 5.00%</title>
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          <isin value="US445047QD82"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-02-15</maturityDt>
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          <annualizedRt>5</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLEVELAND COUNTY IN 4.00%</name>
        <lei>N/A</lei>
        <title>CLEVELAND COUNTY IN 4.00%</title>
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          <isin value="US186072UB86"/>
          <ticker value="CLESCD"/>
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        <curCd>USD</curCd>
        <valUSD>703770.76</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HCA INC 5.00%</name>
        <lei>L3CJ6J7LJ2DX62FTXD46</lei>
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        <curCd>USD</curCd>
        <valUSD>3504028.73</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>HUNTINGTON NATL. BANK F2F</name>
        <lei>2WHM8VNJH63UN14OL754</lei>
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          <ticker value="HBAN"/>
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        <balance>7400000</balance>
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        <curCd>USD</curCd>
        <valUSD>7425013.41</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SANTANDER MTGE. AS 5.545%</name>
        <lei>N/A</lei>
        <title>SANTANDER MTGE. AS 5.545%</title>
        <cusip>80262BAA8</cusip>
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          <isin value="US80262BAA89"/>
          <ticker value="SAN"/>
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        <balance>4808290.07</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2065-01-25</maturityDt>
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      <invstOrSec>
        <name>MICHIGAN STATE HOSP 5.00%</name>
        <lei>54930011MIBQ2P7ZNM19</lei>
        <title>MICHIGAN STATE HOSP 5.00%</title>
        <cusip>59465HYC4</cusip>
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          <isin value="US59465HYC41"/>
          <ticker value="MISMED"/>
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        <balance>690000</balance>
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        <curCd>USD</curCd>
        <valUSD>691912.34</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>PUBLIC FIN. AUTHORI 5.00%</name>
        <lei>N/A</lei>
        <title>PUBLIC FIN. AUTHORI 5.00%</title>
        <cusip>74443DMQ1</cusip>
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          <isin value="US74443DMQ15"/>
          <ticker value="PUBFIN"/>
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        <balance>265000</balance>
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        <curCd>USD</curCd>
        <valUSD>268956</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>WISCONSIN HEALTH &amp; 5.00%</name>
        <lei>549300ISNGXS0VHGVD41</lei>
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        <cusip>97712D6L5</cusip>
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          <ticker value="WISMED"/>
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        <curCd>USD</curCd>
        <valUSD>2791161.41</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>METROPOLITAN WASHIN 5.00%</name>
        <lei>7HERAVJJLN8J1DZ6AZ19</lei>
        <title>METROPOLITAN WASHIN 5.00%</title>
        <cusip>592647ML2</cusip>
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          <isin value="US592647ML22"/>
          <ticker value="METAPT"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
        <valUSD>3672154.85</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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      <invstOrSec>
        <name>EXETER AUTOMOBILE R 5.89%</name>
        <lei>N/A</lei>
        <title>EXETER AUTOMOBILE R 5.89%</title>
        <cusip>30168JAF0</cusip>
        <identifiers>
          <isin value="US30168JAF03"/>
          <ticker value="EART"/>
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        <balance>2300000</balance>
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        <curCd>USD</curCd>
        <valUSD>2331449.97</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>ABN AMRO BANK NV FRN</name>
        <lei>BFXS5XCH7N0Y05NIXW11</lei>
        <title>ABN AMRO BANK NV FRN</title>
        <cusip>00084DBJ8</cusip>
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          <isin value="US00084DBJ81"/>
          <ticker value="ABNANV"/>
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        <balance>20000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19978200</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-07</maturityDt>
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      <invstOrSec>
        <name>MOBILE COUNTY BOARD 5.00%</name>
        <lei>N/A</lei>
        <title>MOBILE COUNTY BOARD 5.00%</title>
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          <isin value="US607298BS42"/>
          <ticker value="MOBSCD"/>
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        <balance>1015000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
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        <name>LOWER COLORADO RIVE 5.00%</name>
        <lei>549300QJFPW2NNBYR215</lei>
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          <ticker value="LWCGEN"/>
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        <curCd>USD</curCd>
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          <couponKind>Fixed</couponKind>
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        <name>WORLD OMNI AUTO REC 4.86%</name>
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          <ticker value="WOART"/>
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        <name>JEFFERSON EXCHANGE A FRN</name>
        <lei>2549006S3H8CIXYC2W43</lei>
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          <ticker value="JEFFEX"/>
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        <curCd>USD</curCd>
        <valUSD>4400000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Variable</couponKind>
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        <name>SOUTHEAST ENERGY AU 5.00%</name>
        <lei>25490090A3RLJHITY273</lei>
        <title>SOUTHEAST ENERGY AU 5.00%</title>
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          <ticker value="SEEPWR"/>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>MOBILE COUNTY BOARD 5.00%</name>
        <lei>N/A</lei>
        <title>MOBILE COUNTY BOARD 5.00%</title>
        <cusip>607298BQ8</cusip>
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          <isin value="US607298BQ85"/>
          <ticker value="MOBSCD"/>
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        <balance>715000</balance>
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        <curCd>USD</curCd>
        <valUSD>730210.41</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <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>ST CHARLES COUNTY P 5.00%</name>
        <lei>54930038VJHZW7PR1R14</lei>
        <title>ST CHARLES COUNTY P 5.00%</title>
        <cusip>78764YFR3</cusip>
        <identifiers>
          <isin value="US78764YFR36"/>
          <ticker value="STSWTR"/>
        </identifiers>
        <balance>870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>919235.74</valUSD>
        <pctVal>0.0313739303</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>ATLANTA URBAN RESIDEN VAR</name>
        <lei>N/A</lei>
        <title>ATLANTA URBAN RESIDEN VAR</title>
        <cusip>04785VBS2</cusip>
        <identifiers>
          <isin value="US04785VBS25"/>
          <ticker value="ATLMFH"/>
        </identifiers>
        <balance>4820000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4815815.28</valUSD>
        <pctVal>0.1643659471</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>Variable</couponKind>
          <annualizedRt>2.9199996</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>RHODE ISLAND INFRA. 5.00%</name>
        <lei>54930022Z6KOPRSQCG49</lei>
        <title>RHODE ISLAND INFRA. 5.00%</title>
        <cusip>76223MDZ2</cusip>
        <identifiers>
          <isin value="US76223MDZ23"/>
          <ticker value="RHIGEN"/>
        </identifiers>
        <balance>775000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>803293.55</valUSD>
        <pctVal>0.0274167711</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>RHODE ISLAND INFRA. 5.00%</name>
        <lei>54930022Z6KOPRSQCG49</lei>
        <title>RHODE ISLAND INFRA. 5.00%</title>
        <cusip>76223MEA6</cusip>
        <identifiers>
          <isin value="US76223MEA62"/>
          <ticker value="RHIGEN"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>529440.65</valUSD>
        <pctVal>0.0180700481</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MANATEE COUNTY SCHO 5.00%</name>
        <lei>N/A</lei>
        <title>MANATEE COUNTY SCHO 5.00%</title>
        <cusip>56185NJC3</cusip>
        <identifiers>
          <isin value="US56185NJC39"/>
          <ticker value="MANEDU"/>
        </identifiers>
        <balance>6250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6567763.75</valUSD>
        <pctVal>0.2241607383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Institutional Liquid Asset Portfolio</name>
        <lei>549300Y178DO5JBR1S04</lei>
        <title>Northern Institutional Liquid Asset Portfolio</title>
        <cusip>665279105</cusip>
        <identifiers>
          <isin value="US6652791053"/>
        </identifiers>
        <balance>101185</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101185</valUSD>
        <pctVal>0.0034534897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="101185.000000000000" isCashCollateral="Y"/>
          <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>
